Binance More Profitable then Germany’s Biggest Bank

One of the leading banks of Europe, Deutsche Bank, a bank that has been established more than 148 years ago was beaten out by a Cryptocurrency exchange whose existence is less than 1 year.

The former recorded a profit of $146 million while the startup crypto exchange has already garnered $200 million in the first quarter of 2018.

Binance is considered to be the world’s largest exchange with only about 200 employees compared to the European bank that has around 100,000 man power.

Changpeng Zhao, the CEO of Binance said that any countries that attract Binance to open a branch in their location will receive a healthy amount of income tax revenue.

$40 Trillion Crypto Market Capital Possible

In an interview with Bloomberg, the formal JP Morgan Banker and now Founder of cryptocurrency hedge fund Pantera Capital, Dan Morehead, said that the market capitalization of Cryptocurrencies can possibly reach $40 trillion one day.

He believes that the current value of about $400 million does not reflect its fair market value which he believes to be in an order of magnitude or two above.

This would mean bitcoin wil have to increase 100 times its current, although this is highly unlikely in the current condition the CEO stressed bitcoin is signaling for “screaming buy.”

Crypto Economic Zone Is Welcome In The Philippines

The Philippine government is setting up a Crypto Economic Zone in northern Philippines.

The Cagayan Economic Zone Authority (CEZA) is about to license about 10 platforms for cryptocurrency exchange coming from Japan, Hong Kong, Malaysia and Korean.

They will be allowed to set up cryptocurrency mining, initial coin offerings and exchanges.

An estimate of about $1 million USD of investment will be coming in from the said project in which 10% will be going to taxes.

The initiative will also include a possible blockchain-based financial technology university that will bolster employment and business in the surrounding community.

Court Orders Banks To Re-open Accounts of Cryptocurrency Exchange

Buda, a cryptocurrency trading platform in Chile successfully persuaded a Chilean court to compel banks, Bank del Estado de Chile and Itau Corpbanca and 8 other banks to re-open their accounts.

Buda litigated when the said banks close their account which actions it described as “arbitrarily” and “unjustified.”Earlier this month the Banks warns that they will shutter the accounts of Buda, Orionx and CryptoMarket as further regulations are needed for cryptocurrencies.

A view expressed by the Chief Executive Officer of Itau Corpbanca, Milton Maluhy.

Gemini Exchange To Leverage Nasdaq SMARTS Technology

Crypto Exchange Gemini funded by the Winklevoss brothers is partnering with Nasdaq to deploy the latter’s SMARTS Market Surveillance Technology.

Recently, the New York Attorney General Eric Schneiderman has demanded that crypto exchanges to provide information on security measures employed to restrict market manipulation.

It can be seen that the move of Gemini is to address the concern of the New York Attorney General.

Tyler Winklevoss, CEO at Gemini, noted that the deployment of said technology will ensure Gemini platform is rules-based marketplace for all market participants.

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