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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.

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X, formerly known as Twitter, filed a federal defamation suit on Monday in Texas against Media Matters for America, accusing the media watchdog group of kicking off an advertiser exodus with a “harmful” article alleging the social network let top brands display ads near antisemitic and pro-Nazi posts. The liberal-leaning media observer allegedly curated a feed specifically with fringe accounts and those belonging to corporations like IBM, Comcast, Apple, and Oracle, then displayed screenshots of the unsavoury posts appearing near company ads in a critical article, according to the lawsuit. The Media Matters analysis, published last week, also alleges that X owner Elon Musk has increasingly begun a “descent into white nationalist and antisemitic conspiracy theories.” The lawsuit does not dispute that some top brands’ ads were featured near the inflammatory content. Rather, it suggests Media Matters gamed X to produce extremely unlikely pairings that are usually screened out by the service’s advertising tools, alleging that one harmful match appeared for “only one viewer (out of more than 500 million) on all of X: Media Matters.” “Not a single authentic user of the X platform saw IBM’s, Comcast’s or Oracle’s ads next to that content, which Media Matters achieved only through its manipulation of X’s algorithms,” the suit continues. “Media Matters created these pairings in secrecy, to manufacture the harmful perception that X is at best an incompetent content moderator (a harmful accusation for any social media platform), or even worse that X was somehow indifferent or even encouraging to Nazi and racist ideology,” the suit argues elsewhere. Media Matters told The Independent in a statement that its analysis of X and its content policies remains valid. “This is a frivolous lawsuit meant to bully X’s critics into silence,” Media Matters President Angelo Carusone said in the statement. “Media Matters stands behind its reporting and looks forward to winning in court.” Top executives at X have railed against Media Matters in recent days. “If you know me, you know I’m committed to truth and fairness. Here’s the truth,” Linda Yaccarino wrote on X on Monday. “Not a single authentic user on X saw IBM’s, Comcast’s, or Oracle’s ads next to the content in Media Matters’ article. Only 2 users saw Apple’s ad next to the content, at least one of which was Media Matters. Data wins over manipulation or allegations.” Mr Musk, meanwhile, called the organisation “pure evil” in an X post of his own. Outside of the disputed accuracy of the Media Matters report, Mr Musk has openly endorsed a right-wing conspiracy theory on X in recent days, prompting criticism that he’s fueling antisemitism. Last Wednesday, the billionaire X owner responded to a tweet echoing claims of the racist and often antisemitic “great replacement” theory, including that Jewish people were “flooding” America with “hordes of minorities” to promote “dialectical hatred against whites.” Mr Musk called the claim “the actual truth.” The theory referenced in the original post was among the hateful ideas directly referenced by the gunman who killed 11 people at a Pittsburgh synagogue in 2018, the deadliest antisemitic attack in US history. “At a time when antisemitism is exploding in America and surging around the world, it is indisputably dangerous to use one’s influence to validate and promote antisemitic theories,” Jonathan Greenblatt, CEO of the Anti-Defamation League civil rights group, which monitors antisemitism and other forms of extremism, wrote on X in response to Mr Musk. The White House also weighed in, alleging the tech CEO was contributing to the spread of “abhorrent promotion of antisemitic and racist hate.” “It is unacceptable to repeat the hideous lie behind the most fatal act of antisemitism in American history at any time, let alone one month after the deadliest day for the Jewish people since the Holocaust,” the White House said in a statement. The Independent contacted Mr Musk during the backlash against his response to the post and did not receive an answer. Amid the controversy, Mr Musk has alternatively defended X’s content policies and appeared to mock critics who allege the network is harbouring hateful content. Last week, he shared a clip of someone playing a video game level called “Echo of Hatred,” with the caption “defeating hatred is never easy.” “Clear calls for extreme violence are against our terms of service and will result in suspension,” he wrote elsewhere on X on Friday. This summer, a study from the Center for Countering Digital Hate alleged X failed to take down 99 per cent of a selection of hate content flagged by the group. The group alleged that “the platform is allowing them to break its rules with impunity and is even algorithmically boosting their toxic tweets.” Read More Musk's X sues liberal advocacy group Media Matters over its report on ads next to hate groups' posts Elon Musk and Trump aide want journalists jailed over X Hitler exposé IBM pulls ads from Elon Musk's X after report says they appeared next to antisemitic posts Dates and venues for three 2024 presidential debates announced 2024 polls: Three presidential debates revealed for next year Torso found washed up on New York beach could be missing Irish filmmaker: NYPD

