The digital currency ecosystem saw many intriguing stories in the trailing 7-day period. From Australia and Thailand entering the ETF game to the update from Bybit and Binance, here’s a recap of all that happened in crypto in the past week.
Australia Commences Spot Bitcoin ETF Trading
Australia launched a spot Bitcoin ETF called Monochrome Bitcoin ETF (IBTC) on June 4 despite already having multiple ETF products providing some form of BTC exposure. It is approved under the Australian Financial Services (AFS) rules which allows for secure and direct holding of Bitcoin by the ETF, unlike other ETFs that offer indirect exposure to Bitcoin.
It is traded on the Cboe Australia exchange. The Monochrome Bitcoin ETF will store its Bitcoin offline. This means that the Bitcoin holdings will be kept on a device not connected to the internet, using a secure crypto custody solution that meets Australian institutional standards.
Thailand SEC Approves Country’s First Spot Bitcoin ETF
During the week, Thailand’s SEC approved the country’s first spot Bitcoin ETF, following the US SEC’s lead. Other countries like the US, Hong Kong, Australia, and the UK are also embracing similar investment options.
The ONE Bitcoin ETF Fund by ONE Asset Management caters to only high-net-worth individuals and institutional investors. The ETF invested in 11 major global Bitcoin funds for liquidity and security. This approval aligns Thailand with global interest in Bitcoin ETFs, providing a regulated way to invest in Bitcoin for experienced investors.
Bybit Opens Trading for Chinese Traders In Diaspora
Bybit Exchange now allows Chinese traders in the diaspora to open accounts and trade on the platform. This move caters to the increasing demand for secure and user-friendly crypto trading platforms among Chinese expats. Bybit is breaking barriers by offering registration and authentication services to users in China, a previously restricted region.
Amid the internal concerns about regulations, Bybit says it remains committed to compliance. The exchange is navigating a complex regulatory environment while considering potential expansions into new markets like Hong Kong, the UAE, and the EU.
Other exchanges in the crypto space, such as Coinbase, are also innovating to enhance user experiences.
Binance Global Users Tops 200 Million Milestone
Binance hit the 200 million user milestone this week in one of its biggest achievements. Next, it aims to reach 1 Billion users globally. This journey from a rising star to a global giant is deemed by analysts as impressive, solidifying its position as a top exchange.
Binance’s growth was fueled by new listings, innovations, expansion into new regions, and collaborations with key industry players. While celebrating this milestone, Binance CEO Richard Teng emphasized the importance of broader collaborations for the future.
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