DIRS.INFO The most relevant business & tech news

☆ Philippines' SEC to block access to world's largest crypto exchange Binance
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsMANILA, Nov 29 (Reuters) - The Philippines' Securities and Exchange Commission has begun the process of blocking access to the world's largest crypto exchange Binance, whose chief last week stepped down and pleaded guilty to breaking U.S. anti-money laundering laws. The SEC said the operator of Binance was not a registered corporation in the Philippines, and was operating without the necessary licence and authority to sell or offer any form of securities. The removal of access in the Philippines, the SEC said in a statement, will take effect within three months of the issuance of its advisory on Nov. 28 to give Filipino users time to pull out investments from the crypto exchange. Former Binance chief Changpeng Zhao stepped down as CEO last week after pleading guilty to wilfully causing the exchange to fail to maintain an effective anti-money laundering program.

Persons: Dado Ruvic, Binance, Alphabet's, Changpeng Zhao, Karen Lema, Mikhail Flores, Jan Harvey Organizations: REUTERS, Rights, Securities and Exchange Commission, SEC, Alphabet's Google, Facebook, Binance, Reuters, Thomson Locations: Rights MANILA, Philippines

The nine justices are due to hear arguments in an appeal by President Joe Biden's administration of a lower court's decision restricting the SEC's in-house tribunal system. Circuit Court of Appeals in 2022 ruled that the SEC's in-house proceedings violate the U.S. Constitution's Seventh Amendment right to a jury trial and infringe on presidential and congressional powers. The SEC, which enforces various U.S. laws that protect investors, pursued 270 new in-house proceedings in the fiscal year that ended on Sept. 30, compared to 231 in federal court. The court in 2018 faulted the way the SEC selected its in-house judges, and in April made it easier for targets of agency actions to mount challenges in federal court. The Supreme Court is expected to rule by the end of June.

Persons: Andrew Kelly, Joe Biden's, George Jarkesy, Jarkesy, Andrew Chung, John Kruzel, Will Dunham Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Rights, U.S, Supreme, Securities, Exchange, Circuit, SEC, Patriot28, U.S . Consumer, Thomson Locations: Washington ,, New Orleans, Constitution's, Houston, disgorge, New York, Washington

☆ CrowdStrike CEO says AI can help prevent ransomware attacks
▼ + stars: | 2023-11-29 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CrowdStrike CEO George Kurtz told CNBC's Jim Cramer that using artificial intelligence is important in fighting increasingly sophisticated ransomware attacks. "Right now, ransomware, on average is, $8.5 million per ransom event, which is double just over the last month." But as much as AI helps outfits like CrowdStrike, cybercriminals are also benefitting from it with "Dark AI" tools like FraudGPT. Kurtz stressed the importance of identity verification when it comes to preventing cybercrime, saying the biggest weakness is "between the keyboard and the chair," or individuals. Kurtz said this has created more business for CrowdStrike.

Persons: George Kurtz, CNBC's Jim Cramer, Kurtz Organizations: Publicly, Securities and Exchange Commission, CrowdStrike

☆ SEC's in-house enforcement powers at risk in US Supreme Court case
▼ + stars: | 2023-11-28 | by ( Andrew Chung | ) www.reuters.com time to read: +6 min

The case involves hedge fund manager George Jarkesy, who the SEC fined and barred from the industry after determining he had committed securities fraud. Critics of the agency have argued that its in-house system gives it the unfair advantage of prosecuting cases before its own judges rather than before a jury in federal court. The case could make it harder for the SEC weed out bad actors in the securities industry, legal experts said. The court in 2018 faulted the way the SEC selected its in-house judges, and in April made it easier for targets of agency actions to mount challenges in federal court. The FINRA case - a constitutional challenge to its structure brought by Utah-based Alpine Securities Corp - is currently before another federal appellate court and eventually could come to the Supreme Court.

