Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.

What's going on, guys? It is Thursday, September 2nd, and today we are talking about a $1.5 trillion

asset manager getting into Bitcoin and crypto, and also just an outlook on Bitcoin in general.

But first, let's start with the brief.

And the theme of the day is definitely institutionalization and integration. Let's start the brief with the latest in the saga

of Binance, and first the rough. The Monetary Authority of Singapore has issued an investor alert

for Binance. This comes as a follow-up to their statement in July

that said that they were reviewing Binance's Singapore entity, which at the time had a licensing

application under review. Late last month, Binance also hired Richard Tang, who is the former

CEO of Abu Dhabi's financial watchdog to run their Singapore efforts. So clearly they have

some attention and import placed in that city.

Singapore, unlike many places, actually has a relatively clear licensing regime,

thanks to their 2019 Payment Services Act, which has made them a pretty desirable location.

Unfortunately for Binance, the MAS is now saying that Binance may have breached Singapore's

Payment Services Act and thus ordered them to stop providing payment services too, as well as

soliciting business from Singapore residents. This is basically the story with Binance everywhere

right now. Regulators saying, you probably broke some of our laws. You gotta stop that.

Binance for their part is not shirking away and is trying to aggressively signal a shift

to a more above-board business.

Along those lines, there's also a report making news today that in an interview with the

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