September 2019 A publication from

The Crypto Dark Age Is Here...

And We Can Profit
We've been warning you for months... Now, the Crypto Dark Age is finally here. IN THIS
On September 12, Binance, the world's largest crypto exchange, blocked U.S. traders. MONTH'S ISSUE:
Americans instantly lost access to the most liquid crypto market on the planet. • The Largest Exchange in
the World
This is a big deal.
• The Binance Coin
Over a recent 24-hour period, Binance processed more than $1.8 billion in trades.
That's 42% of the entire crypto trading market that OpenMarketCap tracks. • Big New Projects

• Here's How High BNB

And more than 20% of Binance's traffic is estimated to come from the U.S. Could Go
On September 18, Binance will begin accepting deposits and registrations on a new
exchange – Binance.US – designed for American traders.
But to comply with U.S. regulations, it won't offer cryptos that resemble stocks or
securities. That includes any crypto that offers equity, dividends, or an ownership stake.
Binance.US is expected to launch with just six cryptos – compared to the 160-plus on
Binance. Eventually, the exchange may offer as many as 30 cryptos, but that could take
weeks or months to happen.

STANSBERRY
RESEARCH
1125 N. Charles Street
Baltimore, MD 21201
1-888-261-2693
www.stansberryresearch.com

Editor
Eric Wade
Analysts
Fred Marion

September 2019 Crypto Capital | 1

This is all part of the Dark Age we've been warning you But CEXs are also custodial. And DEXs offer cryptos that
about – where regulators crack down... liquidity dries up... CEXs don't.
and the prices of many small cryptos plummet.
In short, to make the biggest profits during the Dark Age,
But we also believe it's creating the biggest investing we want to be invested in both DEXs and CEXs.
opportunities of our lifetimes.
That's why we're recommending the token of the largest
Last month, we recommended Kyber Network (KNC) CEX this month...
to profit from the Crypto Dark Age. This month, we're
recommending another crypto that we believe will survive –
THE LARGEST CRYPTO
and thrive – during the Dark Age.
EXCHANGE IN THE WORLD
As we'll explain in today's issue, it has distinguished itself as
the No. 1 exchange token. And a recent sell-off is giving us Founded in 2017, Binance has become the largest CEX in
a long-awaited buying opportunity. The token could double the world, with more than 13 million users. And it's still
by the end of the year and soar 400% higher over the next rapidly growing. Over the past six months, Binance added
24 months. 6 million users.
So let's get started... The exchange owes much of its early success to founder
and CEO Changpeng Zhao's shrewd decision to avoid fiat
WHAT HAPPENS NEXT currencies when it launched. By starting as an exchange
for digital currencies only, it skirted the cumbersome
Despite regulators cracking down, Americans will still want regulations around sovereign currencies.
to trade smaller, more speculative cryptos for the potential When regulations did become an issue in a particular
gains.
jurisdiction, Binance simply packed up its computers and
That's why we believe they'll turn to peer-to-peer trading moved its headquarters to a more welcoming country. It
platforms called decentralized exchanges ("DEXs"). launched in China before moving to Japan, Taiwan, and
then to Malta.
DEXs run on decentralized networks like Ethereum
(ETH). Instead of taking custody of your crypto-like Recently, Binance ran into U.S. regulatory concerns. So
centralized exchanges ("CEXs"), they give you a platform it blocked U.S. traders from its platform on September
where you can trade peer-to-peer with other people around 12. Soon, it will launch a U.S.-based exchange called
the world. So they don't need vaults like banks or brick-and- Binance.US. A trading launch date has not been set, but it
mortar locations. They just need smart contracts to connect will begin accepting registrations and crypto deposits on
buyers and sellers. September 18.
But we don't believe DEXs will replace CEXs like Binance. In short, Binance has expertise at adapting. On March 23,
Instead, we expect them to serve different markets. it launched another exchange, Binance DEX.
Think of it like the stock market. There are mainstream The DEX is accessible on a desktop portal available
stock exchanges like the New York Stock Exchange. And outside the U.S. at Binance.org, and through crypto
there are the smaller over-the-counter ("OTC") markets. wallet exchanges in the U.S. and around the world.
High-quality, flagship companies tend to trade on the Supported wallets include Trust Wallet, which is Binance's
major stock exchanges. Smaller, more speculative stocks official wallet, Enjin Wallet, Coinomi, and several others.
trade in the OTC markets. The DEX now supports trading of more than 135 assets.
And it's already processing more than $2 million in trades
Just like major exchanges, CEXs have benefits over DEXs.
every day.
They offer more liquidity for large-cap cryptos, regulatory
oversight, leverage, and faster trades. That's why we expect
many traders to continue to use CEXs... and why they'll be
the first stop for new traders.