Persons: Andrew Kelly, Joe Biden's, George Jarkesy, Jarkesy, infringes, Benjamin Edwards, Edwards, FINRA, James Park, Andrew Chung, Will Dunham Organizations: U.S . Securities, Exchange Commission, SEC, Washington , D.C, REUTERS, Exchange, Circuit, 5th Circuit, Financial Industry Regulatory Authority, University of Nevada, Consumer, U.S, Constitution, Patriot28, Securities, Jarkesy, Alpine Securities Corp, Supreme, UCLA School of Law, Thomson Locations: Washington ,, New Orleans, Constitution's, Las Vegas, Houston, disgorge, Utah

Shein has not determined the size of its offering or the valuation at IPO, the sources said. Shein, Goldman and JPMorgan declined to comment, while Morgan Stanley did not immediately respond to a request for comment. The most valuable China-founded enterprise to go public in the United States so far is ride-hailing giant Didi Global's (92Sy.MU) debut in 2021 at $68 billion valuation. In 2021, the comparable number was $300 billion when the IPO market was close to its peak. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes of Gap (GPS.N) as shoppers look for fresher styles.

Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Shein, Goldman, Didi Global's, Jason Benowitz, David, Dee, Delgado, CSRC, Simon Property, Sumeet Singh, It's, Pritam Biswas, Ananya Mariam Rajesh, Kane Wu, Anirban Sen, Rishabh, Scott Murdoch, Miyoung Kim, Stephen Coates Organizations: Amazon, JPMorgan, Bloomberg, Arm Holdings, Roosevelt, REUTERS, China Securities Regulatory Commission, U.S, Reuters, Securities and Exchange Commission, SPARC Group, Forever, Brands, Simon, Aequitas Research, China's Shanghai Securities, Street, Thomson Locations: United States, China, U.S, Singapore, New York City, Shein, Bengaluru, Hong Kong, New York, Sydney

The Singapore-based company has not determined the size of the deal or the valuation at IPO. The online fast-fashion retailer, which manufactures most of its merchandise in China, faces criticism that Uyghur forced labor is used to make its low-priced apparel and home goods. Earlier this year, the congresswoman led a bipartisan call for the SEC to halt Shein’s IPO until it verifies that the company does not use forced labor within its supply chain. Shein did not immediately respond to a request for comment, but the company has previously told Reuters it has “zero tolerance for forced labor” and has no contract manufacturers in Xinjiang. Shein's IPO is "going to be raising issues (for the SEC) that may later be applied across the board to all China-based or China-related companies that are going public," Penick said.

Persons: Chen Lin, Shein confidentially, Shein, Jennifer Wexton, Megan Penick, Robinson, Penick, Republican Sen, Marco Rubio, ”, Rubio, Chris Smith, Smith, ByteDance's TikTok, Group's, Katherine Masters, Arriana, Michael Martina, Marguerita Choy Organizations: REUTERS, Bloomberg, Beijing, U.S . Securities, Exchange Commission, SEC, Reuters, Reuters Graphics, Capitol Hill, Republican, Congressional, Commission, Oritain, U.S, Thomson Locations: Singapore, China, New York, U.S, Beijing, Washington, China's Xinjiang, Xinjiang, India

☆ Google, Symphony unveil AI JV to help banks manage voice calls compliance risk
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +3 min

The logo of Google LLC is seen at the Google Store Chelsea in New York City, U.S., January 20, 2023. Symphony, which counts banks like Goldman Sachs (GS.N) and JPMorgan (JPM.N) among its 1,000-strong client base, will use Google Cloud's generative artificial intelligence platform, Vertex AI, to enhance its Cloud9 voice product with more sophisticated speech-to-text and natural language processing (NLP) capabilities. Phil Moyer, VP of Google Cloud's Global AI Business, said the platform would make compliance more "ambient". So there's 180 zettabytes of data on the planet Earth right now, 90% of which has been created in the last two years." And so tools like these transformers and generative AI are really helping to manage that massive data that's being created," Moyer said.

