Business
Binance founder steps down, pleads guilty to anti-money-laundering charge on November 21, 2023 at 10:24 pm Business News | The Hill

Changpeng Zhao, the founder of cryptocurrency exchange Binance, stepped down from his chief executive role on Tuesday, after pleading guilty to failing to prevent money laundering on his company’s platform.
The entity that operates Binance, the world’s largest cryptocurrency exchange, also pled guilty on Tuesday to violating the Bank Secrecy Act (BSA), an anti-money laundering act, and other charges. In doing so, the crypto company agreed to pay over $4 billion, marking one of the largest corporate penalties in U.S. history, according to U.S. Attorney General Merrick Garland.
Zhao announced his decision to step down as Binance’s CEO on X, formerly known as Twitter, later on Tuesday, saying his choice is “best for our community, for Binance” and for himself.
“Binance is no longer a baby,” Zhao wrote. “It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has.”
The Justice Department said Zhao pled guilty to failing to maintain an effective anti-money laundering program, a violation of the BSA.
“Binance became the world’s largest cryptocurrency exchange in part because of the crimes it committed — now it is paying one of the largest corporate penalties in U.S. history,” Garland said. “The message here should be clear: using new technology to break the law does not make you a disruptor, it makes you a criminal.”
Binance, which launched in 2017, admitted to putting growth and profits over compliance with U.S. law, according to the Justice Department (DOJ), citing court documents.
In becoming the largest cryptocurrency exchange in the world, Binance’s greatest share of customers were from the United States, according to the DOJ. As part of serving U.S. costumers, the company was required to register with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) as a money services business, as well as establish a program to prevent money laundering on its platform.
“Binance chose not to comply with U.S. law and failed to implement controls and procedures to prevent money laundering,” the DOJ wrote in a statement, adding the company also did not put in place controls to prevent U.S. customers from conducting transactions with those in sanctioned jurisdictions.
In 2019, the company announced it would block U.S. customers and launched a separate U.S. exchange called Binance.US.
Binance, however, continued to maintain a “substantial” number of U.S. customers, specifically those who boosted the company’s trading volume and revenue, the DOJ said.
Federal prosecutors said U.S. users generated over $1.6 billion in profit for Binance between August 2017 and October 2022.
For years, Binance also did not file a suspicious activity report with the Treasury Department and allowed users to open accounts and trade without any information besides an email address, according to prosecutors.
The company was first accused of the U.S. security law violations over the summer, accusations that were similar to the practices revealed in last year’s collapse of FTX, the second largest cryptocurrency exchange, according to the Associated Press.
“Ever since Binance launched its convertible virtual currency platform, it has knowingly evaded the U.S. laws designed to protect these systems,” Treasury Secretary Janet Yellen said. “Binance was allowing illicit actors to transact freely, supporting activities from child sexual abuse, to illegal narcotics, to terrorism, across more than 100,000 transactions.”
Binance allowed Hamas’ military wing al-Qassam Brigades, Palestinian Islamic Jihad, the Islamic State of Iraq and Syria (ISIS), al-Qaeda and other criminals and money launderers to conduct transactions, according to the U.S. Treasury.
Richard Teng, Binance’s global head of regional markets, will replace Zhao in the role.
“Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth,” Zhao wrote on X, adding later he is “confident that the best days” “are ahead” for Binance and crypto industry.
The judge set Zhao’s sentencing for Feb. 23, though this could be delayed, according to The AP. He faces a guideline sentence range of up to 18 months.
Business, Binance, crypto, cryptocurrency Changpeng Zhao, the founder of cryptocurrency exchange Binance, stepped down from his chief executive role on Tuesday, after pleading guilty to failing to prevent money laundering on his company’s platform. The entity that operates Binance, the world’s largest cryptocurrency exchange, also pled guilty on Tuesday to violating the Bank Secrecy Act (BSA), an anti-money laundering…
Business
Why 9 Million Americans Have Left

The Growing American Exodus
Nearly 9 million Americans now live outside the United States—a number that rivals the population of several states and signals a profound shift in how people view the American dream. This mass migration isn’t confined to retirees or the wealthy. Thanks to remote work, digital nomad visas, and mounting pressures at home, young professionals, families, and business owners are increasingly joining the ranks of expats.