2 | Stansberry Research September 2019

 Binance's Trading Venues are tens of thousands of worthless tokens on the Ethereum
blockchain.)
Accessibility Starting on
Website
September 12 But Binance Chain's advantages do require some trade-
International traders outside offs. Most notably, the network is significantly more
Binance.com
the U.S. centralized than Ethereum. Just 11 validator nodes confirm
International traders outside transactions on the network. And Binance has approved
the U.S. (though U.S. traders will each of them. By contrast, Ethereum has more than 8,000
Binance.org (the main website
also have access to DEX trading nodes up and running. And no one has the right to approve
for Binance DEX)
within some wallets, including or reject those nodes.
Trust Wallet)
U.S. traders (accepting It's yet to be seen whether the market will care about
Binance.US registrations on September 18, decentralization for Binance Chain. But Binance's ability to
trading date to be determined) execute and innovate means it could rapidly capture market
share from Ethereum.
The Binance DEX runs on the Binance Chain blockchain.
That brings us to Binance Coin...
Although Binance Chain does not support smart contracts,
it competes with Ethereum. You see, Ethereum's developers
created a protocol called ERC-20 that allows anyone to
THE BINANCE COIN
create an asset and release it on the Ethereum blockchain.
Binance Coin (BNB) powers transactions on Binance
Binance Chain does the same with its own protocol, BEP2.
Chain. Small fees must be paid in BNB for every
ERC-20 has enabled the creation of more than 200,000 transaction on the DEX. It's also used to reduce some
different tokens on the Ethereum blockchain. There are trading fees on Binance and Binance's country-specific
just 137 tokens on Binance Chain. But Binance Chain's crypto exchanges (likely including Binance.US).
BEP2 protocol makes it easy for tokens to migrate from
Trading fees collected by Binance fund the company's
Ethereum. It also has numerous advantages over Ethereum's
operations. A portion of those fees are also set aside and
blockchain – like faster transaction times.
used to destroy BNB tokens in a "token burn". Over the
Binance Chain vs. Ethereum past year, Binance has burnt over 4 million BNB. At this
pace, the burns could continue for the next 18 years. This is
Binance Chain Ethereum
great for BNB holders. In effect, Binance uses a portion of
0.000375 BNB
Average transaction fee 0.0007 ETH ($0.12) its profits to decrease BNB's supply. It's similar to a public
($0.01)
company buying back its common stock.
Transaction time* 0.37 seconds 13.5 seconds
Maximum transactions Recently, Binance announced it will burn the 80 million
2,000+ 15
per Second BNB that was allocated to the Binance team at the time of
Estimated cost to 500 BNB its initial coin offering ("ICO") in 2017. The net effect is
Variable fee (approx. BNB's supply is shrinking to 100 million from its original
create token on (around
$2-$3)
network $10,500) allotment of 200 million. This is happening as the supplies
Source: Bitinfocharts.com, Ethgasstation.info, and BNBstation.info. of most other cryptos are growing.
*Times quoted are "block times," which are estimates. In some BNB is already up more than 20,000% since its ICO. It's
cases, transactions could take longer depending on computational
gone from a market cap of $15 million in July 2017 to more
requirements and network congestion.
than $3.2 billion today. But we think there's plenty more
growth ahead.
Binance Chain is faster and cheaper than Ethereum for
day-to-day transactions. However, the network charges You see, BNB unlocks special privileges for its holders. It's
significantly more to issue new tokens ($10,500 vs. $2 to similar to the "exchange seats" that major stock exchanges
$3). Binance says this limits "spammy" tokens or projects used to sell. Those seats gave their owners access to
from clogging up the network. (Binance has a point – there the trading floor. So the owners could place trades for