Persons: Shannon Stapleton, Goldman Sachs, Zac Maufe, Brad Levy, Phil Moyer, Moyer, Sinead Cruise, David Evans Organizations: Google, Chelsea, REUTERS, Reuters, U.S . Securities, Exchange Commission, JPMorgan, Communications, Thomson Locations: New York City, U.S

☆ Berkshire Hathaway vice chairman Charlie Munger dies at 99
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +12 min

Nov 28 (Reuters) - Charlie Munger, the longtime vice chairman and second-in-command to Warren Buffett at Berkshire Hathaway (BRKa.N), died on Tuesday morning at a California hospital. For stock-pickers like us to lose Charlie Munger, would be like if you’re a basketball fan and you lose Bill Russell. "I wouldn't think Berkshire will look much different, apart from Buffett no longer being able to share ideas with Munger. CATHERINE SEIFERT, VICE-PRESIDENT, CFRA RESEARCH, NEW YORK“Berkshire Hathaway shareholders are not going to be directly or negatively impacted from the passing of Charlie Munger. Therewass already a transition plan in place and there's a transition plan in place when Warren Buffett passes away.

Persons: Charlie Munger, Warren Buffett, Charlie, WHITNEY TILSON, BRIAN MOYNIHAN, Charlie Mungerwass, ” BURNS MCKINNEY, Bill Russell, ”, Berkshire Hathaway, ” PHIL ORLANDO, FEDERATED HERMES, BILL, Buffett, Munger, PHILLIP, —, STEVE SOSNICK, “, ” WIN MURRAY, DIAMOND, MARY JO, BILL SMEAD, Warren, ” “ Buffett, Todd Combs, Ted Weschler, ” PAUL LOUNTZIS, Greg Abel, I've, you'll, STEPHEN DODSON, hewass, ” PAUL NOLTE, FOR MURPHY, Warren Buffet, they've, QUINCY KROSBY, RICK MECKLER, CHERRY, NEW VERNON, Hewass, obviouslywass, DOUG KASS, ” THOMAS RUSSO, GARDNER RUSSO, QUINN, CATHERINE SEIFERT, he's, ” ANTHONY SAGLIMBENE, THOMAS HAYES Organizations: Berkshire Hathaway, COOK, APPLE, WHO, KASE, OF, FEDERATED, Berkshire, ” WIN, THE BRETTON, SAN, SYLVEST, NEW, Buffett, GREAT, Global Finance, Markets, Thomson Locations: California, Munger, Berkshire, American, DALLAS , TEXAS, GLENVIEW, CALIFORNIA, CONNECTICUT, DIAMOND HILL, COLUMBUS , OHIO, PHOENIX, ” “ Berkshire, , PENNSYLVANIA, ELMHURST, IL, CHARLOTTE, NC, CHERRY LANE, NEW JERSEY, LANCASTER , PENNSYLVANIA, Munger . Berkshire, TROY , MICHIGAN, GREAT HILL

Dallas Mavericks owner Mark Cuban is working on a deal to sell a majority stake in the NBA franchise to the family that runs the Las Vegas Sands casino company, a person with knowledge of the talks said Tuesday night. Miriam Adelson is the controlling shareholder of Las Vegas Sands Corp., a publicly traded Las Vegas company that built the Venetian and Palazzo resorts but now only has casino operations in Macau and Singapore. Sheldon Adelson, the billionaire founder and owner of Las Vegas Sands, died in 2021 at 87. The family also owns Nevada’s largest newspaper, the Las Vegas Review-Journal. ___Associated Press writer Ken Ritter in Las Vegas contributed to this report.

Persons: Mark Cuban, Marc Stein, Miriam Adelson, Sheldon Adelson, Cuban, Dallas, Dirk Nowitzki, Adelson, Ken Ritter, ___ Organizations: Dallas Mavericks, NBA, Vegas Sands, Associated Press, Cuban, Sands, Mavericks, Las Vegas Sands Corp, Las Vegas, Securities and Exchange Commission, Miriam Adelson Trust, SEC, league’s, Governors, Republican, doesn't, Indiana University Locations: Texas, Las, Macau, Singapore, Las Vegas Sands, Cuban, Dallas, Las Vegas

☆ The Supreme Court Considers the Right to Trial by Jury
▼ + stars: | 2023-11-27 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

The week’s best and worst from Kim Strassel, Allysia Finley and Dan Henninger. The Supreme Court on Wednesday will hear the first of two landmark cases this term challenging the runaway administrative state. At stake in SEC v. Jarkesy is a bedrock constitutional principle that colonists fought to defend in the American revolution: the right to a trial by jury. The 2010 Dodd-Frank Act granted the Securities and Exchange Commission unbridled power to seek penalties administratively against any individual for violating securities laws. Democrats wanted to make it easier for the agency to punish misconduct.

