Microsoft faces multibillion-dollar fine in EU over Bing AI
The company could be fined as much as 1% of its annual revenue if it doesn’t respond by May 27.
The company could be fined as much as 1% of its annual revenue if it doesn’t respond by May 27.
The scammers convinced victims to transfer millions of dollars into U.S. bank accounts, which were then used to launder the illicit funds.
The Australian Securities and Exchange Commission claims that John Louis Anthony Bigatton promoted the crypto lending platform at four seminars and via two social media posts.
The U.S. Congress bipartisan vote has overwhelmingly demonstrated its rejection of the SEC’s SAB 121. President Biden threatened to veto the overruling. Will the executive branch overthrow Congress’s decision?
Binance's Financial Crimes Compliance (FCC) department recently collaborated with Taiwan's Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office. The joint effort led to the successful resolution of a substantial criminal case involving money laundering through virtual assets, worth nearly NT$200 million. Binance was instrumental in the investigation, providing crucial insight and assistance to Taiwanese authorities. The case revolved around illegal operators who facilitated scam groups in money laundering through virtual assets, using fake customer conversation records, remittance proofs, and falsified identity verification data to appear legitimate. Upon request, Binance cooperated promptly, establishing a cross-border online meeting with the investigating officers and prosecutors, where Binance's seasoned FCC teams furnished valuable recommendations based on cryptocurrency flow analyses. This collaboration helped detect potential suspects more effectively. Prosecutor Lo Wei-yuan of the Taipei District Prosecutors Office indicted nine suspects charged with aggravated fraud, violation of the Money Laundering Control Act, and organized crime prevention regulations. The successful operation underscores the importance of public-private collaboration in combating financial crimes. Binance's cooperation with global law enforcement agencies fortifies its commitment to counter financial crime and safeguard the digital-asset ecosystem. Binance has also assisted with international law enforcement collaborations in the Netherlands and India. In its capacity as an industry leader, Binance remains diligent in user protection and cooperation with global law enforcement to champion the safety of the worldwide digital-asset ecosystem.
According to Jinshi report: The Consumer Price Index (CPI) in April recorded a marginal month-on-month increment in the prices of water, gas, and train tickets. Prices for these commodities rose by 0.1%, 0.1%, and 0.2% respectively, while electricity prices witnessed no change. This price shuffle resulted in a minimal impact on the overall CPI, less than 0.01 percentage point. Alternatively, a year-on-year analysis revealed an increase in the prices of water by 0.9%, gas by 2.4%, and train tickets by 0.5%, while electricity prices remained stable. Amplifying collectively, these price changes caused the CPI to experience a negligible rise of approximately 0.02 percentage points.
In a recent development shedding light on the possible direction of U.S. monetary policy, several Federal Reserve officials have advocated maintaining high interest rates for an extended duration. The statement signifies that Federal officials are not inclined to hasten any rate cuts. According to King Ten, Cleveland Fed President Mester, New York Fed President Williams, and Richmond Fed President Barkin all expressed on Thursday that the process of inflation reaching the 2% target may take more time than anticipated. This viewpoint indicates a stance in favor of keeping interest rates higher for a while as officials wait for stronger evidence of inflation deceleration.
According to King Ten, CME's "Fed Watch" tool provides insightful data, predicting that the U.S. Federal Reserve is highly likely to keep interest rates the same for the foreseeable future. In June, it forecasts a 91.3% chance that interest rates will remain unchanged and a relatively small 8.7% probability of an interest rate cut of 25 basis points. Looking a bit further, the "Fed Watch" tool also predicts a 68.6% chance of unchanged interest rates until August, a 29.2% probability of a cumulative 25 basis point rate cut, and a mere 2.2% likelihood of a more significant cumulative rate cut of 50 basis points.
On April 30, a judge sentenced the former Binance CEO to four months in federal prison but did not set a reporting date at his hearing.
Project DESFT is meant to encourage trade between small businesses using a CBDC and a stablecoin, emphasizing credentialing.