September 2019 Crypto Capital | 3

themselves or execute trades on behalf of clients – pocketing This change is a big reason why BNB has sold off recently.
a fee on every transaction. As volumes and offerings on As you can see in the chart, BNB is currently down 46%
exchanges grew, so did the price of their seats. For example, from its all-time high.
the New York Stock Exchange charged around $4,000
when it launched its seats in the mid-1800s. They were Investors are worried about Binance's relevancy as it
selling for $3.57 million by 2005. In many ways, owning a transitions from a global platform to a regional one.
seat was like owning a piece of the exchange. But there are other reasons investors have likely sold.
BNB is similar. As Binance expands its services, the For starters, Binance suffered two hacks this year. First,
privileges BNB holders enjoy grow, too. These privileges a third-party vendor may have lost some of Binance's
range from reduced trading fees to interest earnings and the identity-verification documents. Second, hackers stole $40
ability to participate in initial exchange offerings ("IEOs"). million in bitcoin from Binance in May. (Binance covered
all losses with backup funds and has updated its systems
BNB'S EVOLUTION and withdraw processes to prevent future hacks.) Binance's
competition, from Bakkt to DEXs and centralized
exchanges like KuCoin, is also rapidly improving in
When BNB first launched, it was an ERC-20 functionality, speed, and liquidity.
token running on the Ethereum Network. Once
the Binance Chain launched and BNB became But we believe BNB will come out on top as Binance.US at-
available as a BEP2 token, Binance allowed both tracts active U.S. traders. And as we explain below, Binance's
tokens to co-exist. new initiatives will drive ever-greater demand for BNB.

Holders of the ERC-20 version didn't have to

rush through a conversion or take potentially
BIG NEW PROJECTS
risky steps to convert. The crypto industry is
simply converting over at its own pace and
Binance is famous in the crypto community for releasing
Binance is retiring the ERC-20 tokens and
new projects and updates for established projects at a
replacing them with BEP2 tokens whenever dizzying pace.
anyone withdraws BNB from the exchange. For example, Binance's mobile and PC crypto wallet, Trust
Wallet, features 38 different crypto assets – including
HOW U.S. RESTRICTIONS bitcoin, Ethereum, and Ravencoin. It also supports the
ARE AFFECTING BNB thousands of different tokens that have been issued on the
Ethereum blockchain. And the Binance team is adding
As we said earlier, on September 12, Binance blocked more every month.
American traders. On September 18, it plans to accept
Trust Wallet also integrates with both the Binance DEX
registrations and deposits on Binance.US. Trading should
and KyberSwap to provide traders with liquidity to buy
commence shortly after.
and sell tokens safely. That will drive adoption and usage
of BNB.
In July and August, Binance introduced both margin
trading and lending services for its users. Investors who
want to trade on margin pay to borrow crypto from
investors who are willing to lend it. Interest rates for lenders
vary based on customer demand, but they range anywhere
from 3% to 14.6% for various tokens. This should attract
new users.
Binance also announced in August a partnership with
Pundi X to include BNB on its crypto cash register.

