DIRS.INFO The most relevant business & tech news

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

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

☆ Evergrande's liabilities, depleted coffers raise business viability concerns
▼ + stars: | 2023-07-18 | by ( Clare Jim | ) www.reuters.com time to read: +4 min

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's overdue results show steep losses, liabilities
▼ + stars: | 2023-07-17 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

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

☆ Tiger Global pulls back on raising new capital and focuses on returns, amid brutal fundraising environment
▼ + stars: | 2023-07-12 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +3 min

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

☆ SVB's Asian customers who lost deposits remain on the hook for loans - WSJ
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

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

☆ Here's what the SEC's 'all-out assault' on crypto means for the market's 2 biggest players
▼ + stars: | 2023-06-08 | by ( Max Adams | ) www.businessinsider.com time to read: +6 min

"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

Companies Binance Labs FollowWASHINGTON, June 6 (Reuters) - The U.S. Securities and Exchange Commission on Tuesday asked a federal court to issue a temporary restraining order to freeze the U.S. assets of cryptocurrency exchange Binance. In the motion, the SEC accused Binance of years of violative conduct, including "disregard" for U.S. laws and "evasion of regulatory oversight." Binance said the SEC's motion only concerned Binance.US. After the SEC filed the motion, Binance.US said its user assets would remain safe and the platform would continue normal deposit and withdrawal operations. Binance is also facing U.S. legal actions by the Commodity Futures Trading Commission (CFTC) and the Justice Department.

Persons: Binance, Changpeng Zhao, Binance.US, Kanishka Singh, Tim Ahmann, Richard Chang Organizations: Labs, WASHINGTON, U.S . Securities, Exchange Commission, U.S, District of Columbia, SEC, Commodity Futures Trading Commission, Justice Department, Thomson Locations: Cayman Islands, U.S

The exchange offers spot and derivatives trading and a host of services from non-fungible tokens (NFTs) to crypto loans and asset management. FINANCESBinance's global trading platform, Binance.com, is by far the world's biggest cryptocurrency exchange. Last year it processed crypto trades worth about $65 billion a day, Binance said, dominating the crypto trading landscape with more than half of the market, CryptoCompare data shows. Binance last year extended its reach beyond the crypto sector in 2022, investing $500 million in Tesla boss Elon Musk's takeover of Twitter. A top Binance executive told the Wall Street Journal in February that the company expected to pay penalties to resolve U.S. investigations.

Persons: Changpeng Zhao, Binance, Zhao, Yi He, Yi, Noah Perlman, Morgan Stanley, Richard Teng, Teng, Elon Musk's, Cristiano Ronaldo, Tom Wilson, Hannah Lang, Marguerita Choy, Nick Zieminski Organizations: U.S . Securities, Exchange Commission, SEC, U.S . Commodity Futures Trading Commission, Binance, Reuters, Twitter, Lazio, Argentina national, of Nations, U.S, Justice, Wall Street, Thomson Locations: WASHINGTON, U.S, Shanghai, Tokyo, Malta, Cayman Islands, Canadian, China, United States, Italian, London, Washington

June 5 (Reuters) - The world's largest crypto exchange Binance and its CEO Changpeng Zhao operated a "web of deception" that included artificially inflating its trading volumes and diverting customer assets, the U.S. Securities and Exchange Commission alleged on Monday. The agency on Monday sued Binance and Zhao for failing to restrict U.S. customers from its platform and misleading investors about its market surveillance controls, as well as for operating an unregistered securities exchange. "We allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” said SEC Chair Gary Gensler said in a statement. The world's biggest crypto exchange, Binance was founded in Shanghai in 2017 by CEO Changpeng Zhao, a Canadian citizen born and raised until the age of 12 in China. Binance's global trading platform, Binance.com dominates the crypto trading landscape, last year processing trades worth about $65 billion a day with up to 70% of the market.