Persons: Kim Strassel, Allysia Finley, Dan Henninger, Dodd, Frank Organizations: SEC, Securities and Exchange Commission

☆ This exchange is expanding its short-term options portfolio as 'zero-day' bets boom
▼ + stars: | 2023-11-27 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

While options contracts historically expire on Fridays, the most popular stock indexes now have contracts that expire on every day of the week. This creates the ability for "zero-day to expiration," or "0DTE," options trading. The new funds come as trading in options that are about to expire has expanded dramatically as a share of the options market in recent years. The rise of short-term options trading has created split opinions on Wall Street. "In my mind, 0DTE has always been a risk day, but we've now spread that risk out across an entire month.

Persons: Michael M, IWM, Marko Kolanovic, 0DTE, you've, Randy Frederick Organizations: Nasdaq, Getty, Trust, Securities, Exchange Commission, Federal Reserve, Schwab Center, Financial Research, CNBC Locations: New York City, Cboe

☆ Wall St regulator adopts Dodd Frank rule against trader conflicts
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. The SEC move is mandated by the Dodd Frank law, aimed at eradicating behavior seen in the 2008 global financial crisis. The rule is among the last to be adopted under 2010's Dodd Frank Wall Street reform legislation and faced a winding road to completion. Parties covered by the rule include underwriters, placement agents and sponsors for asset-backed securities. The SEC says it will require compliance with the rule for asset-backed securities with closing dates falling 18 months after the rule appears in the Federal Register.

Persons: Andrew Kelly, Dodd Frank, Dodd Frank Wall, Gary Gensler, Hester Peirce, Goldman Sachs, Douglas Gillison, David Gregorio, Marguerita Choy Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, SEC, Republican, Senate, Federal Register, Thomson Locations: Washington ,

☆ SEC Keeps Pressing for Evidence of Potential Fraud at Binance.US
▼ + stars: | 2023-11-27 | by ( ) www.wsj.com time to read: 1 min

The Securities and Exchange Commission is still looking for evidence that Binance and its founder Changpeng Zhao may have a backdoor to control assets stored on the Binance.US platform. The SEC sued Binance and Binance.US in June alleging they operated illegal securities exchanges, and its lawsuit so far has hinged on the agency's concerns about the potential for Binance to expropriate the American crypto assets in an FTX-style fraud.

Persons: Changpeng Zhao, Binance Organizations: Securities, Exchange Commission, SEC Locations: Binance.US

Six people listed on Israel's previous Tron seizure notices who responded to Reuters questions denied connections to militant groups. Iran has previously used Tron to skirt U.S. sanctions. 'BLINDSPOT'Since its 2008 birth, the Bitcoin blockchain, and since then crypto more widely, have been magnets for criminals drawn by liquidity and a reputation for anonymity. In 2021, the first year NBCTF published seizure notices, it froze 30 Bitcoin wallets. No Bitcoin wallets appear in notices in the subsequent years.

Persons: Dado Ruvic, Mriganka Pattnaik, Merkle, Hayward Wong, Tron, Wong, Israel, NBCTF, Weeks, Justin Sun, Sun, Binbin Deng, Shlomit Wagman, VanEck, Wagman, Tom Wilson, Elizabeth Howcroft, Nidal al, Gebeily, Frank Jack Daniel Our Organizations: REUTERS, Hezbollah, Reuters, Israel's, Bureau for, British Virgin Islands, Dubai Co, Israel, Hamas, Islamic, West Bank, Tron, U.S . Securities, Exchange Commission, SEC, Sun, Force, Harvard University, Authority, Militant, Thomson Locations: Iran, Israel, United States, New York, Britain, Singapore, Gaza, British Virgin, Jihad, Dubai, Venezuela, Jenin, Tehran, Paris, U.S, London, Beirut