4 | Stansberry Research September 2019

 Binance has also partnered with Paxos Trust, a global
cryptocurrency developer, to launch Binance Dollar
(BUSD). Paxos created the first one-to-one U.S. dollar-
pegged stablecoin to receive a charter from the New York
State Department of Financial Services ("NYSDFS").
BUSD is expected to launch in late September, but
according to Paxos CEO Rich Teo, the token has already
received approval from the NYSDFS. For now, BUSD
will run on the Ethereum chain but we could soon see it
running on Binance's blockchain as well.
This is just the beginning. Binance could launch virtually
unlimited pegged coins and stablecoins.
Binance will also likely use Binance Chain to facilitate
international payment systems. From there, Binance
could offer governments, corporations, or organizations
opportunities to create their own currencies or projects on
Binance Chain.
In short, Binance could be a one-stop-shop for creating
a currency, providing technical support, and handling
Then, earlier this month, Binance launched bitcoin futures compliance around the world. More currencies on Binance
(a way to bet on the future price direction of bitcoin). It Chain would push up BNB prices.
processed more than $170 million worth of futures trades in
Binance Launchpad
its first day.
In January, Binance announced Binance Launchpad... and
Binance has also recently developed two big projects that
it could be the biggest driver for BNB prices. Launchpad is
we think will push BNB prices up.
a fundraising platform for new token offerings.
Global Currencies
You see, in the past, most developers used ICOs to raise
This summer, Facebook made headlines by claiming money. When regulators clamped down on ICOs, funding
it was going to launch a global currency and financial models evolved to IEOs.
infrastructure project – called Libra. At the time, it
looked like Libra would be the first global currency using In an IEO, a token is offered for sale on an exchange, and
blockchain technology. Then, regulators around the world it's immediately tradeable. This helps IEOs avoid some
stomped on the brakes. They said Facebook had a lot of regulatory concerns.
questions to answer before launching anything. And while ICOs often raised money from anonymous con-
Binance also wants to transform global currencies – but in a tributors, IEOs don't. Exchanges can require investors to fill
more practical way. out identification documents, meet certain requirements, or
offer them disclosures.
Its new project – called Venus – aims to create a crypto
version of just about every currency on the planet. To do Launchpad is a leading IEO platform.
this, Binance is working with governments around the In the first half of 2019, there were 77 IEOs, according to
world to create partnerships.
crypto data company Coincodex. Launchpad hosted the
Binance has already launched two "pegged" coins on most popular ones. For example, in January, file-sharing site
Binance Chain. The first, BTCB, is a stablecoin pegged to BitTorrent raised $7.2 million on Launchpad in less than 15
the value of bitcoin (BTC). The second, the Binance BGBP minutes. In February, autonomous software platform Fetch
Stable Coin (BGBP), is pegged to the British pound. (FET) raised $6 million in 22 seconds. Last month, proof-

September 2019 Crypto Capital | 5

of-stake network Perlin (PERL) raised $6.7 million after a is managed by advisers, according to a 2018 report from
15-day lottery period. Cerulli Associates.
Binance's IEOs have performed well. Of the Binance IEOs Meanwhile, just 30% of high-net-worth individuals manage
that launched in the first half of 2019, investors have seen their own funds. That means the "big money" that could
an average return of 203%. That trounces IEOs anywhere move into the crypto sector will largely be managed by
else, according to crypto data and media company money managers who will need to use Bakkt for regulatory
LongHash. The median return for IEOs across all crypto compliance.
exchanges in the first half of 2019 was -81.4%.
There's little chance that Bakkt will put Binance out of
Why have Binance IEOs outperformed? Launchpad puts business, though. We believe Binance will continue to
projects through a rigorous vetting process to ensure it only dominate the retail markets (60% of investors still manage
lists high-quality projects. It publishes a detailed research their own money). And Bakkt – at least initially – will
report on each IEO. It includes the token's economics, target high-end retail clients and the institutional market.
team, and roadmap. In short, it acts as a quality hurdle for Also, when big money finally accepts bitcoin as an asset
projects. class, a percentage will move into smaller cryptos... and
Binance will be one of the most trusted places to trade these
So there's high demand from investors to participate in
cryptos. So Bakkt could give Binance a boost by driving
Binance's IEOs.
interest in altcoins.
And users must hold BNB for the chance to participate
in a Launchpad IEO. Under the lottery system, the more Another big threat to BNB is the U.S. Securities and
BNB users hold, the more likely they are to be chosen to Exchange Commission ("SEC").
participate. Binance is considering listing BNB on Binance.US. (BNB
The Perlin IEO saw Binance users stake more than $330 already trades on Binance and several other exchanges).
million in BNB for a chance to participate. If Binance can However, the SEC may eventually deem BNB a security.
continue to attract high-quality projects to its Launchpad BNB doesn't pay dividends or promise investment returns,
platform, BNB's circulating supply will be drastically but it does operate the token burn. That burn limits the
reduced by lottery staking. circulating supply of BNB, which should push BNB's prices
higher. In effect, the burn operates like a stock buyback
And remember, IEOs are just getting started. While they've (at least until all of the burns are completed). If the SEC
raised tens of millions of dollars this year, that's the size of deems BNB a security, it will lead to increased reporting
just one small initial public offering ("IPO") on the New requirements for Binance.
York Stock Exchange.
Regulatory issues are likely the reason Binance.US hasn't
It's possible that Binance could also one day host securities launched yet. But the exchange beginning to accept
IEOs. A single hot security IEO could drive a frenzy in registrations and crypto deposits on September 18 is a good
BNB buying. We want to be invested before that happens. sign that it's moving ahead.
Binance is aware BNB could be deemed a security. That
THE COMPETITIVE LANDSCAPE probably contributed to the company's decision to burn the
BNB allocated to its internal team. The 80 million tokens
BNB faces competition on several fronts. Institutional-grade
are worth nearly $2 billion at today's prices. By burning
futures exchanges like Bakkt pose one of the biggest threats.
it, Binance limits its risk with the SEC (though it doesn't
Bakkt was created by Intercontinental Exchange (ICE) – eliminate it) and it keeps BNB prices higher.
the team that operates the New York Stock Exchange – and
We're confident that Binance will find a way to offer
it could launch as soon as September 23.
BNB to Americans. Getting there might be a bumpy
It will give Wall Street money managers a place to buy road, though. That's part of the reason BNB prices have
and store bitcoin that's as trusted and secure as the NYSE likely suffered in recent months. But it's presenting an
itself. That's important since 40% of the investment market opportunity for us.

