Binance Likes Brazilian Banks...

Good morning. Today we go to Ukraine for an update on the country's crypto policies, American Express lays the groundwork for their web3 strategy, and Binance continues its spending spree. All that and more today in the CT5 - thanks for reading!

Market Update (as of 8:35am ET):

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Top 5:

1. Ukraine Legalizes Crypto. Ukrainian President Zelensky signed into law a bill legalizing digital assets after the country has received over $100 million in donations to fund the country's defense efforts. The law defines "legal status, classification, ownership and regulators of virtual assets, as well as setting registration requirements for crypto services providers." Crypto exchanges will be able to open bank accounts and operate legally in the country.

2. American Express files trademark applications for metaverse and NFT logos. The world's second largest payment processor has filed seven web3 related trademark applications following similar moves by peers Visa and Mastercard. The filings indicated potential plans to create a digital wallet, crypto exchange, and to offer credit cards, concierge services, and virtual versions of other services the company already providers for meat-world customers. One day soon you'll have an NFT that gets you into the Amex airport lounge.

3. HSBC Buys Virtual Real Estate in Sandbox Metaverse. Another big bank moves into the metaverse. This time, it's HSBC acquiring a plot of land in the Sandbox, becoming virtual neighbors with Warner Music Group, Gucci and Adidas. While HSBC has not clarified plans for their new real estate, here's to hoping it's more engaging than JPMorgan's recently launched "lounge" in Decentraland. HSBC released the following along with their metaverse announcement:

When you think about the economics of the metaverse — or metanomics — there are opportunities in almost every market area. We are not here to suggest the metaverse, as we know it today, will take over all human interactions, but rather, to explore the many exciting opportunities it presents for consumers and brands alike.

4. Binance is looking into buying Brazilian banks and payment processors. Just days after receiving initial approval to operate a crypto exchange in Dubai, the largest crypto exchange by trading volume continued it's quest for global domination with the acquisition of a Brazilian securities brokerage. Speaking at EthereumRio, founder and CEO, Changpeng “CZ” Zhao, also indicated the company's desire to grow their 100-person strong team via acquisitions of banks and payment processors. The desire to acquire existing Brazilian firms may also be driven by upcoming legislation that would require crypto exchanges to be licensed in order to operate in the country. The two routes to licensure: opening a local office or acquiring an existing operator.

5. DeFi protocols Agave and Hundred Finance exploited on Gnosis Chain for $11 million. Both DeFi protocols were exploited by a "flash loan reentrancy attack" that saw the attacker steal more than $11 million. As of this writing, both protocols have paused smart contract functionality to prevent further exploitations. Now, for the question I found myself asking when I first began reading this article. What the hell is a flash loan reentrancy attack?

In layman-ish terms: "the attacker was making recursive calls to siphon off user funds without having to put up additional collateral. Then the attacker terminated the exploit with a 'liquidationCall,' paying back their initial flash loan while still holding significant liquidity from both projects."

Updates and other stories:
- Token linked to Bored Ape Yacht Club launches...Read More
- How Andrew Yang aims to change Washington with a DAO...Read More
- Kazakhstan confiscates $200 million in mining equipment...Read More

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

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.