Filed in the U.S. District Court for the District of Columbia, the Securities and Exchange Commission lawsuit this week lists thirteen charges against the firm - including commingling and divert customer assets to an entity Zhao owned called Sigma Chain.
Binance is a Cayman Islands limited liability company founded by Zhao and the charges are familiar to practices uncovered after the collapse of the second largest cryptocurrency exchange, FTX, last year.
The lawsuit lays out the extent to which the firms owners knew of the alleged legal violations: "Binance's CCO bluntly admitted to another Binance compliance officer in December 2018, "we are operating as a fking unlicensed securities exchange in the USA bro!"
SEC Chair Gary Gensler in a written statement that Zhao and Binance "engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law."
Denne historien er fra Techlife News #606-utgaven av Techlife News.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra Techlife News #606-utgaven av Techlife News.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Google's AI Model Faces European Union Scrutiny From Privacy Watchdog - European Union regulators said Thursday they're investigating one of Google's artificial intelligence models over concerns about its compliance with the bloc's strict data privacy rules.
European Union regulators said Thursday they’re investigating one of Google’s artificial intelligence models over concerns about its compliance with the bloc’s strict data privacy rules. The Irish watchdog said earlier this month that Elon Musk’s social media platform X has agreed to permanently stop processing user data for its AI chatbot Grok. The platform did so only after the watchdog took it to court the month before, filing an urgent High Court application to get X to “suspend, restrict or prohibit” processing of personal data contained in public posts by its users.
AUSTRALIA PROPOSES LEGAL MINIMUM AGE FOR CHILDREN ACCESSING SOCIAL MEDIA
The Australian government this week promised to legislate this year to enforce a minimum age for children to access social media, but it has yet to announce how ages will be verified.
SWEDEN JOINS COUNTRIES SEEKING TO END SCREEN TIME FOR CHILDREN UNDER 2
Sweden says children under the age of 2 should not be exposed to any digital screens.
EU'S TOP COURT DISMISSES APPLE'S FINAL APPEAL AGAINST ORDER TO PAY IRELAND 13B EUROS IN BACK TAXES
Apple this week lost its last bid to avoid paying 13 billion euros ($14.34 billion) in back taxes to Ireland, in a finale to a dispute with the European Union that centered on sweetheart deals that Dublin was offering to attract multinational businesses with minimal taxes across the 27-nation bloc. The final decision by the EU’s top court was quickly hailed as a landmark victory over corporate greed.
GOOGLE AND APPLE LOSE THEIR COURT FIGHTS AGAINST THE EU AND OWE BILLIONS IN FINES AND TAXES
Google lost its last bid to overturn a European Union antitrust penalty, after the bloc's top court ruled against it Tuesday in a case that came with a whopping fine and helped jumpstart an era of intensifying scrutiny for Big Tech companies.
US POSTAL SERVICE SQUEEZE ON SHIPPING CONSOLIDATORS COULD RAISE CONSUMER COSTS
The U.S. Postal Service said this week that it is ending discounts that shipping consolidators such as UPS and DHL use to get packages to the nation’s doorsteps, in a move meant to help the Postal Service slow losses but that could see the higher costs passed on to consumers.
TELEGRAM CEO DEFENDS HIMSELF AGAINST FRENCH CHARGES IN FIRST PUBLIC COMMENTS
Telegram founder and CEO Pavel Durov promised to step up efforts to fight criminality on the messaging app, his first public comments since French authorities handed him preliminary charges for allegedly allowing the platform's use for criminal activity.
JAMES EARL JONES' DARTH VADER VOICE LIVES ON THROUGH AI.VOICE ACTORS SEE PROMISE AND PERIL IN THAT
Over the course of an acting career that spanned more than six decades, James Earl Jones' voice became an indelible piece of his work as a performer.
GOOGLE FACES A NEW ANTITRUST TRIAL AFTER RULING DECLARING SEARCH ENGINE A MONOPOLY
One month after a judge declared Google's search engine an illegal monopoly, the tech giant faces another antitrust lawsuit that threatens to break up the company, this time over its advertising technology.
A CAPSULE HAS BEEN PROPELLED THROUGH A HYPERLOOP TEST TUBE IN A STEP FORWARD FOR THE TRANSIT SYSTEM
Hyperloop, a new form of mass transit involving capsules whizzing on magnetic fields through depressurized tubes, has achieved significant liftoff in the northern Netherlands, a company developing the technology said Monday.
