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Binace, the world’s largest cryptocurrency exchange, will pay over $4bn to US officials after admitting to unlicensed money transfers, sanctions violations, and willfully failing to institute anti-money laundering protections, federal officials announced on Tuesday. The oversights allowed trading with sanctioned nations like Iran, Cuba, and Syria, and failed to institute systems to report suspicious potential transactions with terror groups, according to the Treasury Department. “Binance was allowing illicit actors to transact freely, supporting activities from child sexual abuse to illegal narcotics to terrorism,” Treasury Secretary Janet Yellensaid on Tuesday. Changpeng Zhao, the founder of and CEO of Binance, is also stepping down, and will pay a $50m fine after pleading guilty to related charges. He could face up to 18 months in prison. “I made mistakes, and I must take responsibility,” the executive wrote on X. “This is best for our community, for Binance, and for myself.” Federal officials described a wide-ranging set of problems at the crypto exchange, which at times handled two-thirds of global crypto trades. “It willfully enabled hundreds of millions of dollars in transactions between American users and users subject to US sanctions,” US Attorney General Merrick Garland said in remarks on Tuesday. “And its platform accommodated criminals across the world who used Binance to move their stolen funds and other criminal proceeds. “Binance prioritized its profits over the safety of the American people.” The massive penalty, one of the largest in US financial regulation history, will also go towards resolving inquiries from the Commodity Futures Trading Commission, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCen), and the Office of Foreign Assets Control. On multiple occasions, Binance leadership intentionally took steps that allowed dangerous and illegal transactions to take place, according to the Justice Department. Binance knew it served US customers, meaning it had to register with FinCen and implement anti-money laundering controls, but “chose not to comply,” per the DOJ. Rather than set up these protections, the company created a separate Binance.US platform in 2019, while seeking to encourage VIP customers to obscure their accounts and continue using the main exchange, officials said. “Binance executives, including Zhao, made a plan to contact VIP customers and help the VIP register a new account for an offshore entity and transfer holdings to that account,” the DoJ said in an announcement of the agreement on Tuesday. “Binance employees also called US VIPs to encourage them to provide information that suggested the customer was not located in the United States.” The company, knowing it had US customers, also failed to introduce controls that would stop them from making trades with sanctioned jurisdictions like Iran, resulting in over $898m in trades between US and Iran-based users between January 2019 and May 2022. At one point, according to the DoJ, Zhao told employees it was “better to ask for forgiveness than permission,” while in another instance, a compliance employee wrote in a message, “We need a banner ‘is washing drug money too hard these days - come to binance we got cake for you.’” In a statement on Tuesday, Binance acknowledge making “criminal violations.” “These resolutions acknowledge our company’s responsibility for historical, criminal compliance violations, and allow our company to turn the page on a challenging yet transformative chapter of learning and growth,” the company wrote. “With the compliance and governance enhancements enshrined in our commitments, we can begin to share our vision for Binance’s exciting future and the future of the crypto industry.” The company also emphasised that the resolutions don’t allege Binance misappropriated user funds or engaged in market manipulation. Richard Teng, the company’s former global head of regional markets, will take over as CEO, according to Binance. The massive agreement with federal regulators will also require Binance to accept the appointment of a government monitor to oversee the business and bar Zhao from involvement with the company until three years after the monitor is appointed, according to court records viewed by The New York Times. Notably, the Securities and Exchange Commission was not a part of the Binance agreement. The SEC sued Binance and Zhao in June, alleging that they used companies beneficially owned by Zhao to inflate trading prices and make money off customers, allegedly mixing customer funds with Binance money. “While we take the SEC’s allegations seriously, they should not be the subject of an SEC enforcement action, let alone on an emergency basis. We intend to defend our platform vigorously,” the company responded at the time in a statement. “And, to be clear: any allegations that user assets on the Binance.US platform have ever been at risk are simply wrong, and there is zero justification for the Staff’s action in light of the ample time the Staff has had to conduct their investigation,” the company added in the statement. The massive settlement comes just weeks after FTX founder Sam Bankman-Fried was found guilty in federal court of defrauding customers on his popular cryptocurrency exchange out of billions of dollars. Bankman-Fried’s defence team has vowed to fight the charges.

