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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

☆ CNBC Daily Open: Nvidia tripled its revenue. Investors weren’t impressed
▼ + stars: | 2023-11-22 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia's revenue tripledNvidia's fiscal third-quarter revenue grew 206% year on year to $18.12 billion, handily beating expectations, and net income rocketed from $680 million to $9.24 billion. Moreover, Nvidia expects revenue for the current quarter to increase to $20 billion, an implied 231% growth. Richard Teng, the company's former global head of regional markets, will be Binance's new CEO, said Zhao in a post on X, formerly Twitter.

Persons: Colette Kress, CZ, Changpeng Zhao, Richard Teng, Zhao Organizations: CNBC, Nvidia, Federal, Japan's Nikkei, China's, U.S . Department of Justice, Hamas, U.S, Bank of America Locations: China, Asia, Pacific, China's Shanghai, U.S, Israel, Europe

The plea deals end a years-long investigation into the crypto exchange. Binance holds around $2.8 billion worth of BNB tokens, according to Nansen. Binance remains the world's largest crypto exchange globally, processing billions of dollars in trading volume every year. "This, combined with the likely imminent approval of an ETF based on bitcoin quotes, could positively impact the crypto market in the long term," said Drozdz. Binance has agreed to forfeit $2.5 billion to the government and to pay a fine of $1.8 billion.

Persons: Binance's, Changpeng Zhao, Ben Mcshane, Sportsfile, Nansen, Binance, Grzegorz Drozdz, Bitcoin, Drozdz, Zhao, Yesha Yadav, Milton R, Underwood, General Merrick Garland, Garland, Richard Teng, Teng, Janet Yellen, Al, Yellen Organizations: Getty, Department of Justice, ., SEC, Conotoxia, CNBC, DOJ, Vanderbilt University, Justice Department, U.S, Monetary Authority of Singapore, Binance, Futures Trading Commission, Treasury Department, The Securities, Exchange Commission, ISIS Locations: Lisbon, Portugal, Binance, Nansen, U.S, Abu Dhabi

☆ Morning Bid: AI buzzes but market shrugs at Nvidia beat
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +5 min

A trader works on the floor of the New York Stock Exchange shortly before the closing bell as the market takes a significant dip in New York, U.S., February 25, 2020. Remarkably, Nvidia managed to vault the sky-high bar for quarterly earnings, revenue and projections yet again in its latest update overnight. Bond volatility (.MOVE) has also fallen to two-month lows, while currency market 'vol' (.DBCVIX) is plumbing 20-month lows. CONCERN OVER HOME SALES, HOLIDAY SEASON SALESNews of a drop in U.S. existing home sales last month to a 13-year low was perhaps as important as the Fed minutes - as was warnings from more major U.S. retailers, this time Best Buy and Nordstrom, about sticky holiday season sales and the need for discounting. The dollar (.DXY) was a touch higher on Wednesday, meantime, with most overseas stock markets firmer too.

Persons: Lucas Jackson, Mike Dolan, thrall, OpenAI, Sam Altman, Changpeng Zhao, October's, Jeremy Hunt's, underperformed, Jeremy Hunt, Bernadette Baum Organizations: New York Stock Exchange, REUTERS, U.S, Nvidia, Federal, Nordstrom, University of Michigan, Bank of Canada, Treasury, Deere, Reuters Graphics Reuters, Thomson, Reuters Locations: New York, U.S, Gaza, China, yearend, York, Beijing

☆ Asia stocks slip as dovish Fed cheer fades
▼ + stars: | 2023-11-22 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

But it fell 0.2% in early trade on Wednesday. Nasdaq futures (.IXIC) were down 0.2% and S&P 500 futures fell 0.1% early in the Asia day. They have fallen about 50 basis points since the Fed held rates steady early in the month. It was broadly steady at $1.0921 to the euro and 148.17 yen in early trade on Wednesday. In commodity markets Brent crude futures held just above their 50-day moving average at $82.64 a barrel.

