Planet Daily | WSJ: Binance monitoring team found that DWF Labs was suspected of market manipulation; DWF and Binance re

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Planet Daily | WSJ: Binance monitoring team found that DWF Labs was suspected of market manipulation; DWF and Binance re

Headlines

WSJ: Binance monitoring team found that DWF Labs was suspected of market manipulation

According to people familiar with the matter, Binances monitoring team found that DWF Labs was suspected of manipulating the market. (WSJ)

He Yi: Binance does not target any fund, but has been monitoring the MM market

He Yi, co-founder of Binance, said on the X platform that Binance has been monitoring the MM (market maker) market, and it is very strict, but it does not target any fund; there is competition among MMs, the means are very shady, and you can buy PR as you like. Binance will ensure its own fairness and will not participate, but will also report truthfully to the monitor and other regulatory authorities.

DWF Labs: Media reports alleging falsehoods, committed to supporting over 700 partners

DWF Labs said in a post on the X platform: “We would like to clarify that many of the allegations reported in the media recently are unfounded and distort the facts. DWF Labs operates according to the highest standards of integrity, transparency and ethics, and we remain committed to supporting more than 700 partners.”

Vitalik proposed implementing the concept of multi-dimensional gas pricing in Ethereum to improve the efficiency of network resource utilization

Ethereum founder Vitalik Buterin published an article proposing the concept of implementing multi-dimensional Gas pricing in Ethereum, which can improve the efficiency of network resource utilization.
The traditional Ethereum Gas pricing system is one-dimensional, including various computing, storage, and data transmission fees. Although this one-dimensional pricing is simple, it also loses some network efficiency.
He also mentioned that the EIP-4844 upgrade has applied multi-dimensional Gas pricing on Ethereum.
Finally, Vitalik further elaborated that the deployment of multi-dimensional Gas pricing is of great significance to the future development of the Ethereum network and will promote further optimization and innovation of the network.

Industry News

CCData: Cryptocurrency trading volume in April was $6.58 trillion, the first decline in 7 months

Cryptocurrency trading volumes cooled in April, recording their first decline in seven months as geopolitical tensions escalated and inflows into U.S. spot ETFs slowed.
Cumulative trading volumes in spot and derivatives markets fell 43.8% to $6.58 trillion, a sharp drop from the all-time high of $9.12 trillion reached in March, according to a report from CCData, a London-based digital asset data provider.
Derivatives once again lost favor with investors as futures and options market volume fell 47.6% to $4.57 trillion. Meanwhile, spot market volume fell a relatively modest 32.6% to $2.01 trillion. (CoinDesk)

Binance fined $4.3 million by Canadian financial regulator

Canadian regulators have fined Binance 6 million Canadian dollars (US$4.3 million) for violating the countrys financial regulations twice. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) said that despite providing Binance with multiple opportunities, it failed to register as a foreign money service business. In addition, between June 1, 2021 and July 19, 2023, Binance failed to report 5,902 cryptocurrency transactions with an amount exceeding US$10,000 and their accompanying KYC information to regulators. (Coindesk)

South Koreas National Tax Service: Collect 40 billion won in taxes from Bithumb users

Bithumb issued an announcement that it has issued a preliminary notice of comprehensive income tax to some users who participated in events held between 2018 and 2021, and announced its full support for the relevant tax amount. The National Tax Service of South Korea takes the position that remuneration paid to users through various activities (including virtual assets) is taxable income. Bithumb disagrees with the opinion of the National Tax Service, but explains that the taxation is mandatory. The National Tax Service notified 10,700 Bithumb users of 20.2 billion won in event rewards totaling 83.3 billion won, and plans to notify users of approximately 19 billion won in additional taxes as comprehensive income tax. According to Bithumbs calculations, this tax amount is expected to reach 40 billion won.
Bithumb announced that it will determine the exact tax amount through full communication and discussion with users, and prepay the amount to the National Tax Service on behalf of users. In addition, we also provide tax consulting services and appeal procedures for comprehensive income tax through tax experts who specialize in providing answers to individual users. In addition, Bithumb stated that it is currently filing a tax appeal against the National Tax Services disposal of other income withholding taxes.

Grayscale parent company DCG releases Q1 financial report: revenue of US$229 million, a year-on-year increase of 51%

Grayscales parent company DCG released its Q1 financial report, and data showed that driven by the rise in cryptocurrency prices, revenue was $229 million, a year-on-year increase of 51%. According to an investment letter, Grayscales revenue was $156 million, the same as the previous quarter. The rise in Bitcoin prices led to a reduction in its fee income and the impact of capital outflows. (The Information)

Project News

SBI Holdings’ crypto unit partners with Chiliz to launch sports fan token joint venture in Japan

