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☆ Binance Founder Sentenced to Four Months in Prison
▼ + stars: | 2024-04-30 | by ( David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

Changpeng Zhao, the billionaire founder of the giant cryptocurrency exchange Binance, was sentenced to four months in prison on Tuesday, a much shorter term than prosecutors had demanded after he pleaded guilty to money laundering violations last year. Prosecutors had asked for three years in prison while Mr. Zhao’s defense lawyers had requested probation without any prison time. In March, Sam Bankman-Fried, the founder of the collapsed FTX exchange and Mr. Zhao’s onetime business rival, was sentenced to 25 years in prison for fraud. Not long ago, Mr. Zhao and Mr. Bankman-Fried stood atop the multitrillion-dollar crypto industry. But it also faced investigations by several U.S. agencies into whether Mr. Zhao had broken the law to build his empire.

Persons: Changpeng Zhao, Prosecutors, Justice Department’s, Sam Bankman, Zhao’s, Zhao, Fried, Binance Organizations: Justice

☆ China is sending its highest-level delegation to North Korea since 2019 to kick off a ‘friendship year’
▼ + stars: | 2024-04-10 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +7 min

The three-day visit, at North Korea’s invitation, shows the “great importance” China attaches to those relations, a Chinese Foreign Ministry spokesperson said. The delegation will also arrive amid heightened global concern about North Korea, which has in recent months ramped up its bellicose rhetoric and continued its weapons testing. The trip could also be an important opportunity for the upper echelons of China’s political establishment to better understand the circumstances in North Korea today. Balance of powerChina has long walked a thin line in its relations with North Korea. It is a critical economic lifeline for a North Korea crippled by international sanctions over its illegal weapons testing.

Persons: Zhao Leji, ”, KCNA, Zhao, Xi Jinping, China’s, Joe Biden, Fumio Kishida, Kishida, Li Qiang, Liu Dongshu, …, ” Liu, Kim, Li Mingjiang, Vladimir Putin, Yun Sun Organizations: Hong Kong CNN — China’s, Beijing, Foreign Ministry, Japanese, CNN, Communist, North Korea –, Hong Kong’s City University, North, Singapore’s Nanyang Technological University, “, United Nations Security, Stimson Locations: China, Hong Kong, North Korea, Pyongyang, Beijing, Moscow, United States, North, Japan, South Korea, Ukraine, Asia, Washington, Philippines, Russia, North Korean, Covid, Pacific, American

☆ U.S. Case Details Binance’s Knowledge About Criminal Users
▼ + stars: | 2023-11-22 | by ( Emily Flitter | More About Emily Flitter | ) www.nytimes.com time to read: +1 min

For years, the Binance founder Changpeng Zhao and other senior employees at the cryptocurrency exchange knew that some of its users were criminals. Yet, despite regular warnings from some of its own employees that some transactions on Binance.com were violating anti-money-laundering laws, the firm was reluctant to cut them off. Those allegations, which were made public on Tuesday in a sweeping federal case against Binance and Mr. Zhao, show how thoroughly he and his deputies understood that criminals were using their trading platform — and how little they did to stop them. Mr. Zhao and Binance pleaded guilty on Tuesday to violations of the Bank Secrecy Act and agreed to pay hefty fines. The Binance official acknowledged the report, then tried to persuade the tech company’s representatives to downplay Binance’s role in the transactions, according to the filing, which FinCEN posted on its website on Tuesday.

Persons: Changpeng Zhao, Zhao, Binance, FinCEN Organizations: Binance, Network, Treasury Department, FinCEN, Qassam

Just this week, the SEC sued Kraken, another crypto exchange, alleging that it is operating as an unregistered securities exchange. Binance is exiting the US as part of the agreement the crypto exchange made with law enforcement agencies. That also includes the Justice Department, the Commodity Futures Trading Commission , and the Treasury Department. There is even a National Cryptocurrency Enforcement Team within the Justice Department actively identifying and investigating criminal cases involving digital assets. That is precisely how the feds secured the first ever corporate settlement with a crypto exchange.