Persons: Tyrone Siu, Naka, Rabobank's, Philip Marey, Jonathan Petersen, Michele Bullock, Changpeng Zhao, Sam Holmes Organizations: REUTERS, Rights, Japan's Nikkei, Nvidia, Nasdaq, Thursday's, Federal Reserve, Fed, Capital Economics, Bank of Japan, Reuters, Wednesday Reserve Bank of Australia, Thomson Locations: Exchange, Hong Kong, China, Rights SINGAPORE, Asia, Pacific, Japan, United States, U.S, Singapore

Here’s how the strategy behind Binance’s rise under Changpeng Zhao brought it crashing down. Photo: Benoit Tessier/ReutersThe chief executive of Binance , the largest global cryptocurrency exchange, stepped down and pleaded guilty to violating criminal U.S. anti-money-laundering requirements, in a deal that might preserve the company’s ability to continue operating, according to court documents. Changpeng Zhao appeared in Seattle federal court Tuesday and entered his plea, according to court records. Prosecutors accused Binance, which Zhao owns, of facilitating transactions with sanctioned groups. Binance encouraged U.S. users to obscure their location so the firm could avoid complying with U.S. anti-money-laundering laws, prosecutors said.

Persons: Changpeng Zhao, Benoit Tessier, Binance, Zhao Organizations: Binance, Prosecutors Locations: Seattle

☆ Nvidia’s Sales Surge, With No End in Sight for AI Boom
▼ + stars: | 2023-11-21 | by ( Asa Fitch | ) www.wsj.com time to read: 1 min

Chip maker Nvidia broke into the exclusive club of companies that have a $1 trillion market cap. WSJ’s Asa Fitch breaks down how Nvidia got there—and why AI is fueling the company’s rapid growth. Photo illustration: Annie ZhaoNvidia reported another quarter of record sales and gave a strong revenue outlook, pointing to red-hot demand for chips that underpin the artificial-intelligence boom. Huge investments in AI by tech giants from Microsoft to Amazon.com and by other large corporations have helped propel Nvidia’s sales to unprecedented levels in recent quarters.

Persons: WSJ’s Asa Fitch, Annie Zhao Nvidia Organizations: Nvidia, Microsoft

Binance skirted regulation to become the world’s largest cryptocurrency exchange by trading volume. Now, the company will plead guilty to a criminal charge in the U.S. and agree to pay $4.3 billion in fines. Changpeng Zhao is scheduled to appear in Seattle federal court Tuesday afternoon and enter his plea, according to court records unsealed Tuesday. Prosecutors also unsealed a document charging Binance, which Zhao owns, with anti-money-laundering and sanctions crimes. Binance will also plead guilty and agree to pay fines totaling $4.3 billion, which includes amounts to settle civil allegations made by regulators, the people said.

Persons: Benoit Tessier, Zhao, Binance Organizations: Binance, Prosecutors Locations: U.S, Seattle

☆ Binance CEO Changpeng Zhao to step down, plead guilty in DOJ settlement
▼ + stars: | 2023-11-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBinance CEO Changpeng Zhao to step down, plead guilty in DOJ settlementCNBC's Kate Rooney joins 'Halftime Report' to discuss the latest developments in Binance's criminal case.

Persons: Changpeng Zhao, Kate Rooney Organizations: DOJ

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBinance's Changpeng Zhao to step down as part of $4.3 billion DOJ settlement: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Kevin Worth, CEO of CoinDesk, discusses Bullish's acquisition of the crypto news outlet.

Persons: Zhao, explainers, Kevin Worth Organizations: CNBC Crypto, CNBC

☆ What is Binance, why is it in so much trouble, and what does it mean for crypto?
▼ + stars: | 2023-11-21 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

Not only is Binance the world’s biggest crypto exchange, it is orders of magnitude larger than its rivals. Up until recently, Binance boasted nearly 60% of the market share for crypto spot trading. The Seychelles-based OKX is second in market share at 5.44% and the US exchange Coinbase is third at 5.37%, according to crypto news site CoinDesk. Today, Binance takes responsibility for this past chapter.”It’s a common refrain among crypto firms who find themselves under scrutiny. “What this plea deal does is give Binance as a chance to live another day,” Yadav said.

