What’s up with Binance?

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Hi readers,

I must confess that I don’t know much about cryptocurrency. For someone who has worked in the tech and startup space for well over a year, I still view crypto as a foreign entity that other people get really excited about. Come to think about it, that’s similar to how I view football (also known as soccer).

Still, I’ve absorbed some information about cryptocurrency through sheer exposure, much like how I at least know who Cristiano Ronaldo is thanks to pop culture.

That’s how I know that Binance is one of the most popular cryptocurrency exchanges globally and that plenty of traders have put their trust into the platform. However, things are starting to get a little rocky for the firm.

Today, we look at:

• Why Binance is in the hot seat
• What this healthtech startup is doing with its fresh funds
• Other newsy highlights such as Ovo’s lead in Indonesia’s digital payments sector and some promotions at JD.com

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PREMIUM SUMMARY

Much ado about Binance

Binance is one of the most used cryptocurrency exchanges in the world, thanks to its wide range of cryptocurrencies, low trading fees, and reduced volatility (due to the high trading volumes that it sees). It’s also got a reputation for being a trusted and safe exchange, but recent events have exposed the chinks in its armor.

• A question of regulation: Binance’s popularity has attracted greater scrutiny from governments and regulators across the globe. US authorities are investigating the exchange as part of a wider probe into money laundering activity, and the Monetary Authority of Singapore has placed Binance on its alert list, among other issues.
• Inciting incidents: The exchange has also come under fire for two major incidents that have caused a number of Binance’s users to lose trust in the platform: tokens not working as they should, and users getting locked out of their accounts during a market crash.
• But who’s really at fault? These incidents led to users suffering major losses, and many are seeking legal action against Binance. But is Binance truly at fault, given the volatile nature of cryptocurrency investing?

Read more: Why angry investors are trying to sue Binance

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STARTUP SPOTLIGHT

H is for healthtech…

…and H is also for Homage, a Singapore-based healthtech startup that recently raised US$30 million in a series C round. The round was led by Sheares Healthcare Group, a unit of Temasek investing in health-focused companies.

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Shout out to all builders: Up your cloud security game

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