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Russian President Vladimir Putin spent $32 million refitting a superyacht, a new report suggests. AdvertisementAdvertisementWhile his troops flooded into Ukraine, Russian President Vladimir Putin was spending millions of dollars on an opulent refit of one of his superyachts, according to an investigation from opposition leader Alexei Navalny's team. Advertisement Advertisement Watch: Inside Putin's secret bunker and billion-dollar palaceThe total cost of the works came to $32 million, according to the investigation. AdvertisementAdvertisement"OFAC is identifying Russia-flagged Graceful and Cayman Islands-flagged Olympia, as blocked property in which President Vladimir Putin has an interest," the US Treasury website said in a June 2022 press release. The Russian president is reportedly also the owner of the 450-foot, $700 million Scheherazade, one of the largest yachts in the world.
Persons: Vladimir Putin, Alexei Navalny's, Pyotr Stolypin, Putin, Alyaksandr Lukashenka, Russian oligarch, Roman Abramovich Organizations: Morning, Russian, Blohm, Russian Federation, US Department of, Foreign, Control, US Treasury, Ukraine Locations: Ukraine, Russian, Saint Petersburg, Hamburg, Germany, Voss, Kaliningrad, Russia, Islands, Belarus, Cayman Islands, Olympia
The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Next month, courts will decide on Evergrande's plan to restructure almost $32 billion worth of offshore debt obligations. Its Hong Kong-listed units, China Evergrande New Energy Vehicle Group (0708.HK) and Evergrande Property Services Group (6666.HK) have both resumed trading in the past month after a 16 month halt. The resumption of trading in all three companies is crucial for Evergrande Group because its offshore debt restructuring plan includes swapping part of the debt into equity-linked instruments backed by them. ($1 = 7.8435 Hong Kong dollars)($1 = 7.8442 Hong Kong dollars)($1 = 7.2834 Chinese yuan renminbi)Reporting by Clare Jim; Additional reporting by Donny Kwok Editing by Kim Coghill and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.
Persons: Aly, HONG KONG, Steven Leung, UOB Kay Hian, homebuyers, Evergrande, Clare Jim, Donny Kwok, Kim Coghill, Christopher Cushing Organizations: China Evergrande Group, REUTERS, China Evergrande, Hong Kong Stock Exchange, Evergrande, HK, Energy Vehicle Group, Evergrande Property Services, Evergrande Group, Prism Hong, Thomson Locations: China, Shenzhen, Guangdong province, HONG, HK, China's, Hong Kong, Prism Hong Kong, Shanghai, Cayman
Suez Canal ship traffic unaffected after tanker collision
  + stars: | 2023-08-22 | by ( ) www.reuters.com   time to read: +2 min
[1/2] A view of the BW Lesmes tanker at Freeport, Texas, U.S., August 3, 2023, in this picture obtained by Reuters. The two tankers, the Singapore-flagged liquefied natural gas (LNG) carrier BW Lesmes and the Cayman Islands-flagged oil products tanker Burri, briefly collided in the canal, ship tracking company MarineTraffic said early on Wednesday citing eyewitnesses. As of 5 a.m. (0200 GMT), the BW Lesmes was facing north but being towed to the south by two tugboats, according to ship tracking data on Refinitiv Eikon. A person who answered the phone at the Suez Canal Authority's operations room when contacted by Reuters said he could not provide any information on the tankers. The Suez Canal is one of the world's busiest waterways and the shortest shipping route between Europe and Asia.