Persons: Changpeng Zhao —, Binance, Zhao, “, ” Zhao, FTX, “ Binance, ”, Robert Le, Yesha Yadav, ” Yadav Organizations: New, New York CNN, Justice Department, Binance Holdings, Bloomberg, Getty, CZ, PitchBook, Investors, Vanderbilt University, Binance Locations: New York, Binance, Seychelles

☆ Binance CEO to step down, plead guilty in anti-money laundering probe
▼ + stars: | 2023-11-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

The CEO of Binance will plead guilty to Justice Department charges. Changpeng Zhao will step down from his leadership role and Binance will pay a $4.3 billion fine. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Zhao is set to plead guilty to anti-money laundering charges, and Binance will pay a $4.3 billion fine at a federal court, sources told the Journal. Binance is also set to plead guilty to the related charges, sources added, potentially putting an end to a Department of Justice investigation spanning nearly five years.

Persons: Binance, Changpeng Zhao, —, Zhao, he'll Organizations: Department, Service, Wall Street Journal, Commodity Futures Trading, Department of Justice, Prosecutors, Reuters Locations: Russia, Iran

☆ Cryptocurrencies dip as investors digest regulatory updates from industry heavyweights Binance, Kraken
▼ + stars: | 2023-11-21 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Founder and CEO of Binance Changpeng Zhao, commonly known as "CZ", attends the "CZ meets Italy" at Palazzo Brancaccio on May 10, 2022 in Rome, Italy. The move weighed on the rest of the crypto market. Earlier in the day the coin rose as much as 5% with hopeful investors eager to see the multi-year investigation into the world's largest crypto exchange resolved. Cryptocurrencies were slightly lower Tuesday, as investors weighed a batch of regulatory updates from Washington involving some of the biggest names in crypto: Binance, Kraken and Tether. Investors were all weighing news from another major crypto exchange: Kraken.

Persons: Zhao, Palazzo Brancaccio, Ripple's XRP, Solana, Uniswap, bitcoin, Changpeng Zhao, James Butterfill Organizations: CZ, U.S . Department of Justice, Binance, SEC, Securities and Exchange Commission Locations: Italy, Palazzo, Rome, Washington, Southeast Asia

☆ What US charges does crypto exchange Binance face?
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +4 min

Cryptocurrency exchange Binance founder and CEO Changpeng Zhao speaks at a Binance fifth anniversary event in Paris, France, July 8, 2022. The agreement will resolve criminal charges that Binance conducted an unlicensed money transmitter business, conspiracy and breaching sanctions regulations, the U.S. Department of Justice said. UNLICENSED MONEY SERVICE BUSINESSThe U.S. said that Binance, Zhao and other executives "knowingly and willfully conspired" to operate as an unlicensed money services business (MSB) from August 2017 until October 2022. MONEY LAUNDERING CHECKSThe U.S. said that Binance facilitated "billions of dollars" of crypto transactions for its customers, including in the United States, without implementing so-called "know your customer" checks. From around January 2018 to May 2022, Binance processed 1.1 million crypto transactions worth at least $898.6 million between U.S. customers and those who lived in Iran, the U.S. said.

Persons: Changpeng Zhao, ZHAO, Tom Wilson, Binance, Zhao, laundered, Crypto, Elizabeth Howcroft, Lisa Shumaker Organizations: ZHAO REUTERS, U.S . Department of Justice, Reuters, Binance, U.S, Treasury's, Palestinian, Hamas, Islamic, Palestine Islamic, Thomson Locations: Paris, France, U.S, United States, Russian, Iran, Islamic State, al Qaeda, Palestine, London

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

Zhao Changpeng, founder and chief executive officer of Binance, speaks at the Blockchain Week Summit in Paris, France, on Wednesday, April 13, 2022. Binance chief Changpeng Zhao will plead guilty to criminal charges and step down as the company's CEO as part of a $4.3 billion settlement with the Department of Justice, according to court documents. The plea arrangement with the government resolves a multi-year investigation into the world's largest crypto exchange. The Securities and Exchange Commission targeted the company with an expansive lawsuit in June, alleging that Binance was running an illegal securities exchange and mishandling customer funds. To this day, Binance remains the world's largest crypto exchange globally, processing billions of dollars in trading volume every year.