☆ Shein files for U.S. IPO as fast-fashion giant looks to expand its global reach
▼ + stars: | 2023-11-27 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Shein has confidentially filed to go public in the U.S. as the Chinese-founded fast-fashion juggernaut looks to expand its global reach with a long-rumored initial public offering, CNBC has learned. Over the next few months, Shein will likely make tweaks to its paperwork and answer numerous questions from the agency. The filing will be made public once the company is ready to move forward with its IPO. He said, "there's no such thing as forced labor" in the Shein factories that he has visited. As Shein grew from an obscure Chinese retailer into a global behemoth with headquarters in Singapore, it largely stayed in the shadows.

Persons: Shein, it's, Marcelo Claure, Sky Xu, Donald Tang, influencers, Xu, Goldman Sachs, Morgan Stanley Organizations: CNBC, U.S . Securities, Exchange Commission, SEC, Chinese Communist Party, Bear, Sparc Group, Authentic Brands Group, Simon, Group, JPMorgan, CNBC PRO Locations: U.S, Beijing, Singapore, Bear Stearns

In recent years, Shein has gained popularity among U.S. consumers, particularly teenagers and young adults, for its wide variety of low-priced trendy apparel and accessories. But Shein has also faced claims that it has copied designs and unevenly benefited from a U.S. trade rule that allows it to avoid paying custom fees. In April, two members of Congress asked the Securities and Exchange Commission to require Shein, as a condition of its expected offering, to certify through an independent party that it doesn’t use Uyghur forced labor. It has also teamed up with Forever 21, the fast-fashion mall stalwart, which could lead to more Shein apparel in brick-and-mortar locations. In June, a trip that it hosted for influencers at some of its warehouses in China was widely panned on social media as being tone-deaf.

Persons: Shein, ” Shein Organizations: Securities and Exchange Commission, influencers Locations: U.S, Xinjiang, China

☆ Ark Investments sets 0.80% fee for proposed spot bitcoin ETF
▼ + stars: | 2023-11-24 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +1 min

Since 2021, the SEC has rejected multiple applications to issue spot bitcoin ETFs, arguing that the cryptocurrency market is vulnerable to manipulation. In August, a federal court ruled that the SEC wrongly rejected Grayscale Investments' application to convert its Bitcoin Trust into a spot bitcoin ETF. SEC chair Gary Gensler said last month that the SEC is evaluating as many as 10 spot bitcoin ETF proposals. The average fee levied on U.S. ETFs currently hovers around 0.54%, but Ark's proposed fee of 0.80% is significantly lower than the 2% that Grayscale currently charges investors on its spot bitcoin trust. If the SEC does approve some or all of the pending spot bitcoin ETF applications in early January, industry participants and analysts expect a fierce battle for market share to follow.

Persons: Cathie Wood, 21Shares, Gary Gensler, Ark's, It's, Suzanne McGee, Elaine Hardcastle Organizations: ARK Investment Management, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Swiss

☆ Here are the biggest tech stock buys by major investors
▼ + stars: | 2023-11-24 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Technology stocks have been powering this year's stock market rally despite the threat of elevated interest rates staying higher for longer. For a better illustration of position changes over the course of the quarter, Dick estimated the notional value of the tech buying using "volume-weighted average prices" (VWAP), a common Wall Street yardstick, last quarter. Meta was the stock that saw the strongest buying from professional investors last quarter, Bank of America said. Meanwhile, Activision Blizzard also saw elevated buying from big investors betting that the merger with Microsoft would get regulatory approval and close. Other well-loved tech names that saw increased buying included Uber, Qualcomm , DataDog and Intel .

