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Today’s Crypto News on Asia — June 1st

Binance’s $1bn fund; India says no to Petro; Japan issues rectification orders to exchanges; TRON livebroadcast garner 1.6mn view counts domestically and 75k overseas

Top News

– Binance, a multi-language cryptocurrency exchange, announced plans to establish a US$1 billion fund, Ella Zhang, head of Binance Lab, announced in an online conference. Wechat report here- http://bit.ly/2J82qIg | english article here- http://bit.ly/2J7wow7

**Chinese media only** Japan Financial Services Agency (FSA) has carried out anti-money laundering supervision and rectification on a number of digital currency companies and is looking to have further discussions mid-June around ways to improve the businesses. The FSA believes that most companies now pay too much attention to customer development and neglect management. Among the 16 registered exchanges, FSA has issued rectification orders to 10 of them and 2 companies need technical improvements. Translated Sina page — http://bit.ly/2LMLbxU

– Indian Foreign Minister Sushma Swaraj stated that the country had no intention of using the Petro, launched by Venezuela, to buy the nation’s crude oil. She cited an order issued by India’s Central Bank, which prohibits trade involving cryptocurrency transactions. http://bit.ly/2LRPAj5

**Chinese media only** TRON’s mainnet launch yesterday had a live broadcast and it was well received. There were 75,037 views on the English channel. Within China, there was 1.6mn views at its peak.

Coin and Exchange News

– The EOS Blockchain Launch: What Should Happen (And What Could Go Wrong) http://bit.ly/2LQwz0w

**Chinese media only** Blockchain Game Application VGame Brings 140,000 Users from Ethereum to MOAC Platform. VGame was originally developed based on Ethereum, but due to the slowness of the network and the high cost of GAS, Ethereum is far from meeting daily operations. MOAC’s TPS is over 1000. It supports MOAC, ERC20, and ERC721 series tokens, and the transaction fee is only about 0.0005.

– Japan’s bitbank ranks 1st in 30 day Ripple volume. The exchange is conducting a zero fee campaign at the moment. http://bit.ly/2J8eJ7t

Business News

– Mining hardware giant Bitmain has been criticized over one of its latest mining products, the AntMiner B3, with Chinese users making allegations about its marketing tactics and quality control. http://bit.ly/2J8fc9J

**Chinese media only** The China Banknote Blockchain Technology Research Institute launched a blockchain applet — Pick your painting (Pick 你的画). This small program allows individuals to upload images such as images of IDs, certificates, to the blockchain and retain them permanently.
 
 4 Screenshots below. Top left is the App overview. Top right says “select an image to save it, keep it forever and changes not allowed”. Bottom left is the image saved, with the title of the image on top and the image’s DNA, block number and time recorded at the bottom. Bottom right is the folder in which holds all your images.



**Chinese media only** ZhongAn Insurance (~10bn USD market cap ) has signed data sharing agreements with more than 100 domestic hospitals to simplify the process of record verification and automatic claims with blockchain.

– GMO Internet launches “CryptoChips byGMO” that enables distribution of Bitcoin as remuneration within the game application in August 2018. http://bit.ly/2LQEU47

Macro and Regulation Watch

– The Crime Investigation Department (CID) of India has taken the statements of a distraught Indian businessman who extorted 2,000 bitcoins from the promoters of fraudulent cryptocurrency project Bitconnect to investigate the firm’s working. http://bit.ly/2xxLsBR


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