Persons: Glenn Travis, MarineTraffic, Osama Rabie, Yusri Mohamed, Muhammad Al Gebaly, Nafisa, Enas Alashray, Florence Tan, Cynthia Osterman Organizations: BW, Reuters, REUTERS Acquire, Rights, Shipping, BW Group, TMS, Thomson Locations: Freeport , Texas, U.S, Rights CAIRO, Singapore, Cayman, Suez, Europe, Asia
Two tankers collide briefly in Suez Canal
  + stars: | 2023-08-22 | by ( ) www.reuters.com   time to read: +1 min
CAIRO, Aug 23 (Reuters) - Two tankers, the Singapore-flagged BW Lesmes and Cayman Islands-flagged Burri, briefly collided in Egypt's Suez Canal, ship tracking company Marine Traffic said early Wednesday, citing eyewitnesses. The shipping tracker showed the BW Lesmes, which carries LNG, stopped and pointing north, and Burri, an oil products tanker, moored and pointing south about 19 km from the southern end of the canal at 2:55 a.m.(2355 GMT). A time lapse shared by Marine Traffic showed Burri turning sideways and colliding with an already sideways BW Lesmes at 2040 GMT before backing up and pointing straight. There was no immediate confirmation from the Suez Canal Authority. Approximately 12% of the world's trade moves through the canal.
Persons: Said, Muhammad Al Gebaly, Nafisa Eltahir, Yusri Mohamed, Enas Alashray, Jacqueline Wong, Cynthia Osterman Organizations: Traffic, Marine, Authority, Thomson Locations: CAIRO, Singapore, Cayman Islands, Suez
A man walks past a No Entry traffic sign near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collaterals and repurchase obligations. Evergrande announced an offshore debt restructuring plan in March, expecting it to facilitate a gradual resumption of operations and generation of cash flow. Trading in China Evergrande shares has been suspended since March 2022. Shares of Evergrande Services (6666.HK) plunged as much as 20% on Friday, while China Evergrande New Energy Vehicle Group (0708.HK) lost as much as 17%.
Persons: Aly, Evergrande, Morgan Stanley, HSI, Clare Jim, Jonathan Stempel, Dietrich Knauth, Manya, Sumeet Chatterjee, Shri Navaratnam Organizations: China Evergrande Group, REUTERS, HONG KONG, China Evergrande, HK, Longfor, Tianji Holdings, British Virgin Islands, Co ., Evergrande Services, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, Asia, HONG, U.S, United States, Beijing, Manhattan, Hong Kong, Cayman Islands, British Virgin, Land, New York, Trading, Bengaluru
A man walks past a No Entry traffic sign near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. The developer's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collaterals and repurchase obligationsThe sources declined to be named due to the sensitivity of the matter. DEBT RESTRUCTURINGEvergrande announced an offshore debt restructuring plan in March, expecting it to facilitate a gradual resumption of operations and generation of cash flow. Trading in China Evergrande shares has been suspended since March 2022. Shares of Evergrande Services (6666.HK) plunged more than 12%, while China Evergrande New Energy Vehicle Group (0708.HK) dropped 8% on Friday.
Persons: Aly, Evergrande, Morgan Stanley, Hong, Clare Jim, Jonathan Stempel, Dietrich Knauth, Manya, Sumeet Chatterjee, Shri Navaratnam Organizations: China Evergrande Group, REUTERS, HONG KONG, China Evergrande, HK, British Virgin, Tianji Holdings, British Virgin Islands, Co ., Evergrande Services, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, HONG, U.S, United States, Hong Kong, British, Manhattan, Cayman Islands, British Virgin, Land, New York, Trading, Bengaluru
China Evergrande has filed for US Chapter 15 bankruptcy protection. Chapter 15 protects the US assets of non-US companies undergoing restructurings. Tianji Holdings, an Evergrande affiliate, also sought Chapter 15 bankruptcy protection on Thursday, per the filing. Evergrande's Chapter 15 filing mentions ongoing restructuring proceedings in Hong Kong and the Cayman Islands. Evergrande's Chapter 15 filing came amid fears of widening economic woes in China as the country's real-estate crisis emanates.
