Binance Australia Shuts Down Some Derivatives Accounts – February 23

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$23,872

Bitcoin price attempted a recovery overnight, reaching almost as high as $45,600 before retreating back to the $23,000s.

Top-20 altcoins have somewhat bounced back, as Ether gains 3%, BNB rises 1% and Chainlink recovers 8% over the last 24 hours.

Top Stories for February 23, 2022 🔥

👉 Binance Australia Shuts Down Some Derivatives Accounts

Binance closed derivative trading accounts of some Australian investors as they were found to not meet the criteria for “wholesale investors”.

The discrepancy was discovered during a review of Binance’s onboarding process, and the incorrectly labelled accounts have since had their positions closed. Wholesale clients include professional investors, high net worth individuals, sophisticated investors, or corporates – but not retail investors.

The owners of the affected accounts will not be able to access the derivatives market on Binance anymore. Binance is working on a remediation and compensation plan for the affected customers.

👉 Coinbase Launches Own Layer-2 Blockchain Platform

Coinbase has launched Base, a layer 2 network built using Optimism’s OP Stack, with the aim of attracting millions of new crypto users in the coming years.

The Base testnet was started on Thursday, and Coinbase has joined Optimism as a core developer on the open-source OP Stack. Base will not be limited to Ethereum, and will also provide easy and secure access to layer 2 networks such as Optimism, as well as other blockchain ecosystems like Solana.

Coinbase plans to progressively decentralize the chain over time, and has no plans to issue a new network token.

👉 Spotify Tests Web3 Wallet Integration

Spotify is testing token-enabled playlists in several markets as part of its Web3 efforts, with Overlord’s community-curated playlist accessible via Web3 wallets of those holding Creepz NFTs on Spotify.

Fluf, Moonbirds, and Kingship metaverse communities are also participating in the three-month pilot. Users should possess a Kingship Key Card NFT to unlock the tracklist, which includes hits by Queen, Missy Eliott, Snoop Dogg, and Led Zeppelin.

The announcement led to a surge of Web3 music tokens, with Viberate’s native token up 33%, and Audius and Rhythm rising 4% and 2.5%, respectively.