Persons: Sam Bankman, Zhao, Binance, Brian Armstrong, Coinbase, ” Armstrong, “, General Merrick Garland, ” Changpeng Zhao, Anthony Kwan, cryptocurrencies, ethereum, Bitcoin, ’, it’s, Ethereum, Treasury Department —, Kraken, Tiffany Hagler, ” Garland, Lisa Monaco, Tuesday’s presser, “ I’ve, Benham Organizations: New, New York CNN, Justice Department, Bloomberg, Getty, Washington DC, US Department of Justice, Department of Justice, Treasury, Securities and Exchange Commission, Treasury Department, SEC, Geard, Futures Trading Commission, Cryptocurrency, feds Locations: New York, United States, Binance, Washington, U.S, “, rulemaking

CEO Changpeng Zhao pleaded guilty to one count of failure to maintain an effective anti-money-laundering program in federal court in Seattle. That case was similar to practices uncovered after the collapse of FTX, the second largest cryptocurrency exchange, last year. Of his many depictions in the cryptocurrency industry, Zhao was best known as the chief rival to Bankman-Fried. Zhao and Bankman-Fried were originally friendly competitors in the industry, with Binance investing in FTX when Bankman-Fried launched the exchange in 2019. A jury found Bankman-Fried guilty of wire fraud and several other charge in October.

Persons: Changpeng Zhao, Brian A, that's, Zhao, “, ”, Mark Bartlett, —, ” Bartlett, “ He’s, ” Zhao, Sam Bankman, Fried, FTX, Fatima Hussein, Ken Sweet, Whitehurst, Tucker Organizations: SEATTLE, Binance, U.S ., Associated Press, United, United Arab Emirates, U.S Locations: Seattle, Binance, Cayman Islands, FTX, United Arab, UAE, Washington ,, New York

Customers from Iran, Cuba and Syria — all of which face sanctions — were able to access the Binance platform. In addition to the outlawed foreign transactions, Binance did business with firms based in the United States even though it was not supposed to have any U.S. customers on its Binance.com platform. Instead, a different platform, Binance.US, which Mr. Zhao also owned, was required to handle the business and abide by U.S. anti-money laundering laws. But Mr. Zhao and other Binance employees believed it would be better for the main cryptocurrency exchange to handle big U.S. customers, the court filings state. At times, Binance has processed two-thirds of all digital currency trades, making it a vital power broker and intermediary in the crypto world.

Persons: Zhao, Binance, —, ” Locations: Iran, Cuba, Syria, United States

Lailing Yu, who lives a block from the crime scene, said she had been horrified when she received a video on her phone of two officers clutching the bloodied children. “I was shocked,” Ms. Yu said, as she stood with others who had gathered outside the five-story brick building where Ms. Zhao, her children and Mr. Ye lived. Arriving at the apartment early in the afternoon, the man found Ms. Zhao and her children lying in pools of blood in the kitchen area and called 911, Ms. Chu said. Mr. Ye’s son was taken to a police precinct, where he remained with his mother, Ms. Chu said. Ms. Zhao’s husband had been sent to Ohio for work and had been trying desperately to return to New York all afternoon, Ms. Chu said.

Persons: Lailing Yu, “, ” Ms, Yu, Zhao, Ye, Chu, Ye’s, Zhao’s Locations: Ohio, New York

☆ New tools aim to protect art and images from AI's grasp
▼ + stars: | 2023-08-12 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +9 min

Some researchers, however, are now fighting back and developing new ways to protect people’s photos and images from AI’s grasp. The prototype, dubbed PhotoGuard, puts an invisible “immunization” over images that stops AI models from being able to manipulate the picture. The aim of PhotoGuard is to protect photos that people upload online from “malicious manipulation by AI models,” Salman said. But he said he hopes that with more engineering efforts, the prototype can be turned into a larger product that can be used to protect images. While generative AI tools “allow us to do amazing stuff, it comes with huge risks,” Salman said.

