Binance Regulatory Woes Continue, TradFi Announce Foray Into Digital Asset Businesses

Market Update Equity markets pulled back today amidst doubts about the global economy, stalling the recent rally that has seen equities de-couple from crypto. US Housing in both single and multi-family projects came in far higher than expected, China experienced trimmed loan prime rates for households and businesses (4.3% --> 4.2%) but whether it is sufficient to bolster its economic recovery remains to be seen, while US10Y slipped to 3.756% from 3.768% on Friday. $SPX and $QQQ are down by 0.35% and 0.10%, respectively. Digital asset markets are outperforming traditional markets, with $BTC and $ETH up 1.74% and 0.26% in the same period. While last week's Blackrock Spot ETF has been one of the major developments in a while, markets seem to have absorbed the catalyst with relatively unimpressive price action, prompting further optimistic caution in our view.  Over the weekend, Binance has been plagued by more regulatory woes. Its UK-based subsidiary, Binance Markets Limited (BML), de-registered with the Financial Conduct Authority on 30 May 2023. BML was initially acquired by Binance Group in 2020 and intended to launch a regulated business but has since retracted its plans. Moreover, the market share of its US arm, Binance.US, shrunk in market share after SEC allegations that