Planes, Exchanges, and Failed Bitcoin Investment Vehicles

Good morning. Bigger drop today, this newsletter or Red (Taylor's Version)?

What this is:
A "Top 5" of crypto, digital asset, and other blockchain related news sent to your inbox on a daily basis

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Top 5:

1. $76 Billion a Day: How Binance Became the World’s Biggest Crypto Exchange
   By far the world's largest cryptocurrency exchange, Binance has grown with minimal regulatory oversight and even without licenses to operate in some countries where it serves customers. Started four years ago by Changpeng Zhao, the company grew rapidly by tailoring their platform to non-English speaking users and offering a wider selection of cryptocurrencies. Today, the company is facing more intense scrutiny from regulators as the crypto industry has grown. Binance.US hired Brian Brooks, the former head of the Office of the Comptroller of the Currency in the Trump administration, as their CEO in May of 2021. Mr. Brooks made efforts to bring software run out of China into the US and to bring on an independent board as part of fundraise for the US operations. The two leaders clashed over these move with Mr. Brooks ultimately resigning only three months after being hired. The firm is still "being looked into" by both the Department of Justice and the SEC.
2. Miami Mayor: Residents Will Get Digital Wallets For ‘Bitcoin Dividend’
   The Bitcoin Mayor of Miami, Francis Suarez, says that the city will pay a "bitcoin yield" to residents who will get digital wallets from the city. The "dividend" will be paid from MiamiCoin which was launched in August and has generated over $21 million for the city. According to Suarez that number is on pace to generate one-fifth of the city's annual tax revenue.
3. Indian Crypto Exchange WazirX Says Userbase Has Grown Over 10 Times in 2021
   The Binance-owned Indian crypto-exchange WazirX has grown to 10 million users, up from 1 million last year. The company has reported 2,648% growth in user signups from Tier II and III cities (Tier I includes India's six largest cities) along with strong adoption from female users. Strong growth of crypto in India has been somewhat overshadowed by the government's earlier plans to ban cryptocurrencies outright. These plans were later shelved in favor of regulation, but the government remains skeptical of the industry. Next week the Indian government is meeting with major players in the industry to get their views on cryptocurrency. With over 1 billion residents, there is a lot more room for growth in the world's largest democracy.
4. Another Bitcoin Futures ETF Bites the Dust
   Bitwise Asset Management withdrew its proposal to roll out a Bitcoin ETF later this month. The firm said that the fund would have faced a number of fees and added expenses tied to rolling futures contracts from one month to the next, as well as supply problems within the futures market itself. “These complications make it more difficult for both the fund provider and the end investor,” said Matt Hougan, the firms Chief Investment Officer. “This is the right decision for investors.”
5. CEO of BitRiver, a mining company, flies machiens on repurposed commercial plane?
   Happy Friday! In this video from Igor Runets, CEO of BitRiver, it appears that a converted commercial plane has been loaded up with mining machines for the company. The end-destination is unknown.

Top Sharers of the Crypto Top 5:
1. Cameron S. - New York, NY
2. Jake Y. - Greenville, SC
3. Ross M. - Memphis, TN

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.