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Bitcoin is facing growing uncertainty as it trades near $90,000, down nearly 30% from its October peak of $126,000. While the cryptocurrency remains under pressure, investors are increasingly focused on Tokyo, where a potential change in monetary policy could tighten global liquidity. According to CoinDesk, which cited a report from Nikkei, the Bank of Japan (BOJ) is expected to raise its policy rate by 25 basis points to 0.75%, a move that would push borrowing costs to their highest level in nearly three decades. Historically, a stronger yen has often been associated with weaker Bitcoin performance amid tighter global liquidity.Photo by Kanchanara on UnsplashYen carry trade in focusThe report suggested that higher rates could unwind the yen carry trade, a strategy in which investors borrow cheap yen to fund positions in higher-yielding assets such as stocks and U.S. Treasuries. A similar dynamic played out following the Japanese central bank’s July hike, which precipitated a market-wide selloff that dragged Bitcoin from roughly $65,000 down to $50,000. However, CoinDesk noted that a recurrence of such volatility cannot be assumed. It added that speculative positioning is already skewed toward yen strength, while steadily rising Japanese bond yields suggest monetary policy is adjusting to prevailing market realities. Institutional skepticism toward BitcoinBeyond the macroeconomic landscape, fundamental skepticism remains entrenched among traditional finance heavyweights. John Ameriks, Vanguard’s global head of quantitative equity, said at Bloomberg’s ETFs in Depth conference that the asset behaves more like a speculative digital collectible, comparable to a Labubu toy, than a conventional investment, citing its lack of income generation, compounding, and cash-flow characteristics. Ameriks’ comments follow Vanguard’s move earlier this month to permit trading of select third-party crypto ETFs. He said the decision was based in part on the funds’ ability to establish a track record since their January 2024 launch. While acknowledging that Bitcoin could theoretically offer value during periods of high inflation or political instability, he maintained that its history remains too short to draw conclusions. Bullish case for BitcoinA contrasting view was offered by Katherine Dowling, president of the Bitcoin Standard Treasury Company. Speaking with DL News, Dowling projected that Bitcoin would surge to $150,000 by the end of 2026. She pinned this bullish outlook on favorable U.S. regulatory shifts, increased liquidity from Federal Reserve rate cuts, and sustained institutional adoption via ETFs.The perceived influence of institutional flows was also underscored by a recent weekly survey of 2,000 South Korean investors conducted by CoinNess and Cratos. The data showed that 42.3% of respondents view flows into and out of spot Bitcoin ETFs as the primary price driver. Monetary policies in major economies like the U.S. and Japan ranked second at 26.7%, while 16.3% pointed to shifts in equity markets. Another 11.5% attributed price action to the halving cycle, and 3.4% said they could identify no specific catalyst.

Regulatory breach sees Philippines initiate blockade on BinanceIt’s been a very challenging year for global crypto platform Binance — one that doesn’t appear to be improving with the latest move to block access to the platform in the Philippines.Photo by Alexes Gerard on UnsplashUnlicensed to tradeIn a noteworthy development, the Philippines Securities and Exchange Commission (SEC) declared on Tuesday its intention to block access to the Binance platform due to regulatory irregularities.The SEC asserted in a statement that Binance lacks the necessary license to operate in the Philippines, cautioning the public against engaging in investment products on the platform. The regulator stated:”BINANCE is NOT REGISTERED as a corporation in the Philippines and OPERATES WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY.”The regulatory body is actively working to have Binance blocked in the country, citing concerns about unregistered investment products. The impending ban is set to take effect within three months, allowing investors a window to exit their positions held through Binance.Pushback on advertisingIn addition to its attempts to block access to the platform, the SEC has also approached tech giants Google and Meta (Facebook’s parent company), requesting the blocking of Binance advertisements on their platforms within the country. This is a response to social media campaigns designed to attract Filipino investors to the embattled cryptocurrency exchange. While users can still download the Binance app from Google and Apple app stores in the Philippines, the extent of investor activity in the country remains uncertain.Follows U.S. regulatory actionThese actions in the