Persons: Michael Dick, Dick, Meta, Airbnb Organizations: Securities and Exchange Commission, Bank of America, Technology, Media, Telecommunications, Nasdaq, Meta, Activision Blizzard, Microsoft, Uber, Qualcomm, DataDog, Intel Locations: Airbnb

☆ Stocks making the biggest moves premarket: iRobot, Nvidia, Apple and more
▼ + stars: | 2023-11-24 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Nvidia — Nvidia shares fell 1.8% after Reuters, citing sources familiar, reported the chipmaker told its China clients it will be delaying the chip designed to comply with U.S. export restrictions until next year. Apple — Shares fell slightly by 0.2% after a Reuters report, citing data from Counterpoint Research, said Apple saw a drop in smartphone sales during China's recent Singles Day. Walmart , Target — Some retail stocks were higher as investors kept an eye on Black Friday trends to gauge the health of the consumer. Walmart and Target were higher by 0.2%, each. Fisker — The automotive stock rose 8% after Fisker filed a 10Q, which was previously delayed, with the Securities and Exchange Commission.

Persons: Apple, Fisker Organizations: European Union, Nvidia, Reuters, Apple —, Counterpoint Research, Walmart, Target, Securities and Exchange Commission Locations: China

☆ These unique assets are now a popular way to lock in yield. What to know about defined maturity ETFs
▼ + stars: | 2023-11-24 | by ( Michelle Fox | ) www.cnbc.com time to read: +8 min

After being on the market for more than a decade, defined maturity bond funds are finally attracting attention. Traditional open end, bond mutual funds or bond ETFs, on the other hand, have no maturity date. One big advantage over owning individual bonds, however, is that defined maturity ETFs are easy to purchase on the stock exchange. How they work Each defined maturity bond fund holds securities in the same sector that come due in the calendar year chosen for the fund. Callable bonds are simply those that can be redeemed or paid off by the issuer prior to the bonds' maturity date, according to the Securities and Exchange Commission.

Persons: Charles Rotblut, Bonds, Sarajat Samant, Karen Veraa, BlackRock's, —, Veraa, IBonds, Invesco, Treasury iBond, Jason Bloom, Invesco's Bloom, haven't, I'm, BlackRock's Veraa, Morningstar's, Samant, AAII's Organizations: Investors, American Association of, Treasury, BlackRock, Securities and Exchange Commission, Invesco Locations: BlackRock's iShares, U.S

[1/3] Richard Teng, head of the Middle East and North Africa for crypto firm Binance gestures as he speaks during an interview with Reuters in Dubai, United Arab Emirates, March 30, 2022. Teng faces an especially tough task in transforming the culture of Binance, four of the people said. Still, leading a cultural shift at Binance - a firm shaped by Zhao in his own image - would be "hugely difficult," she said. For years it dominated the crypto market, but this year has rapidly lost market share. Last month it controlled 32% of crypto spot and 50% of derivatives trading, according to crypto firm CCData, down from 55% and 62% respectively in January.

Persons: Richard Teng, Abdel Hadi Ramahi, Teng, Changpeng Zhao, Janet Yellen, Binance, Carol Alexander, Zhao, Yi He, Binance's, Simon Matthews, Richard, Matthews, FinCEN, John Reed Stark, Rajeev Bamra, OKX, Joseph Edwards, Tom Wilson, Elizabeth Howcroft, Elisa Martinuzzi, Louise Heavens Organizations: Reuters, United Arab Emirates, REUTERS, U.S . Securities, Exchange Commission, SEC, U.S, Treasury, University of Sussex, Investors, Treasury's, Internet Enforcement, Singapore, Abu, Abu Dhabi Global, Singapore Exchange, Moody's Investors Service, Securities, Thomson Locations: East, North Africa, Dubai, United Arab, U.S, Abu Dhabi, France, Seychelles, London

Zhao has been replaced by Richard Teng, a senior Binance executive who joined in 2021, the company said. "Binance has seen significant exchange outflows since the announcement, but relative to their total holdings, it's quite small," Nansen analysts said. By comparison, investors pulled around $1.43 billion from the crypto exchange and its U.S. affiliate in June after the U.S. Securities and Exchange Commission sued the companies. Lawyers for Zhao, who founded Binance in 2017, did not respond to requests for comment on Wednesday. Zhao paid a $175 million bail bond, with another $15 million held in a trust account, a court filing showed.