Microsoft’s attempt to buy the developer of Call of Duty in the biggest tech deal ever may be pressing ahead. A judge ruled that Microsoft could go ahead with its purchase of Activision, despite objections from its rival PlayStation. The US Federal Trade Commission had attempted to block the deal amid fears that it could limit competition in gaming. But the court said that it would not stop the deal. Now the UK’s Competition and Markets Authority, which originally blocked the deal earlier this year, said that it would consider new proposals from Microsoft that might make the deal reach approval in the UK, too. “After today’s court decision in the US, our focus now turns back to the UK,” said Brad Smith, vice chair and president at Microsoft. “While we ultimately disagree with the CMA’s concerns, we are considering how the transaction might be modified in order to address those concerns in a way that is acceptable to the CMA. “In order to prioritize work on these proposals, Microsoft and Activision have agreed with the CMA that a stay of the litigation in the UK would be in the public interest and the parties have made a joint submission to the Competition Appeal Tribunal to this effect.” The deal would be the largest for Microsoft and the biggest in the history of the videogame business. In its arguments, the FTC has said Microsoft would be able to use the Activision games to leave rival console makers like Nintendo and market-leader Sony Group out in the cold. Microsoft President Brad Smith tweeted that the company was “grateful” for the “quick and thorough” decision. “Our merger will benefit consumers and workers. It will enable competition rather than allow entrenched market leaders to continue to dominate our rapidly growing industry,â€Â Bobby Kotick, Activision Blizzard CEO, said in a statement. The FTC’s complaint had cited concerns about loss of competition in console gaming, as well as subscriptions and cloud gaming. To address the FTC’s concerns, Microsoft agreed to license “Call of Duty” to rivals, including a 10-year contract with Nintendo, contingent on the merger closing. During the five-day trial in June, Microsoft CEO Satya Nadella argued the company would have no incentive to shut out Sony’s PlayStation or other rivals in order to sell more Microsoft Xbox consoles. At issue in the Microsoft-Activision deal is leadership in a gaming market whose sales are expected to increase by 36% over the next four years to $321 billion, according to a PwC estimate. And while much of the testimony in the recent trial focused on “Call of Duty,” Activision produces other bestsellers like “World of Warcraft,” “Diablo” and the mobile game “Candy Crush Saga.” Additional reporting by Reuters Read More Microsoft Teams stops working in the middle of the working day Scientists invent cloak inspired by Roman god that could help us live on Mars Record-breaking sugar battery could supercharge transition to renewable energy Scientists invent cloak inspired by Roman god that could help us live on Mars Record-breaking sugar battery could supercharge transition to renewable energy Why the Battle of the Boyne has made its way into your iPhone

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The Mona Lisa has been the subject of awe and fascination for centuries, with experts from around the world desperate to solve the mystery behind her iconic, enigmatic smile. Now, thanks to X-ray technology, scientists have begun to uncover the secrets of Leonardo da Vinci’s legendary portrait, and explain how he was able to create something so mind-bending with just a few strokes of a brush. The research, published in the Journal of the American Chemical Society on Wednesday, suggests that the Italian Renaissance master may have been in a particularly inventive mood when set about crafting the piece in the early 16th century. "He was someone who loved to experiment, and each of his paintings is completely different technically," Victor Gonzalez, the study's lead author, told the Associated Press.. Gonzalez, who has studied the chemical compositions of dozens of works by Leonardo and other artists, discovered that there was something special about the paint used for the Mona Lisa. Specifically, the researchers found a rare compound, called plumbonacrite, in Leonardo's first layer of paint. The discovery confirmed that Leonardo most likely used lead oxide powder to thicken and help dry his paint as he began working on the portrait. He is thought to have dried the powder, which has an orange colour, in linseed or walnut oil by heating the mixture to make a thicker, faster-drying paste. "What you will obtain is an oil that has a very nice golden colour," Gonzalez said. "It flows more like honey." Carmen Bambach, a specialist in Italian art and curator at New York's Metropolitan Museum of Art, who was not involved in the study, called the research "very exciting". She emphasised that any scientifically proven new insights into Leonardo's painting techniques are "extremely important news for the art world and our larger global society." Finding plumbonacrite in the Mona Lisa attests "to Leonardo's spirit of passionate and constant experimentation as a painter—it is what renders him timeless and modern," Bambach said. The paint fragment Gonzalez and his team analysed for their study was taken from the base layer of the painting and was barely visible to the naked eye. It was no larger than the diameter of a human hair, and came from the top right-hand edge of the picture that now takes pride of place in Paris’s Louvre Museum. The scientists peered into the sample’s atomic structure using X-rays in a synchrotron – a large machine that accelerates particles to almost the speed of light. This allowed them to unravel the speck's chemical makeup and detect the plumbonacrite. The compound is a byproduct of lead oxide, allowing the researchers to say with more certainty that Leonardo likely used the powder in his paint recipe. "Plumbonacrite is really a fingerprint of his recipe," Gonzalez said. "It's the first time we can actually chemically confirm it." After Leonardo, Dutch master Rembrandt may have used a similar recipe when he was painting in the 17th century; Gonzalez and other researchers have previously found plumbonacrite in his work, too. "It tells us also that those recipes were passed on for centuries," Gonzalez said. "It was a very good recipe." Still, the ‘Mona Lisa’—said by the Louvre to be a portrait of Lisa Gherardini, the wife of a Florentine silk merchant—and other works by Leonardo still have other secrets to tell. "There are plenty, plenty more things to discover, for sure,” Gonzalez said. “We are barely scratching the surface.” Sign up for our free Indy100 weekly newsletter Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.

Binance users traded $90 billion of cryptocurrency related assets in a single month in China, where cryptocurrency trading

Qualcomm Inc., the world’s biggest supplier of smartphone chips, suffered its worst stock decline in a month after