Wed 02/08

Good Morning. WazirX hits back at Binance, India may get crypto regulations this year, Turkey has allowed for some crypto wallets to be opened for donations and Binance is suspending USD transfers. A bunch to read today so get going!

WazirX Calls Binance allegations ‘False’ And ‘Unsubstantiated’: WazirX has denied Binance's allegations as "false" and "unsupported" in a statement dated February 7th. The exchange further stated that it is taking appropriate measures to seek remedy and safeguard its legal rights against Binance's actions. WazirX reassured its users that their funds are secure and there is no need for concern. The exchange said that it has taken measures to ensure that its digital assets are stored in line with industry-leading standards.

India Will Bring Regulations Around Crypto This Year: Ajay Seth, India's Secretary of Economic Affairs, announced at a post-budget press conference in Mumbai that India will introduce regulations for cryptocurrencies this year. According to local media reports, Seth stated that while the technology behind cryptocurrencies like blockchain can be beneficial, its usage in the financial sector poses several risks. Seth added that the regulations will be introduced this year and emphasized that the concern in India is not with using cryptocurrencies as a currency, but rather with the risks associated with using them as tokens.

Binance Is Suspending USD-based Bank Transfers: Binance has announced that it will be temporarily suspending US Dollar bank transfers starting from February 8th. The company has informed the affected customers through an email statement sent on February 6th. A Binance spokesperson mentioned that only a small percentage of their users (0.01%) use USD bank transfers and that they are working to restore the service as soon as possible. Meanwhile, Binance users can still buy and sell crypto through other methods such as bank transfers in fiat currencies like Euros. Previously, Binance had informed that their banking partner, Signature Bank, will stop processing crypto transactions below $100,000, which will impact the bank's crypto clients.

Turkey To Permit Crypto Wallets To Gather Aid: A Turkish singer, Haluk Levent, known for his philanthropic nature, contacted the country's financial regulator, MASAK, and successfully persuaded them to allow the collection of crypto donations for earthquake relief efforts. The Turkish crypto community had been calling on crypto influencers to bring the request for a crypto wallet for donations to the government's attention. Opening a crypto wallet is not currently permitted under the country's laws. Levent turned to his followers and used a Twitter poll to gauge support for opening a crypto wallet registered in his name for collecting donations. After receiving positive responses, Levent approached MASAK for permission. The regulator responded ten hours later by granting permission for three wallets to collect donations for a week.

Charlie Munger ( R) is the Vice chairman of Berkshire Hathaway

Charlie Munger Says America Should Ban Crypto: In an opinion piece for the Wall Street Journal, Mr. Munger said crypto “isn’t a currency,” and likened the crypto market to a casino “with a nearly 100% edge for the house.” “A cryptocurrency is not a currency, not a commodity, and not a security,” Mr. Munger wrote, calling crypto instead “a gambling contract” where the odds strongly favor the house. And to make matters worse, these bets are being entered into in “a country where gambling contracts are traditionally regulated only by states that compete in laxity,” Munger wrote. He further said, "Obviously the U.S. should now enact a new federal law that prevents this from happening.”

That’s a famous Turkish singer asking people if he should open a crypto wallet in his name for donations to help those affected by the earthquake. Turkey has allowed him to!!

How A Block In The Bitcoin Blockchain Works: A blockchain network’s transactions are composed of sequential groups of data that are packaged together into “blocks” strung together linearly. Each block also contains a set of transaction data that is processed once the block is finalized. The individual blocks that make up the larger blockchain contain crucial information for the functioning of the network.