On Thursday, SBI Digital Asset Holdings (SBI DAH), the crypto asset unit of Japanese securities and banking giant SBI Holdings, announced a partnership with sports blockchain provider Chiliz to expand Japans sports fan token ecosystem. In a statement, the two parties said they plan to establish a joint venture in Japan to provide local fans with tokens of popular football clubs such as Manchester City and AC Milan.
Fernando Luis Vázquez Cao, CEO of SBI Digital Asset, said: “The collaboration between SBI DAH and Chiliz will bring together the best-in-class capabilities of traditional finance and Web3, leveraging fintech innovation to transform the community’s sports and entertainment experience.”
The statement said the joint venture aims to provide Japanese fans with token-based sports experiences and rewards, including match-day activations and voting rights for fan-related decisions. According to its website, there are 82 fan tokens on the Chiliz platform and more than 150 sports partners around the world. At the same time, it operates Socios.com, a Web3 wallet and interactive platform for sports fans. (The Block)

Uniswap developers earn over $145k per day just on Ethereum frontend since fees rise

In mid-April, Uniswap Labs increased swap fees on its interface from 0.15% to 0.25%, a fee that applies to most, but not all, swaps executed using the Uniswap web interface and wallet. The fees have had an impact on the popularity of the Uniswap interface, with the Uniswap frontend still accounting for 30% of DEX activity in April, compared to 35.8% in March. Still, the frontend is helping Uniswap Labs shore up its coffers, with developers earning more than $145,000 per day from the Ethereum frontend since the fee hike.

Character*Voice

Coinbase Chief Legal Officer Urges Gary Gensler to Stop Misclassifying Crypto Tokens as Securities

Coinbase Chief Legal Officer Paul Grewal recently called out to US SEC Chairman Gary Gensler on Platform X, asking him to stop mischaracterizing crypto tokens as securities.

After sending the Wells notice to Robinhood, Gensler said that many cryptocurrencies are securities under the law, but investors are not getting the required or needed disclosures. In response to this statement, Grewal said: Please stop misleading the market – tokens are not securities. No matter how they argue, your lawyers have already admitted this in court.
Gensler recently emphasized that although cryptocurrencies only account for a small part of the entire financial market, they disproportionately facilitate fraud and scams due to non-compliance with securities laws. He also emphasized the need for proper disclosure in the crypto space, especially in terms of tokens classified as securities, and believed that investors were not adequately disclosed. (Bitcoin.com)

Binance CEO reveals Nigerian officials demanded bribes of up to $150 million

Binance CEO Richard Teng has remained silent on the legal crisis in Nigeria in the past few months, but today he issued a statement regarding the charges faced by Binance executive Tigran Gambaryan in Nigeria, saying that unidentified individuals had contacted the exchanges employees and suggested a payment to resolve the charges.
According to DL News, Nigerian officials demanded cryptocurrency bribes of up to $150 million from Binance.
Richard Teng said in a statement that the relevant lawyers were asked to secretly pay a large sum of money in cryptocurrency within 48 hours. Binance rejected the payment request through its local legal representative and continued to participate in settlement negotiations. (DLNews)

Investment and Financing

UXUY Completes $7 Million Pre-A Round of Financing, with Binance Labs and Bitcoin Magazine Participating

UXUY, the next-generation decentralized multi-chain trading platform incubated by Binance Labs, announced the completion of a $7 million Pre-A round of financing. Binance Labs, UTXO Management (Bitcoin Magazine), JDI Ventures, Bixin Ventures, SWC Global, Matrix Partners, CMS Holdings, Dewhales Capital, Comma 3 Ventures, Satoshi Labs, YBB Capital, GBV Capital, Web3 Vision, Pentos Ventures, NGC Ventures, Alti 5, Metalpha, GSR and others participated in the investment. Since its establishment, its total financing amount has exceeded $10 million. UXUY is an important builder of the Bitcoin ecosystem, and more than 100,000 traders use Bitcoin Lightning Network services through UXUY.

Arcium, a blockchain-based confidential computing project, completes $5.5 million in strategic round of financing, with participation from Coinbase and others

Arcium, an on-chain confidential computing project, announced the completion of a $5.5 million strategic round of financing, led by Greenfield Capital, with participation from Coinbase, Heartcore Capital, Longhash VC, L2 Iterative Ventures, Stake Facilities, Smape Capital and Everstake, as well as well-known angel investors such as Solana co-founder Anatoly Yakovenko and Monad co-founder Keone Han. So far, its total financing has reached $9 million. With the new funds, Arcium plans to provide developers and blockchain applications with a trust-minimized and configurable encrypted computing framework. (Theblock)

Web3 game developer Seeds Labs completes $12 million seed round of financing, with participation from Solana Foundation and others

Web3 game developer Seeds Labs announced the completion of a $12 million seed round of financing, with participation from Avalanches Blizzard Fund, Solana Foundation, Krust, Hashkey Capital, UOB Ventures, Signum Capital, IVC and Emoote.
Solana ecosystem game infrastructure developer Seeds Labs was founded in 2021. Its flagship product, the global multi-platform interconnected melee battle royale Web3 game Bladerite, is scheduled to be released this month. (Cointelegraph)

This article is sourced from the internet: Planet Daily | WSJ: Binance monitoring team found that DWF Labs was suspected of market manipulation; DWF and Binance responded positively and denied the allegations (May 10)

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