Persons: China Evergrande, , Evergrande, China's, Jimmy Fong Organizations: US, Service, China, Tianji Holdings, Evergrande's, Hong Kong Stock Exchange, Zhongrong International, China Evergrande Group, Bankruptcy, Southern, of Locations: China, Wall, Silicon, Hong Kong, Cayman Islands, Guangzhou, of New York, Manhattan
Future Publishing | Future Publishing | Getty ImagesChina's heavily indebted property developer Evergrande group on Thursday filed for Chapter 15 bankruptcy protection in a U.S. court. In a filing to the Manhattan bankruptcy court, the firm sought recognition of restructuring talks under way in Hong Kong, the Cayman Islands and the British Virgin Islands. The Chapter 15 bankruptcy protection allows a U.S. bankruptcy court to intervene in cross-border insolvency case involving foreign companies that are undergoing restructuring from creditors. Tianji Holdings, an affiliate of Evergrande, and its subsidiary Scenery Journey, also filed for Chapter 15 protection in a Manhattan bankruptcy court, according to the filing. The firm has also suspended trading in at least 10 of its mainland-China traded yuan bonds, according to Reuters.
Organizations: Future Publishing, British Virgin Islands, CNBC, Tianji Holdings, Evergrande, ., Reuters Locations: Huai'an, Jiangsu, China, U.S, Manhattan, Hong Kong, Cayman Islands, British Virgin
[1/2] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. An affiliate, Tianji Holdings, also sought Chapter 15 protection on Thursday in Manhattan bankruptcy court. The company proposed scheduling a Chapter 15 recognition hearing for Sept. 20. On Monday, its electric-vehicle unit China Evergrande New Energy Vehicle Group (0708.HK) announced its own proposed restructuring. Trading in China Evergrande shares was suspended in March 2022.
Persons: Aly, Evergrande, Hong, Evergrande NEV's, Jonathan Stempel, Dietrich Knauth, Manya, Anil D'Silva, Deepa Babington, Matthew Lewis Organizations: China Evergrande Group, REUTERS, HK, Tianji Holdings, British Virgin Islands, British Virgin, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, U.S, United States, Manhattan, Hong Kong, Cayman Islands, British Virgin, British, Dubai, New York, Bengaluru
Armed with only a scalpel, a clamp and a metal probe, Philip L. Sherman would routinely carry out his surgical mission in about 15 seconds, leave in as little as 10 minutes and hotfoot it to his car, which was probably parked illegally but perhaps spared a ticket by the inspired placard on his windshield: “Mazel Tov! Bris in progress. Please don’t ticket.”Mr. Sherman, whose website (as well as his vanity license plate) was emoil.com =, claimed to have performed some 26,000 ritual circumcisions, mostly in the New York metropolitan area, during his 45-year career. He was trained in the Jewish religious practice of brit milah — a profession generally spelled “mohel” in English and pronounced “moil.”His record, he said, was 11 in a single day, including two pairs of twins — a considerable scheduling feat, considering that the ritual is to be performed on the eighth day of the baby’s life and during daylight. Mr. Sherman also performed ritual circumcisions on Muslim and Christian infant boys, as well as the son of a man he had circumcised as an infant and the grandsons of two Israeli prime ministers, and in all kinds of places, including Hong Kong, the Cayman Islands and a bar on Third Avenue (for a family who lived upstairs).
Persons: Philip L, Sherman, Mr, brit milah —, , , Hong Kong Locations: New York, Hong, Cayman Islands
The travel website FloridaPanhandle.com analyzed costs in 100 popular vacation spots, looking into average prices for accommodations, transportation, food and attractions. According to the analysis, the most expensive vacation destinations, excluding flight costs, are: Gustavia, St. Barts Gstaad, Switzerland Aspen, Colorado Park City, Utah Maui, Hawaii London, England Cocoa Island, Maldives Maun, Botswana Grand Cayman, Cayman Islands Monte Carlo, MonacoThe 10 most expensive vacation destinations around the globe. Where hotels average $1,000 per nightThe Caribbean island of St. Barts is the most expensive vacation destination in the world, largely because of its high accommodation costs, which average $1,770 per night, according to the analysis. The town in the Swiss Alps also has the highest average food costs on the list, at $177 per day. Despite having higher overall average costs, St. Barts and the Maldives' attractions were valued at $0.
