Binance Introduces “Word of the Day” Game to Enhance Crypto Literacy and Offer Rewards

The world’s largest cryptocurrency trading platform, Binance, has introduced a new feature to its website known as “Word of the Day” (WOTD), which is designed to educate consumers on various crypto-related terminology, according to official annoucement. In addition, participants have the opportunity to earn Binance Points, which may later be redeemed for a variety of other prizes. This promotion’s activity window runs from September 4, 2023 at 00:00 Coordinated Universal Time (UTC) through September 10, 2023 at 23:59 Coordinated Universal Time (UTC).


The WOTD feature is an educational word-guessing game designed to help users expand their cryptocurrency vocabulary while keeping abreast of market trends. The theme for the week starting September 4 is “Recurring Trading.” Binance has invested significantly in trading education. Yesterday, Binance issued a tweet cautioning against emotional trading, accompanied by an article titled “Trading Psychology: How to Trade Without Emotions.”

How to Participate

According to the official announcement, all users are eligible to play up to two WOTD games per day. To be eligible for a share of the 500,000 Binance Points pool, participants must get a total of five correct answers during the activity period. These points can be used to redeem rewards at Binance’s Rewards Hub.

Additional Features

After completing the first WOTD game, users can unlock a second game by sharing one of the selected articles of the day on social media. The second game is accessible once the shared link is clicked.

New User Incentives

New users who register for a Binance account using the referral code “WOTD2023” during the activity period will receive a 10% discount on spot trading fees. Additional welcome rewards can be earned by completing tasks at the Rewards Hub within 14 days of registration.

Terms and Conditions

The terms and conditions for this activity specify that only users from qualified regions who complete account verification are eligible to participate. All Binance Points will be distributed within two weeks after the activity ends. Each Binance Point will expire on the last day of the same month when it was first distributed a year later if not used at the Rewards Hub.


This initiative by Binance serves as both an educational tool and a rewards program, potentially increasing user engagement on the platform. However, it’s worth noting that the products and services mentioned may not be available in all regions.

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Gala Games Co-Founders Sue Each Other Over $130M Crypto Theft

A recent lawsuit filed in the United States District Court for the District of Utah has revealed internal strife at Gala Games, a leading company in the web3 gaming industry. Co-founders Eric Schiermeyer and Wright Thurston have filed lawsuits against each other, with the documents becoming public on August 31, 2023.

Detailed Allegations from the Lawsuit

According to the 76-page Verified Shareholder Derivative Complaint filed by Eric Schiermeyer, Wright Thurston and his investment vehicle, True North United Investments, LLC, are accused of stealing 8,645,014,077 GALA tokens from the company.

These tokens are integral to the Gala Games ecosystem. The lawsuit alleges that Thurston initiated a “complex web of obfuscatory transactions” to move, exchange, or sell the stolen tokens, amounting to approximately $130 million, before the company could take action.

Founder and Chief Book Wizard at MagicBookAI state,

BREAKING: Gala Games, one of the largest ecosystems in the web3 gaming industry, is facing internal strife as two of its co-founders have filed lawsuits against each other.

SEC’s Previous Involvement

The lawsuit also brings to light that the United States Securities and Exchange Commission (SEC) had previously sued Thurston and True North for alleged fraudulent activities related to “Green Boxes,” an energy-efficient crypto token venture.

Company and Tokenomics

Gala Games, incorporated under the laws of Wyoming, has developed a blockchain-based gaming infrastructure where GALA tokens serve as the core utility token. The tokens are used for in-game purchases and as a medium of exchange between players. The company also offers Gala Nodes, which are capped at 50,000 and can be operated to earn GALA tokens.

Thurston’s Checkered Past

The lawsuit delves into Thurston’s history, highlighting his involvement in multiple companies that have faced litigation, insolvency, or bankruptcy. It states that Thurston has been sued by the SEC in the past and has been involved in numerous failed ventures, including multi-level marketing companies.

Legal and Financial Repercussions

Schiermeyer’s lawsuit seeks disgorgement or restitution for the stolen cryptocurrency, compensation for the damage caused to Gala Games, and the removal of Thurston as a director. The lawsuit also mentions that Thurston purchased a $40 million house in Puerto Rico in March 2022.

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SEC’s XRP and Grayscale Bitcoin ETF Cases Challenged by US House Majority Whip Tom Emme

House Majority Whip Tom Emmer has once again taken to Twitter to challenge the U.S. Securities and Exchange Commission’s (SEC) approach to cryptocurrency regulation. Citing the SEC’s recent legal losses against Ripple and Grayscale, Emmer suggests that the regulatory body’s stance on crypto is misguided. His latest comments, dated September 3, 2023, have garnered significant attention, amplifying the ongoing debate on the appropriate level of crypto regulation.