Persons: Eveline, ”, Fröhlich, “ We’ve, Glaze, ” Fröhlich, “, AI’s overreach, Pope dripped, Vincent Van Gogh, they’re, it’s, Ben Zhao, ” Zhao, Zhao’s, Jon Lam, Lam, Jon Lam “, ” Lam, Zhao, ‘, ” Hadi Salman, ” Salman, Salman, Trevor Noah, MIT CSAIL, Noah Organizations: CNN, University of Chicago, Massachusetts Institute of Technology, MIT, PhotoGuard Locations: Stuttgart, Germany, California

☆ Oil prices are up 20% and energy stocks are rebounding
▼ + stars: | 2023-08-04 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

New York CNN —Energy stocks are making a comeback after being left for dead earlier this year. Energy stocks faltered in the beginning of the year, defying investors’ expectations for last year’s boom to accelerate on a lack of global supply. That drop in energy stocks came despite OPEC+ producers, the cartel of oil producing countries plus Russia, announcing several output cuts in a bid to bump up crude prices. US WTI crude oil prices have gained 22% since June 11, while global benchmark Brent is up by 19%. Jobs report will likely be strongMarkets and economists are expecting another solid jobs report on Friday, reports my colleague Alicia Wallace.

Persons: That’s, what’s, ”, Rebecca Babin, Chevron, Derek Amey, Jobs, Alicia Wallace, Daniel Zhao, Refinitiv, Read, Here’s what’s, Danielle Wiener, Bronner, We’ve, ” Read Organizations: CNN Business, Bell, New York CNN — Energy, Energy, OPEC, Brent, Federal Reserve, CIBC Private Wealth, titans, Shell, Reuters, Glassdoor, USA Rice Federation Locations: New York, Russia, Saudi Arabia, China

☆ What to expect from the jobs report: Steady, but cooler growth
▼ + stars: | 2023-08-04 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

But markets and economists are expecting another solid jobs report Friday morning. And while economic data isn’t typically the sexiest of topics, the government’s jobs report has in recent months delivered plenty of excitement and its fair share of surprises. Last July, for example, the US economy added 568,000 jobs — more than double the 250,000 that economists had expected. Come Friday, the government’s jobs report for this July might not end up being quite so shocking. In fact, it could be relatively humdrum: A slight cooling in job growth, and unemployment holding steady.

Persons: Minneapolis CNN — Fitch, ”, Daniel Zhao, Refinitiv, Chris Rupkey, That’s, Michael Gapen, Janet Yellen, Glassdoor’s Zhao, ” Zhao, there’s, ” Andy Challenger, Challenger, ” Gus Faucher, they’re, Becky Frankiewicz, “ Organizations: Minneapolis CNN, Glassdoor, Bank of America, ” Bank of America, Business, Conference Board, Fitch, Challenger, “ Companies, Labor Department, “, PNC Financial Services Group, CNN, Labor Statistics, BLS, “ Employers, ManpowerGroup Locations: Minneapolis, United States

☆ What to expect from the July jobs report: Steady, but cooler growth
▼ + stars: | 2023-08-03 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Minneapolis CNN —Despite Tuesday’s credit rating downgrade amid concerns about the challenges facing the United States, markets and economists are expecting another solid jobs report on Friday. And while economic data isn’t typically the sexiest of topics, the monthly jobs report has in recent months delivered plenty of excitement and its fair share of surprises. Come Friday, the government’s jobs report for this July might not end up being quite so shocking. In fact, it could be relatively humdrum: A slight cooling in job growth, and unemployment holding steady. The broader economic scorecard for the United States makes the downgrade all the more “bizarre” and puzzling, noted top economists, including Treasury Secretary Janet Yellen.