Persons: Barts, Switzerland's Gstaad, Nik Wheeler, FloridaPanhandle.com, Ostill Organizations: Cayman, CNBC, Aspen, Istock, Getty Locations: St, Barts Gstaad, Switzerland Aspen, Colorado Park City , Utah Maui, Hawaii London, England, Maldives Maun, Botswana, Cayman Islands Monte Carlo, Monaco, London, Switzerland's, Swiss, Aspen , Colorado, Park City , Utah, Maun, Africa's, Maldives, Monte Carlo
Thanks to tax cuts made during the Trump administration, Americans can give or hand down nearly $13 million in assets without paying federal estate tax. Currently, individuals and married couples can gift or bequeath $12.92 million and $25.84 million, respectively, before a 40% federal estate tax kicks in. The heirs don't own the trust assets but rather have lifetime rights to the trust's income and real estate. Private-placement life insurance, or PPLI, can be used to pass on assets from stocks to yachts to heirs without incurring any estate tax. These trusts pay a fixed annuity during the trust term, which is usually two years, and any appreciation of the assets' value is not subject to estate tax.
Persons: Uncle Sam, Trump, Robert Strauss, Weinstock Manion, Wrigley, Jeff Bezos, Rich, Ron Wyden, PPLI Organizations: Taxpayers, IRS, Biden, Blackstone, Lombard International, Federal Reserve Locations: Cayman Islands, Bermuda, Florida, Wyoming, Plenty
Worldcoin says 2.2 million have signed up, mostly during a trial period over the last two years. Worldcoin raised $115 million from venture capital investors including Blockchain Capital, a16z crypto, Bain Capital Crypto and Distributed Global in a funding round in May. Macieira said Worldcoin would continue rolling out operations in Europe, Latin America, Africa and "all the parts of the world that will accept us." "The idea is that as we build this infrastructure and that we allow other third parties to use the technology." Michael Will, president of the Bavarian regulator, said it would look into whether Worldcoin's system is "safe and stable".
Persons: Medha Singh, Sam Altman, Worldcoin, Ricardo Macieira, Macieira, Michael Will, Will, Rainer Rehak, Web3, Nette Noestlinger, Matthias Baehr, Elizabeth Howcroft, Tomasz Janowski Organizations: WorldCoin, REUTERS, Reuters, Co, Humanity, Blockchain, Bain Capital Crypto, Companies, Bavarian State Office, Data Protection, Union, Weizenbaum Institute, Worldcoin Foundation, Thomson Locations: Bengaluru, India, Britain, France, Germany, Europe, San Francisco, Berlin, Latin America, Africa, Japan, Bavarian, blockchain, Cayman Islands
Statista identified 40 firms as top digital payments companies. While digital payments is often the area that draws most investor buzz, lending generates more money in financial services. Statista identified 25 fintech companies that fall into the category of top alternate lending firms. They include American small business lending firm Biz2Credit, Irish e-commerce lending company Wayflyer, and Latvian loan refinancing startup Mintos. Digital business solutions
Persons: Monzo, there's, Statista, Afterpay, It's, Binance, eToro, Equity crowdfunding, hasn't, Peter Hazlehurst Organizations: JPMorgan —, Orange, Digital, U.S, SEC, European, Education, Equity, Republic, Tech, Federal Reserve, Bank of England, CNBC, Solaris Locations: fintech, Europe, Nigeria, Orange, Africa, Terra, U.S, Cayman Islands, American, Latvian, U.K
LONDON, July 31 (Reuters) - A German data watchdog has been investigating OpenAI CEO Sam Altman's Worldcoin project since late last year due to concerns over its large-scale processing of sensitive biometric data, the regulator's president told Reuters. Will said the Bavarian state regulator is the lead authority investigating Worldcoin under the European Union's data protection rules because Tools For Humanity, the company behind Worldcoin, has a German subsidiary there. This leads to a number of risks, including whether users have given explicit consent to their highly-sensitive biometric data being processed on the basis of "sufficient and clear" information, Will said. Privacy campaigners have long raised concerns about the wide-scale collection and storage of biometric data, which could increase surveillance or target certain demographic groups. France's privacy watchdog told Reuters on Friday that the legality of Worldcoin's data collection "seems questionable".