Persons: Zhao, Binance, ”, Gary Gensler, BNB, Changpeng Zhao, Jonathan Stempel, Hannah Lang, Tom Wilson, Nick Zieminski Organizations: U.S . Securities, Exchange Commission, Washington , D.C, SEC, Sigma, Binance, U.S . Commodity Futures Trading Commission, Justice, Reuters, Silvergate, Thomson Locations: Washington ,, Shanghai, Canadian, China, Cayman Islands, Silvergate Bank, New York, Washington, London

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

☆ Opinion: We’ve reached a turning point with AI, expert says
▼ + stars: | 2023-05-31 | by ( Jessica Chia | Bethany Cianciolo | ) edition.cnn.com time to read: +33 min

Will general purpose AI — AI that is as capable as humans — eventually take over the world? CNN/Peg Skorpinski “…even though we may understand how to build perfectly safe general purpose AI, what’s to stop Dr. We don’t know if they reason; we don’t know if they have their own internal goals that they’ve learned or what they might be. It is not general purpose AI, but it’s giving people a taste of what it would be like. And so it turns out that you can actually build AI systems that have those properties, but they’re very different from the kinds of AI systems that we know how to build.

Persons: CNN —, ChatGPT, Bill Gates, —, Stuart Russell, Russell, ” Russell, they’ve, Peg Skorpinski “, ” Stuart Russell Russell, ”, STUART RUSSELL, ” Stuart Russell, we’ll, “, it’s, they’re, That’s, Arthur Samuel, Samuel, Travis Teo, I’ve, Garry Kasparov, Kasparov, Stan Honda, There’s, they’re misaligned, you’ve, It’s, that’s, we’ve Organizations: CNN, University of California, IBM Watson Media, Hyundai, Boston Dynamics, Reuters, Microsoft, Artificial, Intelligence, US National Academies, GPT, IBM's, Getty, Federal Aviation Administration, Nuclear Regulatory, PIXAR Locations: Berkeley, ”, Singapore, New York, AFP, ChatGPT, Luxembourg, Cayman Islands, United States, California, —

☆ Bowlero, the public company that reimagined bowling, faces dozens of discrimination claims that the feds want to settle for $60 million
▼ + stars: | 2023-05-11 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +19 min

The 73 EEOC claims brought by individual former employees against the company sparked the larger pattern or practice investigation into age discrimination. Only a fraction of EEOC age discrimination complaints — 2.8% in fiscal 2021 — resulted in reasonable cause determinations, EEOC data show. It went from running six bowling alleys to 272 overnight after it acquired AMF, which was then the largest bowling company in the world and was in bankruptcy. The following year, Shannon's company acquired the Brunswick Corporation, the second-largest bowling company in the world, and changed his company's name to Bowlero. Dowe said negotiations fell apart when Bowlero countered the EEOC's $60 million settlement proposal with a proposal of $500,000.

☆ Five ways the rich save big on estate taxes, from putting houses in trusts to buying offshore life insurance
▼ + stars: | 2023-05-08 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

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. Private-placement life insurance, or PPLI, can be used to pass on assets from stocks to yachts to heirs without incurring any estate tax. The assets in the trust are treated as premiums, and if structured correctly, the benefit and assets in the policy are bequeathed free of 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.

☆ At Instagram’s Favorite Hotel, the Other Guests Are Part of the Draw
▼ + stars: | 2023-05-03 | by ( Lane Florsheim | Photography Daniel Arnold For Wsj. Magazine | ) www.wsj.com time to read: 1 min

GRAND CAYMAN—At a sunny beachside lunch earlier this month, concierge Bambi Grimotes was sketching an itinerary for a short stay at Palm Heights, a boutique hotel here in the Cayman Islands. Bambi—whom guests refer to mononymously, as they would Madonna—is the hotel’s master of ceremonies, whose job it is to hang out with vacationers, host monthly dinner parties and MC its increasingly packed Saturday karaoke night. “You would probably need some sort of massage,” he said, estimating that most guests need two days for their nervous systems to submit to the slowed-down pace of Palm Heights. “My goal is for you to feel rich. That’s how I feel.

