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.

Broadway and the touring theater community seem to have avoided a labor disruption like the one that has silenced the film and television industry

If the UK doesn’t significantly ramp up renewables investment at a time when oil and gas is in

MINNEAPOLIS--(BUSINESS WIRE)--Jul 26, 2023--

Chinese firms are lining up to invest in South Korea’s battery industry because they want to use it

"Never Have I Ever" star Maitreyi Ramakrishnan spoke to CNN ahead of the final season premiere about how it feels to be done with the series, what it was like to have Mindy Kaling as a first boss and what a show like this would have meant for her growing up.

Porcelain figurines, a white faux-leather sofa and a foosball table: these are among the items in a House of Savoy auction, providing a rare glimpse...

Michael O’Neill believes Ethan Galbraith can raise his level after leaving Manchester United as a free agent this summer. The 22-year-old midfielder is hoping he can this week add to his two Northern Ireland caps – he earned the last of them back in 2020 – after being called into O’Neill’s squad for Euro 2024 qualifiers away to Denmark and at home to Kazakhstan despite his uncertain club future. Galbraith made only one senior appearance in six years with United, featuring in the Europa League in 2019 under Ole Gunnar Solskjaer, but has no shortage of potential suitors after impressing during loan spells at Doncaster and Salford in the past two seasons. O’Neill, who said he had received “a number of phone calls” from clubs asking after Galbraith, said it was now up to the player to choose a team where he can establish himself. “He’s now in the next phase of his career, when you maybe see the best of a player in his career when he’s not a loan player,” O’Neill said. “He’s spent the last two years as a loan player, initially at Doncaster and then Salford. But now I suppose in a way, the safety net of Manchester United is pulled away. “I know that from dealing with loan players at Stoke and sometimes you get the best version of a player in that situation. “I think Ethan knows that, we’ve had a conversation about that. What’s important for Ethan is what he chooses to do next but what he’s shown us in the last few weeks is that his appetite for the game is there, he’s a quality player and he’s demonstrated his quality on the ball. “He just needs to find the right club with the right manager to get the best out of him.” What’s important for Ethan is what he chooses to do next but what he’s shown us in the last few weeks is that his appetite for the game is there, he’s a quality player and he’s demonstrated his quality on the ball Michael O'Neill on Ethan Galbraith Galbraith’s return to the Northern Ireland senior squad comes at a time when O’Neill remains without several regulars through injury. Jonny Evans has returned but Steven Davis, Stuart Dallas, Corry Evans, Liam Boyce, Josh Magennis, Conor Washington and Shane Ferguson remain sidelined, with O’Neill once again relying on youth to keep qualification hopes alive. Among the five uncapped players in the squad is 23-year-old forward Lee Bonis, who is attracting interest in England himself after his 15 goals in 36 appearances helped Larne claim the Irish League title in April. Bonis was among several fresh faces called into post-season training camps by O’Neill as he ran the rule over candidates to plug the gaps in his squad. It was an opportunity he seized, finding out last week he was in the squad when he got an email while on a bus back from camp. “I was looking to go to sleep, but after that it was all a bit of a shock,” Bonis said with a laugh. “(My friends and family) were delighted for me to be fair, because they knew I always wanted to play for my country. It’s a big, massive step. But they’re not even asking how I am, they’re asking how everybody else is. ‘What’s Jonny like? What’s Craig (Cathcart) like?’ But they’re all happy for me.” O’Neill has already compared Bonis with Blackpool forward Shayne Lavery, himself back in the squad after injury, suggesting he could go to England and make a similar impact despite only turning professional 18 months ago. “I played with Shayne when I was younger,” said Bonis, recalling their time together at Portadown. “He was a workhorse. I think everyone agrees if you work hard you’ll get your rewards. I’ve always been told to run the defence riot. If you work hard you’ll get the ball back and then you’ll have a chance.” Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live Kylian Mbappe tells Paris St Germain he will not extend his contract – reports Matt Fitzpatrick fully focused on US Open defence despite confusion over merger Jack Grealish revels as Manchester City parade treble

K-beauty, for all its influence across the world, is largely misunderstood by the uninitiated. Often, it’s defined by its most intriguing, eye-catching, and out-there ingredients (snail mucin anyone?), or futuristic, sci-fi looking products destined for social media clout (see Dr. Jart+’s slightly terrifying Cryo Rubber Mask). For many, the only thing they know is the complicated 10-step skincare routines. But that is only a partial glimpse into the juggernaut that is K-Beauty -– and some of it is outright fiction. I have to admit, I was guilty of believing much of this. That is until I sat down with Jin Kwon, K-beauty expert and founder of TONIC15: the go-to shopping destination in the UK and Europe.