Persons: Sam Altman's Worldcoin, Worldcoin, Michael Will, Will, Elizabeth Howcroft, Louise Heavens Organizations: Reuters, Bavarian State Office, Data Protection, Humanity, Worldcoin, Thomson Locations: Bavarian, German, Cayman Islands, France, Germany, Spain
LONDON, July 28 (Reuters) - France's privacy watchdog CNIL said on Friday it is aware of ChatGPT-founder Sam Altman's Worldcoin project and that the legality of its biometric data collection "seems questionable". CNIL, the French watchdog, said in response to a Reuters question on Worldcoin "The legality of this collection seems questionable, as do the conditions for storing biometric data." The Worldcoin Foundation is a Cayman Islands-based entity which describes itself as a "steward of the Worldcoin protocol". "The Worldcoin Foundation complies with all laws and regulations governing the processing of personal data in the markets where Worldcoin is available," it said. The project is supervised in the European Union by the Bavarian State Office for Data Protection Supervision, the Worldcoin Foundation said.
Persons: CNIL, Sam Altman's, Worldcoin, Elizabeth Howcroft, Amanda Cooper, Jane Merriman, Louise Heavens Organizations: Reuters, Bavarian, Worldcoin, European Union, Office, Data Protection, Thomson Locations: Bavarian, Germany, Cayman Islands, European
"The major thing that we see now is onshore-traded Country Garden bonds going down," he said. Country Garden is a giant with thousands of projects in nearly 300 Chinese cities. Li Changjiang, the president of Country Garden Services, sold 3.2 million shares of the company last week, reducing his stake to 0.11% from 0.21%. They also cut its price target to HK$0.9 from HK$2.3 and that of Country Garden Services Holdings to HK$6.7 from HK$22. "Distressed Chinese property developers’ bond restructurings can buy them some room," Fitch Ratings said in a report on Monday.
Persons: Longfor, Wanda, Yao Yu, Morgan Stanley, Morgan, Li Changjiang, Fitch, Jason Xue, Tom Westbrook, Clare Jim, Xie Yu, Georgina Lee, Marc Jones, Kim Coghill, Jamie Freed, Barbara Lewis, Christina Fincher Organizations: HK, Dalian, Garden, Country Garden Services, Garden Holdings, Garden Services Holdings, China, Greenland Holdings, Ocean Group, Thomson Locations: SHANGHAI, SYDNEY, China, Hong Kong, Evergrande, Cayman Islands, Shanghai, Sydney, London
The firm announced an offshore debt restructuring plan in March, expecting it to facilitate a gradual resumption of operations and generation of cash flow. Total cash slumped to 14.3 billion yuan, versus 28.8 billion yuan in 2021 and 180.7 billion yuan in 2020. OFFSHORE DEBTCreditors and analysts are now waiting for the convening hearings for Evergrande's offshore debt restructuring schemes in the hope to get more clarity on its business outlook. A company risks being delisted in Hong Kong if its shares remain suspended for 18 months. Hong Kong Stock Exchange said it does not comment on individual companies as a policy.