Philippines come hot on the heels of Binance’s CEO Changpeng Zhao (CZ) stepping down and pleading guilty in a U.S. money-laundering case. The Philippines’ ban adds to Binance’s challenges as it aims to expand in Southeast Asia amid legal troubles in the U.S. and restrictions on operations in China.Over the course of a three-month period earlier this year, the world’s largest crypto exchange platform lost its ability to trade in Germany, Canada, Belgium, the Netherlands and Cyprus. Additionally, French authorities have been investigating the platform for alleged illegal provision of digital asset services and aggravated money laundering.Facing regulatory pushback in the U.S. and Europe, Binance appeared to be concentrating on making further in-roads in Asian markets over the course of this past year. It had recently pursued a joint venture with Gulf Energy in Thailand to launch a new digital assets exchange.Media reports previously suggested that Binance was considering acquiring a Philippine company to obtain operating licenses in the country. The SEC’s move to ban the platform follows a warning issued last year against using Binance, and it represents a broader effort to regulate the cryptocurrency sector and protect the public interest.The recent guilty plea by CZ for violating U.S. money laundering laws has added to the legal woes of the cryptocurrency giant. CZ agreed to personally pay $50 million in penalties as part of a $4.3 billion settlement to resolve investigations into Binance’s practices. He may also still face prison time in the U.S. In the Philippines, the SEC warns that Section 28 of the Securities Regulation Code (SRC) allows the application of a fine of up to five million pesos ($90,000) and a maximum prison term of 21 years.

Binance Set For Japanese Market Re-Entry With 34 Token ListingsBinance, the world’s largest cryptocurrency exchange, is gearing up to re-enter the Japanese market with a bang on August 14. According to a report published by local crypto media outlet Coinpost, Binance Japan is set to immediately list an impressive 34 tokens.The move will put Binance ahead of its domestic rivals, as the offering will be the most extensive in terms of the selection of tokens made available to Japanese customers.Photo by David Edelstein on UnsplashBNB token offeringIn addition to that, Binance intends to make its native token, BNB, available in Japan for the first time. Exchange tokens have proven to be controversial in recent times. In November 2022, FTX’s reliance on their native token FTT caused a run on the exchange which Binance started once it started to sell off the token. Similar concerns have been expressed ever since about a similar reliance within Binance relative to its BNB token.The expansion into Japan will likely prove a tonic for Binance, given the difficulties it has experienced in other markets recently. Regulatory pushback has forced Binance out of markets such as Germany, Belgium, the Netherlands, and Cyprus over the course of the past three months.The company has been actively working to comply with Japan’s regulatory environment. In a Twitter video posted in July, Changpeng Zhao (CZ), Binance’s Founder and CEO, expressed his excitement about re-entering the Japanese market. He praised Japan’s clear and progressive approach to crypto regulations, citing the well-established framework that dates back to 2017, as well as recent developments, including the opening up of crypto listing frameworks and the passing of stablecoin regulations in June.Roadmap to market re-entryBinance’s journey back into Japan started in November 2022 when it acquired 100% ownership of Sakura Exchange BitCoin (SEBC). The acquisition paved the way for Binance to be regulated by the Japan Financial Services Agency (JFSA). As part of this move, SEBC underwent a name change, rebranding itself as Binance Japan Inc. The company then announced in May its plans to re-enter the Japanese market.The re-entry comes after the JFSA had previously issued warnings in 2021 against Binance for operating in the country without proper registration. Now, with the acquisition of SEBC and its regulatory compliance, Binance has gained a foothold in the Japanese market once again.Binance Japan aims to provide a comprehensive suite of services to its Japanese customers. New users can access spot trading, Earn products, and the NFT marketplace, while existing customers can migrate to the local subsidiary starting August 14. The token offerings include a diverse range of assets, and the addition of BNB presents exciting opportunities for traders and investors in Japan.Rival exchanges such as Coinbase and Kraken have decided to halt their operations in the country as they struggled to adjust to Japanese market conditions. The move by Binance to re-enter Japan’s market will be closely watched to see if it can succeed where others have failed.