
Xbox Brazil recalls Final Fantasy 7 Remake ad that hinted at game coming to Xbox
Xbox Brazil made a huge blunder that led fans to believe the game was coming to the Xbox.
2023-08-15 19:55

World’s largest crypto exchange pays $4.3bn to settle federal cases as CEO resigns
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.
2023-11-22 10:51

Your paycheck could clear faster now that the FedNow instant payment service for banks has launched
The Federal Reserve has launched a new instant payment service that allows banks and credit unions to sign up to send real-time payments so they can offer customers a quicker way to send money between banks
2023-07-20 22:49

Instagram back online after hours of global outages
Instagram was restored online after experiencing global outages, the social media company said. Down Detector, a website that tracks outages, reported 56,628 reports at around 11pm on Sunday. The Down Detector location map showed the outages spread across the UK with reports of outages coming from the US and Australia as well. Instagram said at 1.19am on Monday that the issue which had caused the outage had been resolved. The photo and video networking service appeared to be online again before 1am with reports of the outages dropping to less than 500 by 1:.. According to Down Detector, 92% of the outages were on the app, 6% via the website and 2% on the login. Users could not refresh their feed or post during the outages. It came after Instagram experienced an outage on March 9 where thousands of users reported similar issues.
2023-05-22 09:18

Why Chinese students are taking graduation photos looking 'more dead than alive'
One photo shows the young woman sprawled facedown on the ground in a graduation gown, her tasseled cap discarded to the side. Others show her slumped over a chair, collapsed against a wall, and hanging listlessly over a staircase banister.
2023-06-24 07:52

Adin Ross opens auditions for warehouse streaming battle with $150K Kick deal, Internet says 'this should be fun'
Adin Ross revealed that prospective participants must be prepared to commit to streaming daily for a consecutive span of 250 days
2023-08-07 16:47

Master ChatGPT for business with this course bundle, just $30
TL;DR: As of Aug. 28, get the 2023 ChatGPT for Business Mastery Bundle for only
2023-08-28 17:58

ChatGPT has an Android app now
OpenAI just released a ChatGPT app for Android. The app is available for download in
2023-07-26 01:53

LG Electronics says it aims to achieve $77 billion in sales by 2030
SEOUL LG Electronics said on Wednesday it is targetting 100 trillion won ($77 billion) in sales by 2030
2023-07-12 08:50

Musk admits X may be doomed to fail as new glitch wipes out pictures from former Twitter platform
Elon Musk, the owner of X – the company formerly known as Twitter – said on Saturday that the social media platform “may fail” as a new glitch wiped out most pictures tweeted before December 2014. “The sad truth is that there are no great ‘social networks’ right now. We may fail, as so many have predicted, but we will try our best to make there be at least one,” Mr Musk posted on X. Since his take-over of the company for $44bn, the multibillionaire has tried to shake things up, introducing radical new changes to the platform, from laying off over three-fourths of Twitter’s workforce to his latest statement that the platform’s feature to block other user profiles would be removed. The platform, being rebranded as X, has also suffered blackouts and glitches in recent times with the latest one appearing to affect tweets with pictures and links published prior to December 2014. X appeared to have problems displaying old posts that came with attached images or hyperlinks converted using Twitter’s built-in web link shortener. Among the images initially lost was the famous “most retweeted” selfie from the 2014 Oscars by the event’s host and comedian Ellen DeGeneres. This image has since been restored, but most old tweets before December 2014 have broken short links instead of the actual media or links. “More vandalism from Elon Musk. Twitter has now removed all media posted before 2014. That’s - so far - almost a decade of pictures and videos from the early 2000s removed from the service,” Brazilian YouTuber Tom Coates posted on Twitter. The glitch comes after Mr Musk’s X intentionally slowed down access to the sites of rival social media platforms such as Threads, Facebook, and Instagram, as well as those of news organisations like New York Times last week. X seemed to add a delay of about five seconds when people clicked on links to go elsewhere on the web. There are speculations that the latest glitch preventing access to old images could be due to X trying to recover more server space, but this might also not be an intentional move carried out for cost-cutting purposes. Some people also appear to be able to view their old images back again, but it remains unclear why the glitch occurred in the first place. Read More Musk vows to remove blocking function from X/Twitter as new logo debuted Elon Musk says ability to block other X accounts may be removed in future Elon Musk’s X now sorts posts on accounts based on number of likes, not by chronology Musk vows to remove blocking function from X/Twitter as new logo debuted X now sorts posts on accounts based on number of likes, not by chronology Musk’s Twitter takeover sparks mass exodus of climate experts
2023-08-21 12:48

Musk Ultimatum to Taiwan Imperils Its Push to War-Proof Internet
All that stands between Taiwan and a near-total internet blackout are 14 undersea cables — a network that
2023-07-07 00:22

Supreme Court could soon rule on Biden's student loan forgiveness program. Here's what borrowers need to know
Millions of borrowers may learn soon whether they could receive up to $20,000 in debt relief under President Joe Biden's student loan forgiveness program. The fate of the debt cancellation program lies with the Supreme Court, which is expected to rule in late June or early July.
2023-06-14 17:19
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