Persons: ”, Daniel Zhao, Refinitiv, Chris Rupkey, That’s, Michael Gapen, Janet Yellen, Glassdoor’s Zhao, ” Zhao, there’s, ” Andy Challenger, Challenger, Gus Faucher, they’re, Becky Frankiewicz, “ Organizations: Minneapolis CNN, Glassdoor, Bank of America, ” Bank of America, Fitch, Challenger, “ Companies, PNC Financial Services Group, CNN, Labor Statistics, BLS, “ Employers, ManpowerGroup Locations: Minneapolis, United States

LONDON, June 5 (Reuters) - A senior Binance executive was the main operator for five bank accounts belonging to the giant cryptocurrency exchange’s purportedly independent U.S. affiliate, including an account that held American customers’ funds, bank records show. This allowed Chen and her deputies to move funds held in the bank accounts. The previously unreported bank records and messages show that Binance’s management over the U.S. business’s finances extended across its bank accounts at Silvergate and detail how this secret access was granted. Binance.US has denied that Binance ever operated its bank accounts. ‘PRIMARY ADMIN USER’The Binance.US trading platform was launched by its operating firm, BAM Trading, in mid-2019 under then Chief Executive Catherine Coley.

Persons: Guangying Chen, Changpeng Zhao, Chen, Binance, Zhao, Binance.US, Krishna Juvvadi, Christian Hertenstein, Brian Shroder, ” Hertenstein, “, Chen’s, Juvvadi, ”, Peak’s, Catherine Coley, Coley, Silvergate, James McDonald, Hertenstein, Susan Li, Li messaged, Li, Angus Berwick, Tom Wilson, Janet McBride, Michael Williams Organizations: Silvergate Bank, U.S, U.S . Securities, Exchange Commission, Reuters, BAM, U.S . Commodity Futures Trading Commission, CFTC, ” Reuters, SEC, “, Thomson Locations: U.S, Washington, American, US, Binance, Shanghai, Binance.US

LONDON, June 5 - A senior Binance executive was the main operator for five bank accounts belonging to the giant cryptocurrency exchange’s purportedly independent U.S. affiliate, including an account that held American customers’ funds, bank records show. This allowed Chen and her deputies to move funds held in the bank accounts. The previously unreported bank records and messages show that Binance’s management over the U.S. business’s finances extended across its bank accounts at Silvergate and detail how this secret access was granted. Binance.US has denied that Binance ever operated its bank accounts. ‘PRIMARY ADMIN USER’The Binance.US trading platform was launched by its operating firm, BAM Trading, in mid-2019 under chief executive Catherine Coley.

Persons: Guangying Chen, Changpeng Zhao, Chen, Binance, Binance.US, Krishna Juvvadi, Christian Hertenstein, Brian Shroder, ” Hertenstein, Zhao, “, Chen’s, Juvvadi, Reutersalso, Peak’s, Catherine Coley, Coley, Silvergate, James McDonald, Hertenstein, ”, Susan Li, Li messaged, Li, Angus Berwick, Tom Wilson, Janet McBride, Michael Williams Organizations: Silvergate Bank, U.S, Reuters, BAM, U.S . Commodity Futures Trading Commission, CFTC, “, Thomson Locations: U.S, Washington, American, US, Binance, Shanghai, Binance.US

REUTERS/Dado Ruvic/IllustrationJune 5 (Reuters) - The U.S. Securities and Exchange Commission (SEC) on Monday accused the world's largest crypto exchange, Binance, and its founder Changpeng Zhao, of operating an "elaborate scheme to evade U.S. federal securities laws." The SEC charged Binance and Zhao with 13 offences, including operating an unregistered securities exchange and failing to restrict U.S. customers from its platform. "Any allegations that user assets on the Binance.US platform have ever been at risk are simply wrong," Binance said. Merit Peak and Sigma Chain were used to transfer tens of billions of dollars involving Binance, Binance.US and other related entities, the SEC said. Zhao instructed Binance.US to onboard Sigma Chain and Merit Peak as market makers on the Binance.US platform, the SEC said.