Emmer’s Latest Remarks

In a tweet on September 3, 2023, Tom Emmer stated, 

SEC loses on Ripple… SEC loses on Grayscale… We will see how pending litigation plays out, but it should be increasingly obvious to policymakers that, despite @GaryGensler’s mass marketing campaign, crypto is not an industry ‘rife with noncompliance.’

Checks and Balances in Focus

Emmer’s critique resonate with previous tweet, emphasizing the role of checks and balances in holding the government accountable.

Our system of checks and balances holding the abusive Administrative State accountable,

he wrote, quoting a previous tweet that announced a DC Court of Appeals decision in favor of Grayscale on August 29, 2023.

A Consistent Critic

Emmer has been a consistent critic of the SEC’s regulatory approach to cryptocurrencies. As early as November 4, 2021, he sent a letter to SEC Chairman Gary Gensler, questioning the inconsistency in the agency’s treatment of Bitcoin futures ETFs and Bitcoin spot ETFs. “I’ve called out @GaryGensler’s regulatory hypocrisy for years,” Emmer noted in a tweet on August 30, 2023.

Implications for Policymakers

Emmer’s recent comments add another layer to the ongoing debate among U.S. policymakers about the future of cryptocurrency regulation. With the SEC facing legal setbacks, the question arises whether its current approach is effective or even appropriate, a point that Emmer’s latest tweet underscores.


As the SEC grapples with legal challenges and increased scrutiny, Tom Emmer’s tweets serve as a timely critique from a high-ranking government official. His comments suggest that the debate over the regulatory landscape for cryptocurrencies is far from over, and they call into question the SEC’s current strategy.

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SEBA Hong Kong Gains Preliminary Approval for Crypto-Related Services

SEBA Hong Kong, a subsidiary of Swiss-based SEBA Bank AG, has been granted an “Approval-in-Principle” (AIP) by Hong Kong’s Securities and Futures Commission (SFC). This preliminary approval positions SEBA Hong Kong to become one of the first licensed corporations in the city to offer crypto-related investment services.

Regulatory Green Light for Crypto Services

The AIP allows SEBA Hong Kong to proceed with its license application for conducting regulated activities in the city. The scope of the license includes dealing in securities and virtual assets-related products such as OTC derivatives and structured products. Additionally, the firm is authorized to advise on securities and virtual assets and manage discretionary accounts in both traditional and digital assets.

“The AIP marks a significant leap forward in SEBA group’s mission to secure the future of the global crypto economy and, in turn, validates SEBA Hong Kong’s position in the market as a trusted and regulated partner,” said Franz Bergmueller, Group CEO of SEBA Bank.

A Strategic Move in Asia Pacific

The AIP is a crucial step in SEBA Hong Kong’s broader Asia Pacific strategy. The firm aims to offer wealth management, investment, and advisory services with the security and customer experience that accompanies a regulated institution. “This AIP signifies that all our efforts are heading in the right direction,” commented Amy Yu, CEO APAC of SEBA Hong Kong.

Aligning with Global Regulatory Standards

SEBA Bank already holds licenses from Swiss regulatory body FINMA and Abu Dhabi’s Financial Services Regulatory Authority (FSRA). The Hong Kong AIP “significantly extends our global regulatory footprint,” Bergmueller noted.

Market Implications

The move is indicative of Hong Kong’s growing role in the global crypto economy and sets a precedent for regulatory standards in the digital asset space. “We see enormous potential in Hong Kong’s journey to becoming a global crypto market leader,” said Yu.

 SFC’s Comprehensive Virtual Asset Framework

The SFC has been a pioneer among major jurisdictions in establishing a comprehensive regulatory framework for virtual assets, commonly referred to as cryptocurrencies. Under the guiding principle of “same business, same risks, same rules,” the SFC aims to regulate various virtual asset-related activities. These include the operation of virtual asset trading platforms, fund management, and advising or dealing in virtual assets. The regulatory body’s approach aims to balance investor protection, market integrity, and risk management for financial institutions.

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India Advocates for Global Cryptocurrency Framework at G20 Summit

At the latest Group of 20 (G20) summit, Prime Minister Narendra Modi of India highlighted the need for international collaboration in crafting cryptocurrency guidelines. With India holding the G20 presidency, it is actively pushing for a cohesive global strategy on cryptocurrency governance.

