Germany’s largest lender Deutsche Bank has formed a strategic partnership with Swiss-based cryptocurrency safekeeping firm Taurus to launch digital asset custody and tokenization services.

Two senior executives from the American platform of leading cryptocurrency exchange Binance, Binance.US, are reportedly leaving the firm shortly after its now ex-CEO Brian Shroeder departed.

The CEO of Nasdaq-listed cryptocurrency exchange Coinbase, Brian Armstrong, has publicly championed the cause of decentralized finance (DeFi) protocols on social media, urging them to consider legal proceedings in court to establish a legal precedent.

Top stories in the Crypto Roundup today:

• Deutsche Bank to Offer Crypto Custody, Tokenization Services
• Binance.US Loses Two More Executives Amid Regulatory Woes
• Coinbase CEO Brian Armstrong: DeFi Protocols Should Establish Legal Precedent
• Crypto Market Movers – VTHO, STORJ, TRX

Deutsche Bank to Offer Crypto Custody and Tokenization Services

Germany’s largest lender Deutsche Bank has formed a strategic partnership with Swiss-based cryptocurrency safekeeping firm Taurus to launch digital asset custody and tokenization services.

Earlier in June, Deutsche Bank had gone public with its intentions, disclosing its application for a cryptocurrency custody permit to BaFin, Germany's financial regulatory authority.

Germany’s introduction of f regulations regarding the custody of digital assets, and more broadly, Europe's prospective introduction of the Markets in Crypto-Assets regulation (MiCA), are helping traditional financial firms enter the digital asset space.

Deutsche Bank notably invested in Taurus during its $65 million Series B funding found. Deutsche Bank’s global head of securities services, Paul Maley, has detailed the new crypto custody services that will be developed for a wide variety of digital asset types for corporate and institutional clients.

Deutsche Bank’s foray into the digital currency domain can be traced back to early 2021, when the World Economic Forum unveiled insights regarding a digital asset prototype backed by Deutsche Bank.

Binance.US Loses Two More Executives Amid Regulatory Woes

Two senior executives from the American platform of leading cryptocurrency exchange Binance, Binance.US, are reportedly leaving the firm shortly after its now ex-CEO Brian Shroeder departed.

Krishna Juvvadi, the company's legal head, and Chief Risk Officer Sidney Majalya were the latest to tender their resignations. Their departures also come shortly after the firm reduced its workforce by approximately a third, translating to a loss of 100 job positions.

Other high-ranking officials that have left Binance include Steven Christie, its SVP for compliance, Hon Ng, general counsel, Patrick Hillmann, chief strategy officer, and Mayur Kamat, global head of product.

Executive departures at Binance and Binance.US started earlier this year, after both the Securities and Exchange Commission (SEC)  and the Commodity Futures Trading Commission (CFTC) took legal actions against Binance, its US subsidiary Binance.US, and co-founder Changpeng “CZ” Zhao.

The allegations revolved around operating an unauthorized exchange, dealing in unregistered securities, violating commodities regulations, and potential mishandling of customer funds.

Coinbase CEO Brian Armstrong: DeFi Protocols Should Establish Legal Precedent

The CEO of Nasdaq-listed cryptocurrency exchange Coinbase, Brian Armstrong, has publicly championed the cause of decentralized finance (DeFi) protocols on social media, urging them to consider legal proceedings in court to establish a legal precedent.

According to Armstrong, the legal system has shown its commitment to enforcing the law. However, he said that the current approach is mostly driving a vital industry to foreign jurisdictions.

In his perspective, the United States Commodities and Futures Trading Commission (CFTC) should avoid enforcement actions against DeFi protocols, as these differ from traditional financial service businesses.

The CEO of Coinbase further questioned whether the Commodity Exchange Act is even applicable to these protocols.

Armstrong’s words come after the CFTC took against three DeFi protocols for allegedly facilitating unauthorized cryptocurrency derivatives trades.

Crypto Market Movers – VTHO, STORJ, TRX

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

VeChainThor (VTHO) - VeChainThor (VTHO) Token: VTHO, or VeChainThor Energy, is the native secondary token of the VeChainThor blockchain. While VeChain Token (VET) is the primary token used for value transfer, VTHO represents the underlying cost of using the VeChainThor blockchain and serves as the "gas" or energy used to power transactions and smart contract execution.

Storj (STORJ) - Storj is a decentralized cloud storage platform that allows users to store their data securely and privately on a distributed network of nodes. The platform uses blockchain technology and cryptographic protocols to ensure that user data remains secure and immutable.

TRON (TRX) - Tron is a decentralized blockchain-based platform based on the TRON protocol, which is a blockchain operating system that offers high throughput, high scalability, and high availability for all decentralized applications (DApps) within the TRON ecosystem.

State of the Crypto by Top Tier Exchange Volume

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