Persons: Dado Ruvic, Changpeng Zhao, Zhao, Binance, Binance.US, Chain’s, Angus Berwick, Michelle Price, Nick Zieminski Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Peak's, Reuters, Silvergate Bank, Sigma, BUSINESS Zhao, BAM, Sigma Chain, U.S, Thomson Locations: U.S, Switzerland, Binance.US, Shanghai, Cayman Islands

CNN —Canada decided to expel a Chinese diplomat on Monday, following an uproar in the country over allegations of political meddling, which Beijing has fiercely denied. “Canada has decided to declare persona non grata Mr. Zhao Wei,” read a statement by Foreign Minister Mélanie Joly. The intelligence service also said that Beijing had tried to sway the outcome of Canada’s federal elections in 2019 and 2021. Chong himself has focused much of his criticism on Trudeau’s government, which he says was too slow to act. Last week, Joly previewed the possibility of retaliatory action against China, but warned that Canada needed to carefully weigh how China might react.

☆ Binance reportedly had secret access to its US arm's bank account
▼ + stars: | 2023-02-17 | by ( ) edition.cnn.com time to read: +5 min

The US partner of global cryptocurrency exchange Binance has confirmed that a trading firm managed by Binance CEO Changpeng Zhao operated as a market maker on its platform. It did not elaborate on when in 2021 the activity ceased, or comment on Zhao’s role at the trading firm. A spokesperson for Binance.US referred CNN to its Thursday tweet, emphasizing the line that reads: “ONLY Binance.US employees have access to Binance.US bank accounts. Before that story’s publication, Binance.US had told Reuters that “Merit Peak is neither trading nor providing any kind of services on the Binance.US platform,” without giving further details. Adobe StockBinance.US’s executives were concerned by the outflows from the Silvergate account to Merit Peak because the transfers were taking place without their knowledge, according to the messages reviewed by Reuters.

☆ China’s wolf warriors start 2023 in retreat
▼ + stars: | 2023-01-10 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +3 min

HONG KONG, Jan 10 (Reuters Breakingviews) - Beijing has taken the mic away from combative foreign ministry spokesperson Zhao Lijian. His transfer follows other de-escalatory moves, thawing relations with major trading partners including Australia, Japan and the United States. It will still take years to undo the diplomatic and economic damage his pack of “wolf warriors” has done to Chinese interests. loadingChinese moderates have criticised the wolf warriors’ competence. With the Western democracies demonstrating the durability of their power in Ukraine without firing a shot, Chinese pandemic policy in shambles and its economy reeling, it’s unsurprising if the wolf warriors are quieting their howl.

☆ Former Harvard Fencing Coach, Parent Acquitted in Admissions Bribery Case
▼ + stars: | 2022-12-22 | by ( Suryatapa Bhattacharya | ) www.wsj.com time to read: 1 min

Former Harvard University fencing coach Peter Brand was found not guilty in an admissions bribery case. A former Harvard University fencing coach and a businessman were acquitted of charges they conspired to secure spots at the Ivy League school for the executive’s two sons through a bribery scheme. Former longtime coach Peter Brand and Maryland-based businessman Jie “Jack” Zhao were found not guilty of all the charges against them by a federal jury in Boston Wednesday, Mr. Zhao’s lawyer Bill Weinreb confirmed.

☆ Taylor Swift set to make her feature directorial debut
▼ + stars: | 2022-12-09 | by ( Marianne Garvey | ) edition.cnn.com time to read: +1 min

CNN —Taylor Swift’s about to yell action! The singer-songwriter will make her feature directorial debut with Searchlight Pictures, the studio announced. Swift also wrote the original script for the movie, which will be produced by Searchlight. The film is also eligible for the short film category at the upcoming Academy Awards. Searchlight has made Oscar winners like Guillermo del Toro’s “The Shape of Water” and Chloe Zhao’s “Nomadland.”

It culminated on Wednesday, with Binance pulling out of its deal and throwing FTX's future into uncertainty. Bankman-Fried told Reuters on Tuesday that "I'll probably be too swamped" to do interviews. Voyager filed for bankruptcy protection the following month, with FTX's U.S. arm paying $1.4 billion for its assets in a September auction. Daily withdrawals normally totaled tens of millions of dollars, Bankman-Fried told his employees. Bankman-Fried signed a non-binding letter of intent for Binance to buy FTX’s non-U.S. assets.

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