Hong Kong/New York CNN —Temu and Shein are taking off in the United States, topping app stores and creating a frenzy with consumers. Shein was started in China, while Temu was launched by a Chinese company that now bills itself as a multinational firm. Both firms have enjoyed major success in the United States, noted Nicholas Kaufman, a policy analyst for the US-China Economic and Security Review Commission. Topping the chartsTemu and Shein have taken the world’s largest retail market — the United States — by storm. It has quickly become the most downloaded app in the United States, and continues to expand its user base.

☆ Japan Display forms alliance with China's HKC on chip fabs, auto displays
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

TOKYO, April 10 (Reuters) - Japan Display Inc (6740.T) said on Monday it has formed an alliance with China's HKC Corporation Ltd (HKC) to cooperate on next-generation OLED technology, chip fabrication, and auto displays, sending the Japanese company's shares 10.5% higher. Japan Display and HKC will jointly plan and build fabs using Japan Display's eLEAP OLED technology, targeting mass production in 2025, the Japanese company said. Japan Display is planning more than one plant under the alliance with HKC, Chief Executive Scott Callon told a briefing, adding the tie-up would bring together Japan Display's technology and HKC's cost competitiveness. Japan Display, a maker of phone and computer displays, is on a restructuring drive to turn around its struggling businesses. Japan Display was formed in 2012 when the LCD businesses of Hitachi Ltd (6501.T), Toshiba Corp (6502.T) and Sony Corp (6758.T) merged in a government-brokered deal.

☆ Factbox: Binance, world's top crypto exchange, at the center of US investigations
▼ + stars: | 2023-03-27 | by ( Tom Wilson | ) www.reuters.com time to read: +3 min

LONDON, March 27 (Reuters) - The world's biggest cryptocurrency exchange Binance and its CEO Changpeng Zhao have been sued by the U.S. Commodity Futures Trading Commission (CFTC) over regulatory violations, according to a court filing on Monday. The exchange offers spot and derivatives trading and a host of services from non-fungible tokens (NFTs) to crypto loans and asset management. FINANCESBinance's global trading platform, Binance.com, is by far the world's biggest cryptocurrency exchange. Last year it processed crypto trades worth about $65 billion a day, Binance said, dominating the crypto trading landscape with more than half of the market, CryptoCompare data shows. Binance last year extended its reach beyond the crypto sector in 2022, investing $500 million in Tesla boss Elon Musk's takeover of Twitter.

TOKYO, March 28 (Reuters) - The Japanese construction company targeted for takeover by the family office linked to Nintendo Co's (7974.T) founder is pushing back against the fund and has asked the government to investigate alleged breaches of foreign ownership rules. Toyo Construction Co (1890.T), the marine construction company now 27% owned by Yamauchi-No.10 Family Office (YFO), made the request to the government this month, according to a letter seen by Reuters. YFO has amassed most of its 27% stake through three related investment companies registered in the Cayman Islands, each of them with less than 10%. It said the three investment vehicles were not closely related as defined by law in terms of the capital structure and that all three had different directors. "In both the acquisition of Toyo Construction shares and the formulation of the buyout proposal, we have been in close consultation with regulators throughout.

The CFTC sued Binance, Zhao and its former top compliance executive with "willful evasion" of U.S. law, "while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit." "Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint," Zhao said in a statement. Firms such as brokers that facilitate U.S. customers' trading of such products are required to register with the agency. 'PIRATE SHIP'Founded in Shanghai in 2017, Binance sits at the heart of the global crypto industry. With a holding company based in the Cayman Islands, Binance has never revealed the location of its core exchange.

Search resuls for: "Cayman Islands"

25 mentions found