Binance Loses Euro Payment Partner, Denied Licensing in Germany

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• Fidelity reapplied for spot Bitcoin ETF despite 2022 rejection
• Biden criticized “loopholes for crypto traders” in U.S. tax code
• Binance loses Euro payment partner; denied licensing in Germany

Fidelity Applies for Spot Bitcoin ETF

Fidelity Investments has reapplied for its spot Bitcoin exchange-traded fund (ETF) after the United States Securities and Exchange Commission (SEC) rejected the proposal in 2022. Elliot Johnson, a senior executive at Fidelity Digital Assets, argued that a surveillance agreement between Fidelity and the SEC was key to gaining approval of the spot Bitcoin ETF.

Biden Criticizes Crypto Loopholes

In a speech given in Chicago on June 29th, President Joe Biden extolled economic progress as he again criticized „loopholes for crypto traders“ in the US tax code. Canadian lawmakers responded by publishing recommendations to support blockchain adoption.

KuCoin Implements KYC Requirements

Cryptocurrency exchange KuCoin announced it will be introducing mandatory Know Your Customer (KYC) requirements, ending deposits from non-verified users. The move is seen as an effort to increase regulatory compliance and protect user funds.

Binance Denied License in Germany

Binance confirmed that its EURO payment partner, Paysafe, will stop providing bank transfer services across Europe and the UK from September 25th. Additionally, Binance has been denied a license to operate within Germany due to their lack of compliance with anti-money laundering regulations.

Conclusion

The cryptocurrency industry continues to face increasing regulatory scrutiny as governments around the world look to protect investors and prevent money laundering activities conducted through digital assets exchanges. Despite these developments, major players such as Fidelity are still looking towards offering new products such as spot Bitcoin ETFs that could open up new opportunities within cryptocurrency markets worldwide.