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An adviser to former president Donald Trump, Elon Musk and Missouri Attorney General Andrew Bailey have called for journalists at Media Matters to be jailed over a report which sparked an antisemitism row on X. The row began after Media Matters reported that adverts from big brands including IBM, Apple, Oracle and Bravo were running next to pro-Hitler and antisemitic content on Mr Musk’s social media platform. The revelation prompted a series of major companies – including Disney, Apple and IBM – to pull advertising from X, while Mr Musk responded by threatening to file a “thermonuclear lawsuit against Media Matters and all those who colluded in this fraudulent attack on our company”. X executive Joe Benarroch also pushed back, saying that the research strategy used by Media Matters to uncover the content placed next to company adverts was not representative of how regular people use its platform. The organisation had followed accounts that posted the content, then refreshed the X timeline until adverts appeared, Mr Benarroch claimed. “50 impressions served against the content in the article, out of 5.5 billion served the whole day, points to the fact of how efficiently our model avoids content for advertiser,” he said in a statement posted to X. “Data wins over allegations.” Mr Trump’s adviser Stephen Miller, whose politics have been described as far-right, has now also waded into the drama on X, claiming the report was “fraudulent” and suggesting journalists at the left-leaning non-profit group had committed crimes. “Fraud is both a civil and criminal violation,” he said. Mr Musk responded to Mr Miller’s post, chiming in: “Interesting. Both civil and criminal.” AG Bailey also joined in, saying: “My team is looking into this matter.” The Independent has reached out to Media Matters for comment. The organisation previously called Mr Musk’s lawsuit “meritless” and “an attempt to silence reporting that he even confirmed is accurate”. “Musk admitted the ads at issue ran alongside the pro-Nazi content we identified. If he does sue us, we will win,” the non-profit said. Since Mr Musk’s $44bn acquisition of X closed last year, he has relaxed moderation policies on X and cut many staff involved with safety on the platform. An X spokesperson told The Independent the company did not intentionally place the adverts next to the posts from the antisemitic accounts, which have now been demonetised, meaning advertising can no longer run on their profiles. Since taking over the company, Mr Musk has come under fire on multiple occasions over content that promotes antisemitism. On Wednesday, Mr Musk, the self-described “free-speech absolutist”, sparked outrage when he said a post which promoted an antisemitic theory was “the actual truth”. A social media user had appeared to push the “great replacement” conspiracy theory on X, claiming that Jewish communities “have been pushing the exact kind of dialectical hatred against whites that they claim to want people to stop using against them”. “I’m deeply disinterested in giving the tiniest s*** now about Western Jewish populations coming to the disturbing realisation that those hordes of minorities that support flooding their country don’t exactly like them too much. You want truth said to your face, there it is,” the post added. Mr Musk’s responded by writing: “You have said the actual truth.” His response received praise from white nationalist Nick Fuentes – while prompting widespread backlash from dozens more online, with many accusing him of antisemtism. He later responded to the accusations of antisemitism, insisting “nothing could be further from the truth”. “This past week, there were hundreds of bogus media stories claiming that I am antisemitic. Nothing could be further from the truth,” he wrote. “I wish only the best for humanity and a prosperous and exciting future for all.” This came after an earlier scandal in the days after the 7 October Hamas attacks on Israel, where Mr Musk was forced to delete a post in which he amplified an account widely accused of antisemitism and promoted debunked videos as reliable sources of information about the attack. Last year, advocacy organisation the American Jewish Committee called on Mr Musk to apologise over a controversial post that made a satirical comparison between Canadian Prime Minister Justin Trudeau and Adolf Hitler. Mr Musk has previously insisted that he is “pro free speech” but against antisemitism “of any kind”. In September, he threatened to sue the Anti-Defamation League – a century-old NGO that describes itself as the “leading anti-hate organisation in the world” – after the organisation accused him of antisemitism. 