Persons: Zhao Changpeng, Changpeng Zhao, Zhao, Brian Tsuchida, Binance, Kraken, Gary Gensler, wasn't, Samuel Lim, —, ada, Kevin Breuninger Organizations: Department of Justice, Justice Department, DOJ, Emergency Economic, U.S, CNBC, Securities and Exchange Commission, Commodity Futures Trading Commission, Securities, Exchange Commission, SEC, Binance, Authority Locations: Paris, France, U.S, Seattle, Iran, Cayman Islands

☆ Binance chief will admit violating US laws as part of $4 billion deal to resolve probe
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

[1/2] Zhao Changpeng, founder and chief executive officer of Binance speaks during an event in Athens, Greece, November 25, 2022. REUTERS/Costas Baltas/File photo Acquire Licensing RightsCompanies Binance Holdings Ltd FollowNEW YORK, Nov 21 (Reuters) - Binance Holdings chief Changpeng Zhao will admit violating U.S. laws as part of a deal to resolve a U.S. probe into illicit finance breaches, according to a source familiar with matter. The deal between a number of U.S. agencies and the world's largest crypto exchange will also involve charges against Binance's former compliance chief Samuel Lim, the source said. The deal will include penalties on the firm of over $4 billion, including $3.4 billion from U.S. Treasury's Financial Crimes Enforcement Network and another $968 million from the Office of Foreign Assets Control, another source familiar with the matter said. Reporting by Chris Prentice; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Persons: Zhao Changpeng, Binance, Costas Baltas, Changpeng Zhao, Samuel Lim, Chris Prentice, Lisa Shumaker Organizations: REUTERS, Binance Holdings, Treasury's, Network, Foreign Assets Control, Thomson Locations: Athens, Greece, U.S

The market reaction reflects an expectation that a $4 billion payment would be manageable for Binance, four crypto investors and market participants said. Its status has for years left investors wary of risks to the wider market from a string of regulatory and legal headaches facing Binance. Any resolution of the DOJ probe would remove the risk to the crypto market of Binance's sudden collapse, said Sui Chung, CEO of crypto index provider CF Benchmarks. "Binance disappearing overnight remains a potential systemic risk to the crypto market," Chung said. Other investors cited the personal wealth of Zhao as being sufficient to cover any settlement with the DOJ.

Persons: Dado Ruvic, Bitcoin, Binance, Anatoly Crachilov, Crachilov, Changpeng Zhao, Zhao, Sui Chung, Chung, Tom Wilson, Elizabeth Howcroft, Susan Fenton Organizations: REUTERS, U.S . Justice Department, Bloomberg, Reuters, London, Asset Management, DOJ, U.S . Securities, Exchange Commission, Assets Fund, Thomson Locations: Binance, London

☆ Binance's Zhao says Richard Teng to become next CEO
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: 1 min

Boards category · November 21, 2023Following a surprise ouster, OpenAI co-founder and former CEO Sam Altman joined Microsoft as the head of artificial intelligence research along with the ChatGPT maker's former President Greg Brockman and other staff.

Persons: OpenAI, Sam Altman, Greg Brockman Organizations: Microsoft

Binance founder and CEO Changpeng Zhao pleads guilty to felony charges Tuesday related to his failure to prevent money laundering on the crypto exchange platform. Former Binance CEO Changpeng Zhao on Tuesday named a new CEO of the cryptocurrency exchange he founded, after pleading guilty to federal money laundering charges and stepping down as the company's chief. Zhao named Richard Teng, a former CEO of Abu Dhabi Global Market, the UAE capital's financial services regulator, as Binance's new CEO. "He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth," Zhao added. Zhao appeared before Judge Brian Tsuchida for a hearing in a Seattle courtroom at 10:00 a.m. Pacific Time (1:00 p.m.

