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KYC Implementation Cost Binance Billions in Revenue 

Daily Market Wrap

  • Crypto market cap: 1.07 trillion, down 2.29%

  • BTC price stands at USD 23,015, down 1.67%

  • ETH price stands at USD 1,607, down 5.15%

  • Top gainer: Chiliz (CHZ), up 15.02%

  • Top loser: Filecoin (FIL), down 20.57%

News of the Day

Why it matters:

  • Reuters recently published a series of investigative reports on Binance and its association with illicit activity, citing that Binance has become a hub for criminal activity

  • Reuters also claimed that Hydra, a Russian-language darknet market, has links deeply entrenched within Binance’s user base since 2017

  • Tigran Gambaryan and Matthew Price, current Binance’s compliance team members, refute Reuters reports during an interview with CoinDesk that they have lost 90% of customers after implementing KYC, losing billions in revenue

Crypto Daily Spotlight

Brief introduction: CryptoPunks is one of the earliest non-fungible token projects developed on the Ethereum blockchain. It was created by Larva Labs, a two-person development team working on all sorts of projects ranging from mobile games to digital design and art. The team generated 10,000 unique characters and hosted them on the Ethereum blockchain in 2017.

Why it matters:

  • On Sunday, July 31, Tiffany & Co announced that it will launch a collection of physical pendants exclusive for CryptoPunks owners, called NFTiff; should CryptoPunks owners claim a Tiffany & Co. NFTiff pendant, they will receive a matching NFT

  • NFTiff is comprised of 250 digital assets that grant holders access to turn their NFT into a custom pendant made with diamonds and semi-precious stones, priced at 30 ETH or $51,000

  • The sale will take place between August 5 and August 12, and the physical pendant is expected to be delivered by early 2023

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