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Binance Australia Derivatives starts closing certain positions and accounts

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Users of the Binance Australia Derivatives product have reported receiving unexpected notices on February 23 from the digital asset platform, which said that the company has begun closing some derivatives contracts and accounts.

Individuals who did not match the qualifications to be a “wholesale investor” were informed that all of their positions would be closed, and they would no longer be allowed to use the Binance Australia Derivatives Platform, according to screenshots that were uploaded on Twitter by a variety of users.

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Users have been advised that in order to continue utilizing Binance Australia’s derivatives platform, they are need to provide the requisite proof to demonstrate that they satisfy the criteria for the role of “wholesale investor.”

The letter went on to explain that Binance Australia Derivatives is working on a remediation and compensation plan for customers to whom the company owes any refunds as a result of the change.

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It was then said that the steps that followed were in accordance with the local legislation in Australia, and as a result, the users were informed quickly, and the accounts that were impacted were closed.

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The company officially goes by the name Oztures Trade Pty Ltd, however its trading name is Binance Australia Derivatives. The local Australia office of Binance is a corporate approved agent for Oztures. This is the connection between the two companies.

It is made abundantly clear that derivatives items are only made available for wholesale customers located in Australia in the official overview that was issued in July of 2022.

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Despite this, customers commented to Binance’s article on Twitter, with one user from Australia stating that they were unable to stake their cryptocurrency owing to complications in their location. Another user said that flexible earn was no longer accessible in Australia, which prompted the Binance support staff to react by saying that they will investigate the situation.

As part of its “multi-stage” strategy to combat frauds, Australia strengthened its watchdogs for the cryptocurrency field earlier in the month of February.



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OKX Launches AI Integration for Crypto Market Volatility

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Artificial intelligence (AI) is becoming increasingly prevalent in the crypto industry, with OKX leading the way in integrating the technology to enhance user experience. On March 31, the cryptocurrency exchange and Web3 technology company announced a new integration from EndoTech.io that utilizes AI algorithms to capture crypto market volatility.

The algorithms used in the integration incorporate machine learning and other advanced techniques to conduct real-time analyses of data and trading opportunities. According to Dmitry Gooshchin, chief operating officer of EndoTech.io, understanding market volatility is essential for successful trading in the crypto space.

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OKX’s adoption of AI in the crypto industry is not new. The company recently posted an AI-generated poem from ChatGPT-4 about its wallet on March 30. The poem was an example of how the AI technology can be used to enhance user experience and engagement.

The integration with EndoTech.io is just one example of how AI is finding various use cases in the crypto industry. It is not only used to identify real-time market volatility but also for tracking blockchain transactions, deploying autonomous economic agents for trading, and more.

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In everyday life, AI is now used for personal assistant-like tasks, social media, and customer service needs, among other use cases. However, not everyone is convinced of the benefits of AI technology. Recently, a letter signed by 2,600 researchers and leaders in fintech called for a pause in AI development. The letter highlighted the concern that “human-competitive intelligence can pose profound risks to society and humanity,” among other issues.

While opinions on the impact of AI in the crypto industry may be mixed, OKX continues to push forward with its AI integration strategy. This new platform update comes only a few days after the company announced its intention to expand its services to Australia while shutting down its former operations in Canada.

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As AI technology continues to evolve, it will be interesting to see how it shapes the future of the crypto industry and society as a whole. While there may be concerns about its impact, the potential benefits of AI cannot be ignored.



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Tech leaders sign open letter calling for AI development halt

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Over 2,600 tech industry leaders and researchers, including Tesla CEO Elon Musk and Apple co-founder Steve Wozniak, have signed an open letter calling for a temporary halt on any further artificial intelligence (AI) development. The letter expresses concerns about the potential hazards to society and mankind posed by AI with human-competitive intelligence, citing the risks of AI systems that may be able to learn and evolve beyond human control.

The signatories of the letter urge all AI firms to immediately cease developing AI systems that are more potent than Generative Pre-trained Transformer 4 (GPT-4) for at least six months. GPT-4 is a multimodal large language model created by OpenAI and the fourth in its GPT series. The aim of the proposed moratorium is to allow time for comprehensive risk assessments to be carried out and for the development of new safety protocols.

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However, the petition has divided the tech community, with some opposing the call to halt AI development. Coinbase CEO Brian Armstrong, among other notable names, voiced his opposition to the petition, stating that “committees and bureaucracy won’t solve anything.” Armstrong added that there are no designated “experts” to decide on this issue and that not everyone in the tech industry agrees with the petition.

Armstrong argued that the risks of new technologies, including AI, are an inherent part of progress, and that centralization in decision-making will bring no good. He reminded that any new technology poses a certain amount of danger, but the goal should be to keep moving forward.

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A columnist at LA Times, Brian Merchant, called the petition an “apocalyptic AI hype carnival” and stated that many of the stated concerns are “robot jobs apocalypse” stuff. Meanwhile, Satvik Sethi, a former Web3 executive at Mastercard, described the petition as a “non-proliferation treaty but for AI.” He added that many of the popular signers on the list have a deeply personal vested interest in the AI field and are likely just “trying to slow down their counterparts so they can get ahead.”

The debate around the open letter highlights the complex and multifaceted challenges of AI development. While some experts view the potential benefits of AI as significant, there are also concerns about the potential risks to society and mankind. The debate highlights the need for continued discussion and collaboration among all stakeholders to ensure that the development of AI is safe, ethical, and aligned with the long-term interests of humanity.



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US Government to Sell Seized Silk Road Bitcoin

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The United States government has announced plans to sell more than 41,000 Bitcoin that were seized as part of the case against Silk Road creator Ross Ulbricht. The news comes from a filing submitted to the U.S. District Court for the Southern District of New York on March 31, which detailed the ongoing proceedings against James Zhong.

The U.S. government authorities have already begun liquidating roughly 51,352 Bitcoin (BTC) seized in the Ulbricht case. The filing reported that officials sold around 9,861 BTC for over $215 million on March 14, which leaves approximately 41,491 BTC remaining.

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According to the court filing, “The Government understands it is expected to be liquidated in four more batches over the course of this calendar year.” It remains to be seen how the Bitcoin market will react to such a large influx of cryptocurrency hitting the market, but it is likely that this news will generate significant interest among investors.

Silk Road was an online black market that allowed users to purchase illegal goods and services using Bitcoin. The website was shut down by the FBI in 2013, and its creator, Ross Ulbricht, was arrested and sentenced to life in prison without parole in 2015.

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The U.S. government’s seizure of the Bitcoin associated with Silk Road was one of the largest cryptocurrency seizures in history. At the time, the Bitcoin was worth roughly $1 billion, although its value has since increased significantly.

This announcement from the U.S. government is just the latest in a series of moves to regulate the cryptocurrency industry. Regulators around the world are increasingly concerned about the potential for cryptocurrencies to be used in illegal activities such as money laundering and terrorism financing. As a result, we can expect to see further scrutiny of the industry in the years ahead.

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In conclusion, the U.S. government’s decision to liquidate the seized Silk Road Bitcoin is likely to have a significant impact on the cryptocurrency market. Investors will be closely watching the market to see how it reacts to such a large influx of Bitcoin, and regulators will be keen to ensure that the cryptocurrency industry is not used for illegal activities. We will continue to monitor this developing story and provide updates as they become available.



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