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.

A year after Hurricane Ian ripped through southwest Florida, wealthy risk-takers are transforming one beach town. In Fort

STAMFORD, Conn.--(BUSINESS WIRE)--May 31, 2023--

WASHINGTON The U.S. Securities and Exchange Commission on Tuesday requested a federal court put in place a temporary

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Nasa has released the most colourful picture of the universe ever made. The space agency created the image by combining data from the James Webb and Hubble space telescopes to capture light that has never been seen before in one image. The picture shows the galaxy cluster known as MACS0416, which is about 4.3 billion light years from Earth. The reds, blues and bright yellows of the picture represent one of the most comprehensive views of the universe ever taken, Nasa said. The colours represent the wavelengths of light captured, going from the shortest in blue to the longest in red. Those colours also help show the distances of those galaxies. Those galaxies that are closer and more active tend to be blue, while the red ones are further away – though some are also red because the vast amount of cosmic dust in the galaxy absorbs the blue of the light from stars. It was created by gathering both visible and infrared light captured by both telescopes. The original imagery was taken by Hubble in 2014, which captured some of the faintest and youngest galaxies ever detected, and it was then combined with Webb’s infrared data to look even further into the early universe. As well as making for a stunning image, researchers are already studying the data used to create it to examine the galaxy cluster and what it might mean for the universe as a whole. The Webb observations can be used to find “transients”, which are objects that change brightness over time. In the image there are some 14 transients – most of which are likely to be individual stars that are becoming brighter, with a minority that are thought to be supernovae. “We’re calling MACS0416 the Christmas Tree Galaxy Cluster, both because it’s so colorful and because of these flickering lights we find within it. We can see transients everywhere,” said Haojing Yan of the University of Missouri in Columbia, lead author of one paper describing the scientific results. One of them in particular is notable, and has been named Mothra. The object is being magnified by up to 4,000 by a process called gravitational lensing – and is notable because it was in both the new Webb images and the original Hubble ones. Scientists still don’t know how that could happen, since the alignment of galaxy clusters and stars needed to magnify something that much is delicate and would be expected to change. Scientists believe that the likely explanation is another unseen object that could be up to a million times bigger than our Sun and is unidentified. “The most likely explanation is a globular star cluster that’s too faint for Webb to see directly,” stated Jose Diego of the Instituto de Física de Cantabria in Spain, lead author of the paper detailing the finding. “But we don’t know the true nature of this additional lens yet.” The findings are detailed in two new papers, one to be published in The Astrophysical Journal and another that already appears in Astronomy & Astrophysics. Read More Nasa gets ‘puzzling’ data back from spacecraft exploring distant object Nasa sending VR headset up to ISS to treat astronaut’s mental health All-UK space mission will ‘push boundaries of human knowledge’ All-female Nasa astronaut team departs International Space Station on spacewalk Watch: Nasa astronauts step out of ISS for spacewalk Jupiter has a creepy ‘face’ in haunting Halloween photo by NASA

FORT MYERS, Fla.--(BUSINESS WIRE)--Jun 16, 2023--

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