The G20, comprising 19 countries and the European Union, serves as a pillar for the world’s dominant and emerging economies. It plays a crucial role in reinforcing international structures and decision-making on key global economic concerns.

In an interaction with a domestic publication, Modi delved into the future of nascent technologies like blockchain and cryptocurrency. He emphasized their potential to influence globally, stressing the need for regulations that transcend national boundaries. Drawing an analogy with the aviation sector, Modi noted that in the same way there are standardized rules for air traffic and security, cryptocurrencies should be governed by global standards.

Modi elaborated on India’s contributions to the global crypto dialogue, stating, “India’s G20 presidency expanded the crypto conversation beyond financial stability to consider its broader macroeconomic implications, especially for emerging markets and developing economies. Our presidency also hosted enriching seminars and discussions, deepening insights into crypto assets.” On August 1, India released a presidency note detailing its perspectives on a global framework for cryptocurrency. This note aligned with guidelines from the Financial Stability Board, the Financial Action Task Force, and the International Monetary Fund, while also incorporating additional suggestions tailored to developing economies.

Despite India’s push for a global crypto framework, the nation’s own regulatory environment for cryptocurrencies remains ambiguous, marked by high taxation and a lack of clarity. In 2022, India introduced a 30% tax on cryptocurrency gains, which resulted in a significant departure of emerging crypto companies and a marked decrease in cryptocurrency trading activity.

The G20’s role in international economic cooperation is crucial in addressing and harmonizing regulations for emerging technologies. With India at the helm of the G20 presidency, the country is poised to influence the global conversation on cryptocurrency regulations, emphasizing the importance of a unified approach.

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dYdX Founder: Focus on Overseas Markets Over US for Crypto

On August 26th, dYdX founder Antonio Juliano shared his views on Twitter about the US crypto landscape. He advised crypto developers to prioritize overseas markets due to the existing regulatory hurdles in the US. “Crypto builders should just give up serving US customers for now and try to re-enter in 5-10 years,” Juliano tweeted, emphasizing that the majority of the market is overseas. “Innovate there, find PMF, then come back with more leverage.”

Juliano further clarified his stance, stating that in the broader picture, very few people currently use or are concerned about crypto. His primary focus is on the long-term growth of the crypto sector, aiming for a 100x increase. He believes that the key to this growth is finding a stronger product-market fit, which doesn’t necessarily require perfect distribution. “There is a plenty big overseas market to experiment in,” he added.

However, Juliano did not dismiss the importance of US crypto policy. He acknowledged its significance, especially since many countries often follow the US’s lead. He emphasized the need for crypto products with massive usage, which would influence policy decisions. “We need to have products with massive usage where users (voters) say ‘wait, I need this’,” he pointed out.

The dYdX founder also highlighted the importance of builders being able to remain in the US, given the concentration of tech talent in the country. He expressed his frustration over the fact that many Americans, including those in his New York office, cannot use products that address long-standing crypto challenges. “Crypto is aligned with American values… America will realize that eventually,” Juliano concluded.

In response to Juliano’s tweets, Brian Armstrong, CEO of Coinbase, offered a more optimistic outlook. He believes that the situation in the US will improve sooner than Juliano anticipates, possibly by next year. “The U.S. always gets it right, after exhausting every other option,” Armstrong tweeted, expressing confidence in the country’s ability to adapt and support crypto progress.

Both leaders, while having different timelines in mind, seem committed to navigating the challenges and ensuring the growth and adoption of crypto in the US and beyond.

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US Banking System Faces Crypto-Asset Risks, FDIC Warns in 2023 Review

The Federal Deposit Insurance Corporation (FDIC) has highlighted potential risks associated with crypto-assets to the U.S. financial framework. This insight emerged from the FDIC’s 2023 Risk Review, which, for the first time, included a segment on bitcoin. The report characterized the challenges posed by digital assets as both novel and intricate.

The FDIC’s Risk Review, which was published on August 14, 2023, placed a strong emphasis on the growing interest of banks in operations involving cryptocurrencies. The following is an excerpt from the report: “The FDIC has been generally aware of the rising interest in crypto-asset-related activities through its normal supervision process.” The significant market fluctuations in 2022 underscored the importance of understanding the risks tied to cryptocurrencies more deeply.

The Federal Deposit Insurance Corporation (FDIC) has voiced several primary apprehensions regarding the crypto sector. These include potential fraudulent activities, the threat of widespread impact, and concentration risks due to the interconnected nature of crypto businesses. The ever-evolving and fast-paced nature of cryptocurrencies further complicates the risk evaluation process.