6 | Stansberry Research September 2019

You can find how Binance scores on our UPDRAFT seven- As billionaire investor Warren Buffett once said, "It's far
point system for analyzing cryptos on page 10. better to buy a wonderful company at a fair price than a fair
company at a wonderful price."
HERE'S HOW HIGH BNB COULD GO BNB is currently down 46% from its all-time high of
$38.69. A return to those levels would be an 82% gain. But
One of our goals at Crypto Capital is finding small cryptos we think BNB could go much higher. If it reaches parity
before they turn into big cryptos. BNB doesn't fit the bill. with Ethereum in the next 24 months, its market cap could
Even after the recent sell-off, its market cap is $3.2 billion, go to $18.6 billion – a return of more than 400%. Our
making it the eighth-largest crypto. price target for the token is $100.
In short, there's more fear and uncertainty around Binance's
However, Binance has become one of the bedrock
future than ever before. But it's overblown. Binance is the
companies in the crypto industry. In addition to its world-
world's flagship exchange. It's forward-thinking, and every
leading exchange services, it's working on several initiatives step of the way it has established incentives for holding
that could push its userbase into the hundreds of millions. BNB. The recent sell-off gives us a chance to buy this
If that happens, demand for BNB will skyrocket. industry-leading token at bargain prices.

ACTION TO TAKE
Buy Binance Coin (BNB) up to $30.

Remember, all of your crypto positions combined should be no more than 1% to 5% of your
investment portfolio, and bitcoin should be your single largest holding.

Complexity Rating: 2

Exchanges: Exodus in-wallet-exchange, KuCoin, Crypto.com App on Android and iOS phones
(not in every state), Bilaxy, Coinomi in-wallet-exchange (only on Changelly). Binance also hopes
to list BNB on Binance.US soon after the launch.

Note: You can leave BNB tokens on the KuCoin exchange with your VID.

Wallets: Exodus (mobile and desktop, not Trezor yet), Trust Wallet, Crypto.com App (not in
every state), Coinomi

Stop Loss: We'll be using a 35% stop loss. We'll track this and let you know when to sell.

READER MAILBAG

Every month, we answer reader questions. If you have any If you invest in stocks, you're likely familiar with stop losses.
questions for us, please e-mail us at crt@stansberryresearch. A stop loss is the price at which you'll sell your position to
com. Just remember, we can't offer personal advice. lock in profits – or prevent big losses. Stop losses protect you
from bad positions.
Q: How do stops work with Crypto Capital?
But cryptos are less liquid and more volatile than stocks. So
A: In Crypto Capital, we use default 35% hard stop losses as we treat our stop losses as warning signals to re-evaluate our
warning signals. cryptos. And we never enter them in the market.