Persons: Charles Macgregor, Evergrande, Clare Jim, Himani Sarkar Organizations: HK, Lucror, Evergrande, Services, New Energy Vehicle Group, Prism, Shanghai Limited, Hong Kong Stock Exchange, Thomson Locations: HONG KONG, China, Asia, China's, Hong Kong, Cayman Islands, Prism Hong Kong
Evergrande reported a net loss of 476 billion yuan ($66.36 billion) and 105.9 billion yuan ($14.76 billion) for 2021 and 2022, respectively, versus a net profit of 8.1 billion yuan in 2020 when its operation was normal. The huge losses were caused by return of lands, write-down of properties, losses on financial assets and finance costs, it said. Revenue dropped 55% to 230.1 billion yuan in 2022 from 2020. The big losses were in line with analyst expectations as Evergrande's 2021 and 2022 contracted sales fell to 443 billion yuan and 31.7 billion yuan respectively, versus 723 billion yuan in 2020. Charles Macgregor, head of Asia of Lucror Analytics, said he was not optimistic about Evergrande's results.
Persons: Evergrande, Charles Macgregor, Clare Jim, Himani Sarkar, David Evans, William Maclean Organizations: China Evergrande, HK, Revenue, Prism, Shanghai Limited, Lucror, Thomson Locations: HONG KONG, China, China's, Hong Kong, Prism Hong Kong, Asia, Cayman Islands
At the same time the company continues to raise money for its latest venture capital fund. For years, Tiger Global, Chase Coleman's $50 billion investment fund, went on a fundraising tear, raising billions of dollars in fresh capital and dominating the venture ecosystem in the process. This includes the firm's flagship hedge fund as well its crossover fund, created in 2021, which combines Tiger's public and private investments into a single strategy. Between July 2022 and July 2023 the Tiger Global fund, the Tiger Global Crossover fund, and the Tiger Global Long Opportunities fund, through their US and Cayman Islands feeder funds, raised about $53 million in total. A spokesperson for Tiger Global declined to comment for this story.
Persons: Chase, Carlyle, TCV, Tiger Organizations: Tiger, SEC, Tiger Global, Apollo, TPG, Insight Partners Locations: Cayman Islands, PitchBook
June 19 (Reuters) - Silicon Valley Bank's customers in Asia whose deposits were recently seized by the U.S. Federal Deposit Insurance Corp (FDIC) are under pressure to repay loans to First Citizens Bank, The Wall Street Journal reported on Monday. According to the report, when SVB failed in March, the FDIC stepped in to protect all of the California bank's U.S. deposits and arranged a sale of the lender's U.S. customer accounts, branches and loans to First Citizens Bancshares. SVB, FDIC and First Citizens Bank did not immediately respond to a request for comment. California regulators shuttered Silicon Valley Bank in March and First Citizens BancShares (FCNCA.O) purchased the bank with the help of FDIC in a deal that drained $20 billion from an insurance fund financed by banks and run by the government. Reporting by Tiyashi Datta in Bengaluru Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.
Persons: SVB, Tiyashi Datta, Marguerita Choy Organizations: U.S . Federal Deposit Insurance Corp, First Citizens Bank, Street, FDIC, California bank's, Bank, Thomson Locations: Asia, California bank's U.S, U.S, Cayman Islands, China, Singapore, California, Bengaluru
"If this goes poorly, it could be an existential issue for Coinbase," Jeff Blockinger, chief counsel at decentralized finance platform Vertex Protocol, told Insider. Sources told Insider they expect Coinbase to fight extremely hard against the suit, which essentially says its whole US operation is illegal. "This is an all-out assault, particularly in regards to Binance, but it is a broader assault on the industry. A deal just means 'the casino can stay open'From Smith's point of view, the real existential matter isn't the SEC's lawsuit but rather the nature of the market itself. "If the SEC and Coinbase cut some sort of deal, that just means the casino can stay open."