Persons: Dado Ruvic, Changpeng Zhao, Binance, Zhao, Richard Teng, Nansen, ransomware, Arthur Hayes, Hayes, Sam Bankman, Fried, Daniel Silva, Buchalter, Luc Cohen, Michelle Price, Richard Chang Organizations: REUTERS, Nansen, U.S, U.S . Securities, Exchange Commission, Islamic, Binance, Prosecutors, Justice, Reuters, Thomson Locations: al Qaeda, Islamic State, Iraq, Syria, Dubai, Seattle, United States

☆ Genesis sues Gemini over $689 million in customer withdrawals
▼ + stars: | 2023-11-22 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

Under the companies' operating agreements, Genesis borrowed crypto assets from Earn customers, re-invested the assets and paid interest to customers. Gemini acted as custodian, processing deposits and withdrawals and taking a cut from payments by Genesis to Earn users. The U.S. Securities and Exchange Commission sued Genesis, its parent company Digital Currency Group (DCG) and Gemini in January. Genesis has also sued DCG over $600 million in unpaid loans made to the parent company. Genesis Global filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November 2022.

Persons: Dado Ruvic, Genesis, Gemini, Letitia James, Mark Zuckerberg, DCG, Dietrich Knauth, Will Dunham Organizations: REUTERS, Gemini Trust, U.S . Securities, Exchange Commission, Digital Currency Group, Gemini, New York, Meta, Genesis Global, Thomson Locations: New York

☆ Binance sees $956 mln in outflows after Zhao steps down to settle U.S. probe
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. Zhao has been replaced by Richard Teng, a senior Binance executive who joined in 2021, the company said. "Binance has seen significant exchange outflows since the announcement, but relative to their total holdings, it’s quite small," Nansen analysts said. Investors pulled around $1.43 billion from the crypto exchange and its U.S. affiliate in June after the U.S. Securities and Exchange Commission sued the companies. While authorities have probed Zhao and Binance for years, Zhao's exit marks a dramatic development for one of the most powerful figures in the crypto industry.

Persons: Dado Ruvic, Nansen, Changpeng Zhao, Zhao, Richard Teng, Binance, Zhao's, Lisa Pauline Mattackal, Jonathan Stempel, Chris Prentice, Michelle Price, Anil D'Silva Organizations: REUTERS, Investors, U.S, U.S . Securities, Exchange Commission, Justice Department, Thomson Locations: Nansen, Dubai, Seattle, United States, Bengaluru, New York

WASHINGTON (AP) — While the scandals in the cryptocurrency industry seem to never end, Washington policymakers appear to have little interest in pushing through legislation to codify the structure of the industry. The latest shoe to drop is Binance’s multibillion dollar settlement with U.S. authorities and the resignation of its CEO this week. When cryptocurrencies collapsed and a number of companies failed last year, Congress considered multiple approaches for how to regulate the industry in the future. Brown has been highly skeptical of cryptocurrencies as a concept and he’s been generally reluctant to put Congress’ blessing on them through legislation. Yesterday’s development marks the same inflection point that we saw earlier at the intersection of the .com and post-.com eras.”

Persons: Sam Bankman, cryptocurrencies, Janet Yellen, Changpeng Zhao, Zhao, Binance, General Merrick Garland, — Binance, Debbie Stabenow, John Boozman, Sen, Sherrod Brown, Brown, He’s, ” Brown, Fried, can’t, ”, Dennis Kelleher, Yiannis Giokas Organizations: WASHINGTON, Treasury, White, Biden Administration, Binance, U.S . Treasury, U.S, Securities and Exchange Commission, Coinbase, SEC, PayPal, Futures Trading Commission, Agriculture Committee, U.S ., Financial Services, Senate, Consumer, Better, Moody’s Analytics, U.S . Authorities Locations: Washington, United States, Cayman Islands, Ohio, stablecoins, U.S

Search resuls for: "Exchange Commission"

25 mentions found