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Since Elon Musk took over Twitter last year and converted it into X, critics have warned that his plans for the popular social network could lead to an explosion of hate on the platform. Now, blue-chip advertisers like Apple and Disney are reportedly fleeing X amid an outbreak of antisemitic content on the site — including posts from the billionaire owner himself. X’s content policy ostensibly forbids “targeting individuals or groups with content that references forms of violence or violent events where a protected category was the primary target or victims, where the intent is to harass” including “text that refers to or depicts…genocides, (e.g., the Holocaust),” but antisemitic and pro-Nazi content continues to appear on the network. Mr Musk attracted widespread condemnation on Wednesday when he responded to a tweet echoing claims of the racist and often antisemitic “great replacement” theory, including that Jewish people were “flooding” America with “hordes of minorities” to promote “dialectical hatred against whites, calling the claim “the actual truth.” That theory was among the hateful ideas directly referenced by the gunman who killed 11 people at a Pittsburgh synagogue in 2018, the deadliest antisemitic attack in US history. Later, Mr Musk singled out the Anti-Defamation League, a civil rights advocacy group that monitors antisemitism and forms of extremism, claiming the group promotes “de facto anti-white racism.” ADL CEO responded to the claims, calling them “dangerous.” “At a time when antisemitism is exploding in America and surging around the world, it is indisputably dangerous to use one’s influence to validate and promote antisemitic theories,” he wrote on X. The White House also weighed in, accusing the tech CEO of spreading “abhorrent promotion of antisemitic and racist hate.” “It is unacceptable to repeat the hideous lie behind the most fatal act of antisemitism in American history at any time, let alone one month after the deadliest day for the Jewish people since the Holocaust,” the White House said in a statement. But the controversy was only just beginning. The following day, Media Matters for America, a left-leaning media watchdog group, published an analysis showing advertisements from major brands like Apple, NBCUniversal, IBM, and Oracle appearing alongside openly pro-Nazi tweets on X. In one example, a post claiming Hitler and the Nazis represented a “spiritual awakening” appeared right above an ad for Apple’s Mac computers. Taken together, amid the already tense cultural backdrop of the Israel-Hamas war, seemed to be a breaking point for major advertisers, who were already wary of what the new X/Twitter would look like. On Thursday, IBM told the Financial Times it had “suspended all advertising on X while we investigate this entirely unacceptable situation.” A source at Apple told Axios that the company was doing the same, and a Lions Gate Entertainment spokesperson confirmed that it too was joining the exodus. Disney has also paused spending on X, The New York Times reports. The Independent has contacted X for comment. Company leaders at X have appeared alternatively apologetic and nonchalant. “X’s point of view has always been very clear that discrimination by everyone should STOP across the board – I think that’s something we can and should all agree on,” CEO Linda Yaccarino wrote on Thursday on X. “When it comes to this platform – X has also been extremely clear about our efforts to combat antisemitism and discrimination. There’s no place for it anywhere in the world – it’s ugly and wrong.” Mr Musk, for his part, alternated between jokes and explanations. He shared a clip of someone playing a video game level called “Echo of Hatred,” with the caption “defeating hatred is never easy,” while also endorsing a post about a book that claims IBM punch-card technology enabled the Nazis to carry out the Holocaust. “Clear calls for extreme violence are against our terms of service and will result in suspension,” he wrote elsewhere on X on Friday. Though this week has taken controversy on X to new heights, it’s not the first time the social network has been accused of enabling antisemitism. In September, Mr Musk threatened to sue the ADL, blaming the watchdog group for “trying to kill this platform” with accusations of antisemitism. “To be super clear, I’m pro free speech, but against anti-Semitism of any kind,” he added. At the time, the ADL told The Independent it wouldn’t comment on legal threats, but noted Mr Musk happened to be working on the same side as a “Ban the ADL” campaign created by self-described antisemites. “ADL is unsurprised yet undeterred that antisemites, white supremacists, conspiracy theorists and other trolls have launched a coordinated attack on our organisation. This type of thing is nothing new,” the ADL spokesperson said. “Such insidious efforts don’t daunt us. Instead, they drive us to be unflinching in our commitment to fight hate in all its forms and ensure the safety of Jewish communities and other marginalised groups.” Elsewhere, the network has been accused in recent days of allowing neo-Nazis to profit from X’s creator revenue-sharing programme. This summer, a study from the Center for Countering Digital Hate alleged X failed to take down 99 per cent of a selection of hate content flagged by the group. The group alleged that “the platform is allowing them to break its rules with impunity and is even algorithmically boosting their toxic tweets.” X disputes the findings. Read More White House condemns Elon Musk’s ‘abhorrent’ promotion of antisemitism IBM pulls ads from Elon Musk's X after report says they appeared next to antisemitic posts IBM suspends advertising on X after appearing next to pro-Nazi posts Corporate, global leaders peer into a future expected to be reshaped by AI, for better or worse Elon Musk under fire for calling antisemitic conspiracy theory the ‘actual truth’ Starmer accuses Sunak of ‘fanboying’ over Elon Musk in heated exchange

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