September 2019 Crypto Capital | 7

You see, while stops are an important protection tool, they stops... and if we hit one, we re-evaluate whether we believe
can also push us out of a crypto too early. We see frequent, there is more risk of being out of the crypto when the next
fast sell-offs – and rallies – in cryptos. Cryptos also have the rally comes than riding out the volatility.
added complication of trading in pairs against other volatile
In short, we respond to major changes in our cryptos, but
cryptos, such as BTC and ETH.
we don't let the day-to-day price action whipsaw us out of
This all means that a crypto could be down 40% one day, positions. At Crypto Capital, we'll always alert you when
but the next it could be up 60%. So we closely watch our we've hit a stop and it's time to sell.

BLOOMBERG GALAXY CRYPTO INDEX (BGCI)

The BGCI is up 51% year-to-date (after having been up as Bitcoin's outperformance of other cryptos is in large part
much 156% in June). because of the Dark Age. Smaller coins are selling off in the
face of stricter regulations. The combined market cap of all
Meanwhile, bitcoin is up 178% year-to-date. Why the
cryptos is down about 67% since the January 2018 peak.
disparity? The BGCI is comprised of a basket of the largest
cryptos traded in U.S. dollars, including EOS, Ethereum Bitcoin prices continue to hover just above $10,000. Falling
Classic, Ripple, Bitcoin Cash, Zcash, Ethereum, and volatility and low volumes indicate traders have largely
Litecoin. finished selling bitcoin. Now, bitcoin appears to be setting
up for a dramatic price move. What's less clear is the
direction of that move. But we believe the bull market is
just getting started.

8 | Stansberry Research September 2019

 Model Portfolio
Prices as of September 17, 2019

Complexity Reference Current UPDRAFT

Crypto Ticker Buy Date Return Exchange Wallet Action
Rating Price Price Score

Basic Attention Token* BAT 3 11/30/18 $0.17 $0.18 7% Bittrex, Binance MEW, Exodus Buy up to $0.35 93

Coinbase or other crypto-fiat

Bitcoin BTC 1 11/27/18 $3,758.36 $10,245.17 173% Exodus, Jaxx, Trezor Buy up to $15,000 100
exchanges
Binance, Bithumb, CoinBene, MEW or other ERC20
ChainLink* LINK 2 12/31/18 $0.30 $1.58 429% Buy up to $0.60 95
Huobi wallets

Dash DASH 3 11/30/18 $96.29 $91.51 -5% Bittrex, Kraken, IEW Exodus, Jaxx, Trezor Buy up to $140 88

LATOKEN, HitBTC, Bancor VeChainThor mobile

DECENT.Bet* DBET 2 12/31/18 $0.02 $0.01 -72% Buy up to $0.08 85
Network, YoBit wallet, DBET wallet
Exodus, Coinomi, Ledger,
Bittrex, Poloniex, Huobi,
DigiByte DGB 2 12/31/18 $0.01 $0.01 -29% Trezor, or the native Buy up to $0.03 90
Upbit, HitBTC, KuCoin
wallet
Enjin Wallet, MEW,
DigixDAO DGD 2 3/1/19 $15.48 $14.58 -6% Enjin Wallet, Binance Buy up to $22.50 97
Exodus

Digix Gold DGX 2 9/19/18 $40.34 $48.19 19% Kryptono, Kyber, Ethfinex MEW, Exodus Buy up to $50 97

Enjin, Exodus, Metamask,

Enigma ENG 2 6/19/19 $0.57 $0.34 -40% Binance, Bittrex Buy up to $0.75 90
MEW, Ledger

Enjin* ENJ 2 12/19/18 $0.04 $0.07 93% Binance, LAToken, Bittrex MEW, Exodus Buy up to $0.25 90