Persons: , Changpeng Zhao, Zhao —, Binance, Zhao, Jeff Blockinger, it's, Brian Armstrong, he's, Coinbase, Gensler, Sam Bankman, Richard Smith, Ron Geffner, Goldberg, Geffner, There's, Smith Organizations: Coinbase, Service, Securities, Exchange Commission, Binance, SEC, Commodities Futures Trading Commission, Bloomberg, The Foundation Locations: Cayman Islands, Alameda, SEC's
[1/2] Brian Armstrong, CEO and Co-Founder of Coinbase, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2022. REUTERS/David SwansonJune 7 (Reuters) - Coinbase (COIN.O) executives on Wednesday defended the company against a lawsuit brought by the U.S. securities regulator, saying the cryptocurrency sector lacks a clear set of guidelines. The agency also said Coinbase was operating as an unregistered exchange, broker and clearinghouse. Coinbase also sought to distance itself from rival exchange Binance, which was also served with an SEC lawsuit on Monday. The SEC alleged Binance, the world's largest cryptocurrency exchange and its founder Changpeng Zhao, also sold cryptocurrency products without registering them as securities.
Persons: Brian Armstrong, David Swanson, Coinbase, Binance, Changpeng Zhao, Zhao, Paul Grewal, Grewal, Hannah Lang, Manya, Shounak Dasgupta Organizations: Milken, Global Conference, REUTERS, Wednesday, U.S, Securities, Exchange Commission, SEC, CNBC, U.S ., Appeals, Circuit, Reuters, Manya Saini, Thomson Locations: Beverly Hills , California, U.S, Solana, Cardano, Cayman Islands, Washington, Bengaluru
The U.S. Securities and Exchange Commission (SEC) on Monday took aim at Binance, the world's largest cryptocurrency exchange. The SEC accuses Binance and its CEO Changpeng Zhao of operating a "web of deception". The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon. Reuters GraphicsFounded in 2012, Coinbase recently served more than 108 million customers and ended March with $130 billion of customer crypto assets and funds on its balance sheet. Tuesday's SEC lawsuit seeks civil fines, the recouping of ill-gotten gains and injunctive relief.
Persons: Binance, Changpeng Zhao, Kevin O'Brien, Ford O'Brien Landy, Coinbase, Nansen, Paul Grewal, Coinbase's, Ed Moya, bitcoin, Oanda's Moya, Dado Ruvic, Gary Gensler, Gensler, Kristin Smith, Jonathan Stempel, Hannah Lang, Michelle Price, Kevin Buckland, Leslie Adler, Christopher Cushing Organizations: YORK, U.S . Securities, Exchange Commission, SEC, Global Inc, Exchange, REUTERS, Securities, Supreme, Beaxy Digital, Bittrex Global, CNBC, Blockchain Association, Reuters Graphics, U.S, Binance's U.S, Thomson Locations: Manhattan, Solana, Cardano, bitcoin, Binance, Binance.US, Binance's, Cayman Islands, New York, Washington, Tokyo
In its 13 charges, the SEC alleged that Binance and Zhao used Merit Peak and Sigma Chain, another trading firm controlled by Zhao, to commingle corporate funds with client assets and use the monies "as they please." This put customers' assets at risk while Binance sought to "maximize" its profits, the SEC wrote in its civil complaint on Monday. "All user assets on Binance and Binance affiliate platforms, including Binance.US, are safe and secure," it said in a statement on Monday. The funds received by British Virgin Islands-based Merit Peak between 2019 and 2021 flowed from Key Vision Development Ltd, also controlled by Zhao, the SEC filing on Tuesday showed. Reuters reported last month that Key Vision and Merit Peak, along with Binance's Cayman Islands holding company, formed the core of the global crypto exchange's financial network.
Persons: Changpeng Zhao, Binance, Zhao, Guangying Chen, Chen, Tom Wilson, Jane Merriman Organizations: U.S . Securities, Exchange Commission, SEC, Sigma, British, Vision Development, Key Vision, U.S, Reuters, Vision, Binance's, Sigma Chain's, BAM, Thomson Locations: Seychelles, British Virgin Islands, Islands, Binance, United States, U.S, Singapore
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