Binance has reached an incredible milestone, processing over $100 trillion in crypto trades since its launch in 2017. CEO Richard Teng announced this achievement on Sept. 24, emphasizing the platform’s dominance in the crypto industry. This figure is twice the market capitalization of the US stock market, reinforcing Binance’s status as the world’s largest crypto exchange by trading volume, currently controlling more than 50% of the market, according to data from Kaiko.

Despite legal challenges and regulatory scrutiny, Binance has consistently expanded, with over 200 million registered users and over $100 billion in assets under custody. Richard Teng has pledged a renewed focus on compliance, promising a new era for Binance.

The platform remains committed to serving its global user base, with co-founder Yi He highlighting their vision to make blockchain technology accessible to everyone. Binance’s growth shows that it continues to be a leading force in the evolving crypto landscape.

Data

Bank of New York Mellon Corp. has successfully navigated SEC regulations to begin offering custody services for Bitcoin and Ether, held by exchange-traded product clients. This development comes after the SEC’s Office of the Chief Accountant did not oppose BNY’s view that these crypto assets need not be treated as balance-sheet liabilities. This decision could potentially unlock a lucrative business area for BNY, which has been in technical readiness for digital-asset custody since 2022.

The ruling allows BNY to bypass the stringent SAB 121 rule, which has restricted many banks from offering crypto custody due to heightened balance sheet requirements. BNY plans to continue working with the SEC and other regulators to expand these services, enhancing the security and appeal of crypto investments. Such custody services are seen as vital, with providers able to charge significantly higher fees due to the increased need for security.

With over $50 trillion in traditional assets under management and supporting 80% of SEC-approved Bitcoin and Ether products, BNY’s move into crypto custody is set to stir more competition among U.S. ETF custodians. This strategic expansion meets strong market demand for bank-qualified custodians in the digital asset space, signaling a robust future for crypto custody services.

Bloomberg

Turkey’s Vice President Cevdet Yilmaz confirmed that there will be no additional tax package this year, ruling out any levy on profits from stock trading or cryptocurrencies. This decision offers relief to crypto and stock investors, as initial plans for taxing stock market gains were abandoned following public backlash earlier this year.

Yilmaz emphasized the government’s focus on narrowing tax exemptions rather than imposing new taxes, providing a boost to confidence among investors. His remarks are expected to stabilize the market, as trading on Turkey’s main stock exchange recently dropped to $2.3 billion from over $4 billion earlier this year.

In efforts to tackle inflation, which stands at 52%, Yilmaz highlighted a “serious improvement” in the ratio of public spending to national income. The government remains committed to balancing economic growth with inflation control, aiming for a sustainable economic shift that brings inflation down to single digits over the next three years.

Bloomberg

As of September 24, 2024, U.S. Bitcoin ETFs saw a net inflow of 876 BTC, raising total Bitcoin holdings to 909,900 BTC. BlackRock’s IBIT ETF experienced an inflow of 182 BTC, bringing its holdings to 357,732 BTC. Fidelity’s FBTC ETF had the largest net inflow of the day, adding 393 BTC to reach 177,460 BTC.

Grayscale’s GBTC ETF lost 27 BTC, decreasing its holdings to 221,613 BTC, while Grayscale’s BTC ETF added 213 BTC, bringing its total to 33,532 BTC. VanEck’s HODL ETF saw a gain of 114 BTC, raising its total to 11,483 BTC, and Valkyrie’s BRRR ETF experienced a minor increase of 1 BTC, now holding 8,863 BTC.

Other ETFs, such as ARK Invest’s ARKB, Bitwise’s BITB, and Invesco’s BTCO, showed no inflows or outflows for the day. The overall daily net inflow of 876 BTC, valued at $55.3 million, highlights ongoing interest in Bitcoin ETFs, with institutional investors continuing to build their holdings.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

Join CryptoCrunchApp on Telegram Channels – Click to Join

Company Name: LNbits

Founders: Ben Arc

Date Founded: Project: 2019 | Company: 2022

Location of Headquarters: Fully remote (most developers based in Europe)

Amount of Bitcoin Held in Treasury: N/A

Number of Employees: 6 (+ “a couple dozen other developers”)

Website: https://lnbits.com/

Public or Private? Private

Five years ago, Ben Arc first had the vision for LNbits — free and open-source software that works with any Lightning Network funding source and offers a suite of extensions for both personal and business use cases.

The vision for the project came to him in what he describes as a flash of inspiration.

“Christian Russo, the developer of the RaspiBlitz, had come down to visit and I…

Read more on BitcoinMagazine

Kraken has completed the acquisition of Coin Meester B.V. (BCM), a leading registered crypto broker in the Netherlands, reinforcing its position in the European market. This strategic move comes as the EU implements the Markets in Crypto-Assets Regulation (MiCA), enabling Kraken to offer Virtual Asset Service Provider (VASP) services directly or through partnerships in countries like Germany, Spain, Italy, the Netherlands, and more.

Brian Gahan, Kraken’s Managing Director for Europe, highlighted this acquisition as a major step in their European expansion, allowing the company to leverage its market-leading position in euro volume and liquidity. BCM’s clients will gain access to over 200 digital assets, high-level security, and 24/7 client support.

Kraken aims to strengthen its market share by combining global reach with a compliant, premium trading experience, showcasing its dedication to providing superior crypto services. This move positions Kraken to capitalize on Europe’s growing crypto adoption and consolidate its leadership in the region.

Source