Persons: Changpeng Zhao, Zhao, Richard Teng, Teng, Binance, Sam Bankman, Fried, CNBC they'd, Brian Tsuchida Organizations: Abu, Abu Dhabi Global Market, Monetary Authority of, U.S, Bank, Emergency Economic, DOJ, CNBC, U.S . Department of Justice Locations: Abu Dhabi, UAE, Binance, Monetary Authority of Singapore, Seattle

☆ Binance founder appeared to hint at stepping down in a post just 2 days ago
▼ + stars: | 2023-11-21 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +2 min

Crypto exchange Binance has been under scrutiny from US regulators for a while. "CZ," Binance's founder, will plead guilty, to anti money-laundering violations and will step down, the WSJ reported. AdvertisementNow, on Tuesday — just two days after CZ's post — news broke that he was indeed set to step down as the head of crypto exchange Binance, according to a Wall Street Journal report. He will also agree to plead guilty to charges of not complying with anti money-laundering regulations in the US. He'll pay a $50 million criminal fine, the WSJ reported; Binance itself will plead guilty and pay fines of $4.3 billion, the report said.

Persons: Binance, Sam Altman's, —, Zhao —, ike, ines Organizations: Service, ust

☆ Binance warned VIP customers about law enforcement investigations, Treasury says
▼ + stars: | 2023-11-21 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Binance's VIP users were granted a set of special privileges, including an early heads-up from the crypto exchange if they were under investigation by law enforcement, according to the U.S. Treasury's Financial Crimes Enforcement Network. Treasury alleged in a 92-page order that Binance had "developed a process to notify VIP users if they became the subject of a law enforcement inquiry," in a setup where Binance was effectively serving as a lookout for its top-tier customers. Members of Binance's VIP team were instructed to contact the user under investigation by "all available means" including sending texts and calling to inform customers, for example, that their account had been frozen or unfrozen. According to the consent order, Binance's VIP team staff were warned not to be too obvious in their tips. They will be managed by your [VIP] team.

Persons: Changpeng Zhao, Binance, FinCEN, Binance's, — CNBC's Christina Wilkie Organizations: Treasury's, Treasury, . Enterprise Locations: U.S, United States

Zhao Changpeng, founder and chief executive officer of Binance greets the audience during an event in Athens, Greece, November 25, 2022. "Today, I stepped down as CEO of Binance," Zhao tweeted. Binance became the world's biggest crypto exchange within six months. As Binance hired more widely from traditional financial and regulatory worlds, Zhao's tight control over his company was undiminished. Richard Teng, a senior Binance executive who joined in 2021, is the new CEO, Zhao posted on social media on Tuesday.

Persons: Zhao Changpeng, Binance, Costas Baltas, Changpeng Zhao, Zhao, Prosecutors, Tuesday's, General Merrick Garland, Yi, Richard Teng, Teng, Tom Wilson, Lisa Shumaker, Bill Berkrot Organizations: REUTERS, Justice Department, Binance, New York Times, U.S, Reuters, Futures Trading Commission, Thomson Locations: Athens, Greece, Binance, Binance ., Shanghai, China, Canada, Tokyo, New York, London

Binance is also expected to expected to plead guilty to the charges. Zhao, the founder and CEO of Binance, has amassed a fortune that Bloomberg pegs at more than $23 billion. This alleged misconduct paved the way for Binance to become king of the crypto exchanges, prosecutors allege. Prosecutors allege Binance, “knowingly failed” to register as a money service business, willfully violated the Bank Secrecy Act by failing to implement and maintain an effective anti-money laundering program and willfully caused violations of US economic sanctions. The SEC also alleged that Zhao and Binance commingled customer assets and even diverted some to an entity controlled by Zhao.

Persons: Changpeng Zhao, Binance, Zhao, General Merrick Garland, Janet Yellen, laundered, “, ” Binance Organizations: New, New York CNN —, CNN, Bloomberg, Wall Street, Treasury, Prosecutors, Court, Western, of, ” Prosecutors, Binance, The Securities, Exchange Commission, SEC, Commodity Futures Trading Commission Locations: New York, of Washington, Canadian, United States, America

☆ U.S. unseals criminal charges against crypto firm Binance and CEO Changpeng Zhao
▼ + stars: | 2023-11-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. unseals criminal charges against crypto firm Binance and CEO Changpeng ZhaoThe U.S. Department of Justice has brought criminal charges against Binance and its billionaire founder and CEO, Changpeng Zhao. CNBC's Kate Rooney reports.

Persons: Changpeng Zhao, CNBC's Kate Rooney Organizations: U.S, U.S . Department of Justice, Binance

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