FSMA Demands Binance Halts All Cryptoasset Services in Belgium

Welcome to XEROF's weekly newsletter, where we provide readers with exclusive updates on the ever-changing landscape of cryptoassets. Our European research desk has curated a selection of the most noteworthy news and insights to ensure our readers remain well-informed:

Our top news stories this week are as follows:

• FSMA demands Binance halts all cryptoasset services in Belgium
• SEC approves first leveraged Bitcoin futures ETF, BITX, set to launch Tuesday
• Bitcoin hits 2023 high of $31,410, traders optimistic about reaching $40,000

We also bring you the latest developments in luxury real estate, including:

• The ultra-luxury real estate market in Paris is attracting significant investment from private buyers
• Lamborghini unveils first European residential project
• China's luxury home sales soared in the first five months

Cryptoasset News

FSMA Demands Binance Halts All Cryptoasset Services in Belgium

On Friday, Belgium's financial regulator, FSMA, issued an order demanding Binance halt digital currency services within the country. The FSMA stated that Binance's provision of cryptoasset-related services "from non-European Economic Area countries" violated Belgian regulations on Anti-Money Laundering. Consequently, numerous Belgian investors affected by this decision are anticipated to transfer their digital assets to cryptoasset-friendly European jurisdictions.

SEC Approves First Leveraged Bitcoin Futures ETF, BITX, Set to Launch Tuesday

According to Yahoo, the US Securities and Exchange Commission (SEC) approved the debut leveraged Bitcoin futures exchange-traded fund last Friday. BITX will launch Tuesday, June 27, on the Chicago Board Options (CBOE) BZX Exchange. The SEC filing revealed that BITX aims to achieve investment results that mirror twice the performance of the Chicago Mercantile Exchange Bitcoin Futures Daily Roll Index. XEROF believes this development represents a milestone within the cryptoasset industry and will present opportunities for investors seeking new avenues of investment exposure.

Bitcoin Hits 2023 High of $31,410, Traders Optimistic About Reaching $40,000

According to a report from MarketWatch, Bitcoin experienced trading at $31,082 on Friday afternoon, reaching its peak earlier in the session at $31,410. This marked the highest level attained in 2023. Traders are increasingly optimistic as they perceive a potential trajectory towards $40,000. CoinDesk data reveals that Bitcoin has surged by 81% since the beginning of the year. At XEROF, we agree this is a solid sign that the market is becoming more stable after 2022’s poor performance.

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Luxury Real Estate News

The Ultra-Luxury Real Estate Market in Paris is Attracting Big Investments from Private Buyers

According to Mansion Global, the ultra-luxury real estate market in Paris has been experiencing substantial investment from private buyers. Knight Frank's 2023 Wealth Report reveals that after an eventful 2021, super-prime sales in Paris experienced growth during the latter half of last year. Notably, the French capital is the sole non-US destination listed among the top ten cities attracting capital investments from private buyers in 2022.

Lamborghini Unveils First European Residential Project

In an exciting collaboration with luxury real estate firm Dar Global, Automobili Lamborghini revealed its inaugural European residential venture. In Spain, Tierra Viva showcases fifty-three villas inspired by Lamborghini's iconic sports cars. The Lamborghini complex presents a collection of exclusive villas, each designed to reflect the essence of the brand's supercars, featuring interiors with sophisticated finishes that pay homage to the distinct Lamborghini style.

China's Luxury Home Sales Soar in First Five Months

China's luxury real estate market is experiencing a surge in sales, particularly properties priced above CNY10 million (€1,280,720). According to data compiled by the CRIC Research Centre, sales of high-end homes within the range of CNY10 million (€1,280,720) to CNY30 million (€3,822,337) witnessed a 45% increase over the first five months of the year compared to the same period last year.

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Company News

XEROF Launches $100 Million Bitcoin AMC

Last Wednesday, XEROF launched a $100 million active managed certificate (AMC) in Bitcoin with GenTwo, a licensed and regulated provider of Bitcoin-backed AMCs.

One notable feature of the XEROF Bitcoin AMC is its unique approach to asset storage. It is among the first to hold the underlying Bitcoin asset in a Swiss bank. This choice highlights the modern regulatory environment in Switzerland and Europe and the support these regions offer licensed providers of complex financial products.

If you would like to learn more, please do not hesitate to contact us.

XEROF and 21 Analytics Announce Collaboration to Enhance FATF Travel Rule Compliance

We are pleased to announce that XEROF is partnering with 21 Analytics to enhance compliance with the FATF Travel Rule.

The Travel Rule is a comprehensive set of guidelines to combat money laundering and terrorist financing. It explicitly targets financial institutions involved in virtual asset transfers and cryptoasset companies, collectively called Virtual Asset Service Providers (VASPs). 

Through this partnership, XEROF remains at the forefront of compliance, benefiting from 21 Analytics' knowledge of Swiss regulations and expertise in self-hosted wallets.