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Tether’s market cap has increased by 20% this year mainly on account of aggressive issuance on Ethereum’s rival Tron.

The European Commission raises risks to privacy, openness, cybersecurity and equality in online virtual worlds

The latest price moves in bitcoin (BTC) and crypto markets in context for April 6, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.

Around 100,000 users have participated in the country’s central bank digital currency pilot since it kicked off in December.

Bitcoin continues to move in lockstep with the Nasdaq to S&P 500 ratio. The positive correlation suggests bitcoin is still a risk asset.

The white paper proposes more tax reform, clearer accounting standards and a DAO law.

The total locked value of assets on the platform has risen over 300% since the start of this year, DeFiLlama data shows.

After the exchange requested the action yesterday, the Australian Securities and Investments Commission canceled Binance’s financial services license in the country.

Oztures Trading Pty Ltd, trading as Binance Australia Derivatives, held the license.

From April 14, users will no longer be able to increase derivatives positions or open new positions on Binance, which will require clients to close any existing derivatives positions before April 21. The exchange will close any remaining open positions on that date.

The Australian regulator states that it “has been conducting a targeted review of Binance financial services business in Australia, including its classification of retail and wholesale clients.” ASIC issued a notice of hearing on March 29 to consider whether the AFS license should be canceled or suspended.

“It is critically important that AFS licensees classify retail and wholesale clients in accordance with the law,” ASIC Chair Joe Longo said, adding: “Retail clients trading in crypto derivatives are afforded important rights and consumer protections under financial services laws in Australia, including access to external dispute resolution through the Australian Financial Complaints Authority.”

“Our targeted review of these matters is ongoing, including focus on the extent of consumer harms,” Longo said.

This story is developing and will be updated accordingly.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The Australian Securities and Investments Commission (ASIC) has cancelled Binance Australia’s derivatives license, according to a press release.

Arbitrum whales — large crypto holders often monitored for their potential market impact — continue to stack the Ethereum Layer 2’s governance token.

On-chain analysis indicates that Mechanism Capital’s Andrew Kang purchased an additional 1.51 million Arbitrum tokens at $1.23 with approximately $1.85 million of USDC, the stablecoin. Kang — also a member of PleasrDAO — has purchased a total of 2.3 million ARB with an average buying price of $1.24 per token, note on-chain analysts at Lookonchain.

Another Arbitrum whale — the largest individual holder of the project’s governance token — withdrew 5.85 million ARB tokens ($7.15 million) from the centralized exchange Gate.io. This entity currently holds 17.62 million ARB, worth approximately $21.5 million at current prices.

A third whale purchased 795,381 Arbitrum governance tokens with approximately $1 million in USDC, at a price of $1.26 per token. Its ARB stack currently comprises 10.6 million ARB, worth $12.94 million.

Finally, a fourth whale address saw an inbound transfer of 532,012 Arbitrum governance tokens, worth roughly $661,000 — bringing its total holdings up to 4.58 million ARB, worth approximately $5.59 million.

These purchases follow The Block’s previous reporting that Arbitrum whales had mostly held their tokens through ongoing governance drama.

Arbitrum responds to governance concerns

Last weekend, Arbitrum again became the crypto industry’s hottest topic after backtracking on a critical governance proposal, Arbitrum Improvement Proposal 1. AIP-1 controversially planned to send 750 million governance tokens, worth around $1 billion at the time, to the Arbitrum Foundation.

More controversially, the proposal appeared set to go ahead without the approval of token holders — who make up the decentralized autonomous organization intended to govern the project — who voted overwhelmingly against the move. 

Arbitrum has detailed plans to incorporate community feedback and implement new AIPs.

For example, the Arbitrum Foundation stated that it “will not move any of the remaining 700 million tokens in the Administrative Budget Wallet until an acceptable budget and smart contract lockup schedule has been approved by the DAO.” It also shared a transparency report about the Arbitrum Foundation’s initial formation alongside revised proposals AIP-1.1 and AIP-1.2.

AIP-1.1 looks to restrict the Foundation’s spending by adding “a smart contract-enforced lockup schedule that releases linearly over 4 years, further adjustable by the DAO,” Arbitrum’s Twitter account explained, adding that it “also proposes well-defined budgetary principles and categories, and mandated transparency reports.”

AIP-1.2 aims to update core DAO governing documents by lowering the threshold to put forward a proposal to one million tokens, down from five million tokens — an effort to “make governance more accessible.”

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.