A pastor locked himself in a cage with three lions to demonstrate his ‘divine protection’ like the biblical story of Daniel. The religious leader even invited his congregation to the animal park to witness the stunt. According to local media, the pastor, whose identity is still unknown, wanted to prove that “nothing can happen to a man of God”. The clip shows the pastor, seen wearing a bright blue suit, stroking the growling lions in their enclosure in Nigeria. At one point, he even puts his arm in one lion’s mouth before looking confidently at the camera. It appears as though the Nigerian pastor was recreating the biblical story of Daniel, who was thrown into a lion’s den and came out unscathed thanks to the hand of God. After the footage went viral, Kenyan MP Ronald Karauri, 45, offered to pay for the pastor to be sent to the Maasai Mara National Reserve to try the stunt with wild lions. The MP said: “I volunteer to take him to the Maasai Mara please, all expenses paid. “We look for the lions and he can go walk with them.” One local commented: “I challenge him to do that at Maasai Mara!” Another said: “Those are not lions, they are lion cubs. Big difference.” Someone else wrote: “Oh Yeah! Lemme bring my dog and lock him up with it for one minute.” Another local suggested: “He went in just after they were fed.” Erik remarked: “Why are the growls added over the natural soundtrack?” Bill commented: “They should have taken him to the wild lions at the Kenyan park, those lions were given drugs.” 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.

Paramedics in Baja California Sur who responded to the report of an American couple deceased in their hotel room said they felt symptoms consistent with carbon monoxide poisoning when they entered the room. Fernando Valencia and his partner were called to the Hotel Rancho Pescadero in El Pescadero around 9pm on Tuesday (13 June) after receiving reports that two Americans were unconscious. Upon arriving, Mr Valencia said he and his partner felt “dizzy” when they entered the room where they found 28-year-old Abby Lutz and 41-year-old John Heathco dead. “We went out of the room as soon as possible … I was afraid for my partner because my first thought in my mind was ‘are we going to die?’” Mr Valencia told Good Morning America. Lutz and Heathco were on a vacation in Mexico when they began to experience what Lutz’s family said are symptoms consistent with food poisoning. The two went to the hospital to seek treatment and by Monday (12 June) were feeling better. Between the time that Lutz texted her father on Monday and Tuesday evening, the couple died of “intoxication” by an unknown substance, according to the Baja California Sur attorney general’s office. Lutz’s family said they were told the couple’s deaths were due to “improper venting of the resort” with the possibility that it could be carbon monoxide poisoning. Mr Valencia called walking into the room “one of the worst experiences” of his life. He was especially worried for his and his partner’s health because he was working with his sister. The Baja California Sur attorney general’s office said in a statement that Lutz and Heathco had been dead between 10 and 11 hours by the time paramedics arrived. There were no signs of physical violence. In a statement provided to The Independent, Henar Gil, the general manager of Rancho Pescadero – a Hyatt property – said: “We are truly heartbroken by this terrible tragedy. Our hearts are with the impacted families and loved ones during this unimaginable loss.” “Local authorities are still actively investigating the situation, and the safety and security of our guests and colleagues remains a top priority, as always. We can confirm there was no evidence of violence related to this situation, and we are not aware of any threat to guests’ safety or wellbeing,” Ms Gil said. She added “We are working to care for those who have been impacted and we are working closely with authorities as they conduct their investigation to understand the cause of death. Further inquiries should be directed to local authorities.” US Department of State spokesperson Matthew Miller said they are “closely monitoring the investigation” into Lutz and Heathco’s deaths in a news conference on Thursday (15 June). “We stand ready to provide any consular – any appropriate consular assistance,” Mr Miller added. Read More An American couple were found dead at a luxury hotel in Mexico. Family fear they were poisoned Two Americans found dead in luxurious Baja California Sur hotel as family suspects carbon monoxide poisoning Thousands of dead fish wash up in Texas after overheated water chokes them of oxygen

Major League Soccer fans will have to wait a little longer for Lionel Messi’s first regular-season match with Inter Miami