Exodus, Jaxx, MEW,

EOS* EOS 2 10/18/17 $0.52 $4.09 687% Binance, Kraken, IEW Buy up to $6 96
Trezor
Coinbase, Binance, Kyber,
Ethereum* ETH 1 12/7/18 $90.74 $200.09 121% MEW, Exodus Buy up to $250 100
Ethfinex, Kryptono
Download from Flo.cash
FLO FLO 2 12/31/18 $0.05 $0.04 -26% Bittrex, Coinswitch.co Buy up to $0.11 90
website
Binance, KyberSwap,
Kyber Network KNC 2 8/20/19 $0.16 $0.23 45% MEW, Exodus Buy up to $0.30 93
Poloniex
Enjin, Exodus, Metamask,
Maecenas ART 2 5/15/19 $0.07 $0.04 -47% Airswap, Bittrex, HitBTC Buy up to $0.15 85
MEW, Ledger Nano S
MEW, Metamask, Trezor,
Maker MKR 2 1/16/19 $441.33 $457.39 4% Exodus, OasisDEX, KuCoin Buy up to $630 94
Ledger

Monero XMR 3 12/7/18 $46.07 $74.29 61% Kryptono, Kyber, Ethfinex MEW, Exodus Buy up to $120 98

Enjin multi-coin wallet,

Pundi X NPXS 2 2/20/19 $0.00069 $0.00034 -51% Binance, Bittrex, LATOKEN Buy up to $0.001 90
MEW, Metamask, XWallet
Binance, Bittrex, Upbit,
Ravencoin* RVN 2 12/31/18 $0.01 $0.03 130% Raven Core Buy up to $0.10 90
Digifinex
Binance, Bitmart, HitBTC, VeChainThor mobile
VeChainThor VET 3 5/17/19 $0.01 $0.0041 -49% Buy up to $0.02 92
KuCoin wallet
Binance, Enjin, Exodus, Enjin, Exodus, Metamask,
Viberate VIB 2 4/17/19 $0.04 $0.02 -50% Buy up to $0.06 88
Bittrex MEW, Ledger Nano S
Leave on KuCoin
VideoCoin VID 2 9/4/19 $0.15 $0.22 47% KuCoin Buy up to $0.22 85
exchange
Exodus, KuCoin, Crypto.com
Exodus, Trust Wallet,
App (not in every state),
Binance Coin BNB 2 NEW NEW NEW NEW Crypto.com App (not in Buy up to $30 92
Bilaxy, Coinomi (only on
every state), Coinomi
Changelly)
MEW is MyEtherWallet
*Sold 1/2 of BAT on May 7, 2019 for a 105% gain | Sold 1/3 of DBET on January 15, 2019 for a 200% gain | Sold 1/2 of ENJ on February 26, 2019 for a 168% gain | Sold 1/14 of EOS on May
31, 2019 for a 1,400% gain | Sold 1/3 of ETH on May 13, 2019 for a 170% gain | Sold 1/3 of LINK on May 14, 2019 for a 170% gain and June 13, 2019 for a 469% gain | Sold 1/2 of RVN on
March 6, 2019 for a 100% gain
We welcome comments or suggestions at [email protected]. This address is for feedback only, and you will not receive a reply. To speak with customer service, e-mail [email protected] or call 888-261-2693 (U.S.)
or 443-839-0986 (international) Monday-Friday, 9 a.m.-5 p.m. Eastern time. Please note: The law prohibits us from giving personalized financial advice.
© 2019 Stansberry Research. All rights reserved. Any reproduction, copying, or redistribution, in whole or in part, is prohibited without written permission from Stansberry Research, 1125 N. Charles Street, Baltimore, MD 21201 or www.stansberryresearch.com.
Stansberry Research forbids its writers from having a financial interest in any security they recommend. All employees of Stansberry Research (and affiliated companies) must wait 24 hours after a recommendation is published online or 72 hours after a direct
mail publication is sent before acting on that recommendation. Stansberry Research doesn't recommend or endorse any brokers, dealers, or advisors. Any brokers mentioned constitute a partial list of available brokers and is for your information only.
This work is based on SEC filings, current events, interviews, corporate press releases, and what we've learned as financial journalists. It may contain errors, and you shouldn't make any financial decision based solely on what you read here. It's your money and
your responsibility.

September 2019 Crypto Capital | 9

10 | Stansberry Research September 2019