The “run-risk” that is connected with stablecoins is one more key issue that the FDIC is concerned about. The supervisory agency issues a warning that banks that hold stablecoins may be vulnerable to the loss of customer deposits, which may constitute a risk to the integrity of the financial system.

Following the FDIC’s alert, the banking world experienced turmoil in March when three prominent banks – Silicon Valley Bank, Silvergate Bank, and Signature Bank – encountered significant hurdles. Importantly, these institutions were recognized for their services to the U.S. crypto sector. The shutdown of Silicon Valley Bank triggered a frenzied sell-off when Circle, the issuer of USD Coin (USDC), announced its incapability to access $3.3 billion in reserves from the bank.

To counteract the upheaval, the FDIC collaborated with other U.S. regulatory bodies to assist the impacted banks and oversee the transfer of their assets to alternate financial entities.

Drawing from the FDIC’s 2023 Risk Review and recent observations, it’s evident that as the crypto realm expands and evolves, it introduces complexities that both regulators and the banking sector must proactively navigate.

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Taiwan’s Financial Supervisory Commission Drafts New Crypto Regulations

Taiwan’s Financial Supervisory Commission (FSC) has drafted a set of guidelines to regulate virtual asset platforms, according to information obtained by Chain News. The draft, which is not yet finalized, consists of thirteen principles and related appendices. The guidelines are expected to be announced in September 2023.

Key Principles

Regulation from an Anti-Money Laundering Perspective: The FSC will supervise businesses from an existing anti-money laundering (AML) perspective, focusing on customer protection measures such as asset custody methods, transparency in transaction information, external expert guidance, and internal control management.

Issuance of Tokens, but Not Stablecoins: Businesses can issue virtual assets, but not stablecoins. The FSC believes that stablecoins could affect national sovereign currency and monetary policy.

Exchange Listing and Delisting Review Mechanism: Exchanges must establish review standards for listing and delisting virtual assets.

Asset Segregation: The FSC requires businesses to separate company assets from user assets, including both fiat and virtual currencies.

Fair and Transparent Trading: The FSC demands clear trading rules to ensure market fairness and avoid manipulation and conflicts of interest.

Banking Compliance: Businesses must comply with banks in executing customer identity verification and transaction monitoring for AML purposes.

Advertising and Disclosure: Businesses must avoid misleading advertising and must fully disclose product information.

Cold and Hot Wallet Proportions and Liability Insurance: Exchanges must define cold and hot wallet proportions and insure against user losses within their responsibility scope.

Illegal Contract Trading Punishable by Imprisonment: Illegal operation of virtual asset derivative financial products or securities-like virtual assets is punishable by up to seven years imprisonment and a fine of up to 3 million New Taiwan Dollars.

Virtual Asset Industry Association: The FSC encourages businesses to form a “Virtual Asset” industry association and establish self-regulatory rules.

Restrictions on Overseas Platforms Advertising in Taiwan: Overseas platforms may not advertise or engage in solicitation activities in Taiwan if they are not in compliance with local regulations.

Implementation of Travel Rule: Taiwan’s FSC is considering the implementation of the Travel Rule, requiring recording and reporting of information related to certain fund transfers.


The draft guidelines show that Taiwan’s government has researched multi-national regulatory norms and is encouraging industry self-regulation. The approach, which relies on AML principles and industry self-regulation, is seen as more flexible for industry development.

However, the lack of specific penalties for non-compliance and limited enforcement capabilities may result in limited consumer protection.

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Coinbase Report: New York Emerges as a Hub for Crypto Innovation and Adoption

Coinbase, a leading crypto exchange, published a report titled ‘United States of Crypto: New York’ on August 8, 2023. According to the report, the swift adoption of crypto and web3 technologies in the state, with nearly one-fifth of New Yorkers owning cryptocurrency, signals a promising future for crypto in New York.

New York, known as the epicenter of technological innovation, art, and fashion, is rapidly embracing cryptocurrency and blockchain technology. According to a recent Morning Consult study commissioned by Coinbase, 19% of New York residents own crypto, and approximately one-third agree that cryptocurrency makes the financial system more equitable and represents a worthwhile future investment.

Crypto Adoption and Innovation in New York

New York state is home to 692 blockchain organizations and over 800 founders. Since the start of 2020, 52% of the Fortune 100 companies have pursued initiatives in crypto, blockchain, or web3. Most of these initiatives (around 75%) are concentrated in the tech, financial services, and retail sectors, with many residing in New York.

