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.

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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