Famous crypto and blockchain companies that have a significant presence or operations in New York include Gemini, OpenSea, Coinbase, Chainalysis, Ripple, Fireblocks, Paxos, and NYDIG, among others.

Fashion Meets Blockchain

The state’s vibrant culture is not limited to traditional industries. Morphew, a New York-based fashion, art, and lifestyle brand, has ingeniously blended antique fashions with futuristic trends and technology. Bridgette Morphew, Founder and CEO of Morphew, expressed her desire to leverage blockchain technology to archive one-of-a-kind fashion collectibles.

Morphew partnered with Arx, a hardware technology company, to launch their NFT collection. Arx’s chips can be embedded in any item to pair physical garments with a blockchain-based digital version. Morphew’s Genesis NFT collection, stored on-chain, allows for the digital authentication and exhibition of fashion through photorealistic 3D renderings. The collection was launched at Art Basel Miami.

New York’s Role in Crypto’s Future

New York’s deep history as a home to major fashion brands and cutting-edge innovation makes it a natural base for companies like Morphew. The number of crypto VCs in New York also encourages venture capital investment in the region.

“New York is the center of the fashion industry. Morphew highlights and preserves the past while creating the future of digital fashion archival. Crypto is paving the way for artists to create and authenticate their work, that’s why we’re encouraging artists and small businesses alike to Stand with Crypto. Together, we can fuel the future of fashion,” says Bridgette Morphew.

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China Targets Overseas Telecom Fraud Leveraging Blockchain, Crypto, Metaverse, and AI

In a recent meeting, China’s Central Political and Legal Affairs Commission has emphasized the need for a systematic, legal, and source-based approach to combat overseas telecom network fraud and related criminal activities. The announcement was made on August 6, 2023, as reported by the Economic Daily.

The commission pointed out that fraud groups have been increasingly utilizing new technologies such as blockchain, metaverse, virtual currency, and AI intelligence to update their criminal tools, making them more concealed and deceptive.

Overseas Telecom Fraud: A Growing Concern

In recent years, overseas telecom network fraud groups have been luring ordinary people into fraudulent activities under the guise of “high-paying job recruitment.” These activities have led to violent detention, human trafficking, and a series of dark industrial chains, causing significant harm to the safety of people’s lives and property.

The diversity of fraudulent methods, the ruthlessness of coercion, and the enormity of the defrauded amounts have led to public outrage. The commission stressed the need to “resolutely maintain the people’s vital interests, firmly uphold social decency, and firmly uphold the authority of the rule of law.”

Organized Crime Features

The overseas telecom network fraud groups are characterized by tight organization, clear division of labor, multi-industry support, industrial distribution, group operation, and refined division of labor. This has necessitated strengthening international law enforcement cooperation and joint efforts with relevant countries to eradicate fraud dens, rescue trapped individuals, and bring the criminal forces and their organizers to justice.

Utilizing New Technologies for Fraud

The commission noted that fraud groups are leveraging blockchain, metaverse, virtual currency, and AI intelligence to constantly update their criminal tools, making them more concealed and confusing. This requires coordination between public security, finance, telecommunications, and internet departments to apply advanced technological means and fulfill regulatory responsibilities.

Efforts are being made to compress online crime space from offline, organize concentrated investigations and disposals of high-risk telephone cards and bank cards related to fraud, clean up associated internet accounts, and smooth network reporting channels. Thorough investigations are being conducted into domestic criminal gangs colluding with overseas entities, with full efforts to cut off smuggling channels.

There are increasing crimes related to crypto, blockchain, NFT and Metaverse in China.

On July 18, 2023, Chinese authorities in Qingshui County, Shanxi Province, successfully cracked a money laundering case involving the cryptocurrency Tether (USDT). The operation led to the arrest of 21 suspects and the confiscation of cash and USDT worth over 1 million yuan. 

The investigation revealed a complex network of individuals across four provinces and six cities, using USDT to launder money for cybercriminals. The criminal group helped settle payments of over 54.8 million USDT, equivalent to about 380 million yuan.

In December 2022 in Inner Mongolia, 63 suspects were arrested for laundering money with USDT, amounting to 12 billion yuan.

Public Awareness and Education

The public security and judicial departments are urged to further strengthen publicity and education to continuously enhance people’s awareness and ability to identify and prevent telecom network fraud. Special attention is being paid to young people entering society, guiding them to be vigilant against opportunistic psychology and herd mentality, and to seek a solid footing in serving society.

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