Rising Costs and Shrinking Wallets
Living in the US has become increasingly expensive. Weekly grocery bills topping $300 are not uncommon, and everyday items like coffee and beef have surged in price over the last year. Rent, utilities, and other essentials also continue to climb, leaving many Americans to cut meals or put off purchases just to make ends meet. In contrast, life in countries like Mexico or Costa Rica often costs just 50–60% of what it does in the US—without sacrificing comfort or quality.
Health Care Concerns Drive Migration
America’s health care system is a major trigger for relocation. Despite the fact that the US spends more per person on health care than any other country, millions struggle to access affordable treatment. Over half of Americans admit to delaying medical care due to cost, with households earning below $40,000 seeing this rate jump to 63%. Many expats point to countries such as Spain or Thailand, where health care is both affordable and accessible, as a major draw.

Seeking Safety Abroad
Public safety issues—especially violent crime and gun-related incidents—have made many Americans feel unsafe, even in their own communities. The 2024 Global Peace Index documents a decline in North America’s safety ratings, while families in major cities often prioritize teaching their children to avoid gun violence over simple street safety. In many overseas destinations, newly arrived American families report a significant improvement in their sense of security and peace of mind.
Tax Burdens and Bureaucracy
US tax laws extend abroad, requiring expats to file annual returns and comply with complicated rules through acts such as FATCA. For some, the burden of global tax compliance is so great that thousands relinquish their US citizenship each year simply to escape the paperwork and scrutiny.
The Digital Nomad Revolution
Remote work has unlocked new pathways for Americans. Over a quarter of all paid workdays in the US are now fully remote, and more than 40 countries offer digital nomad visas for foreign professionals. Many Americans are leveraging this opportunity to maintain their US incomes while cutting costs and upgrading their quality of life abroad.

Conclusion: Redefining the Dream
The mass departure of nearly 9 million Americans reveals deep cracks in what was once considered the land of opportunity. Escalating costs, inaccessible healthcare, safety concerns, and relentless bureaucracy have spurred a global search for better options. For millions, the modern American dream is no longer tied to a white-picket fence, but found in newfound freedom beyond America’s borders.
Business
Will Theaters Crush Streaming in Hollywood’s Next Act?

Hollywood is bracing for a pivotal comeback, and for movie lovers, it’s the kind of shake-up that could redefine the very culture of cinema. With the freshly merged Paramount-Skydance shaking up its strategy, CEO David Ellison’s announcement doesn’t just signal a change—it reignites the passion for moviegoing that built the magic of Hollywood in the first place.

Theatrical Experience Roars Back
Fans and insiders alike have felt the itch for more event movies. For years, streaming promised endless options, but fragmented attention left many longing for communal spectacle. Now, with Paramount-Skydance tripling its film output for the big screen, it’s clear: studio leaders believe there’s no substitute for the lights, the hush before the opening credits, and the collective thrill of reacting to Hollywood’s latest blockbusters. Ellison’s pivot away from streaming exclusives taps deep into what unites cinephiles—the lived experience of cinema as art and event, not just content.
Industry Pulse: From Crisis to Renaissance
On the financial front, the numbers are as electrifying as any plot twist. After years of doubt, the box office is roaring. AMC, the world’s largest theater chain, reports a staggering 26% spike in moviegoer attendance and 36% revenue growth in Q2 2025. That kind of momentum hasn’t been seen since the heyday of summer tentpoles—and it’s not just about more tickets sold. AMC’s strategy—premium screens, with IMAX and Dolby Cinema, curated concessions, and branded collectibles—has turned every new release into an event, driving per-customer profits up nearly 50% compared to pre-pandemic norms.
Blockbusters Lead the Culture
Forget the gloom of endless streaming drops; when films like Top Gun: Maverick, Mission: Impossible, Minecraft, and surprise hits like Weapons and Freakier Friday draw crowds, the industry—and movie fans—sit up and take notice. Movie-themed collectibles and concession innovations, from Barbie’s iconic pink car popcorn holders to anniversary tie-ins, have made each screening a moment worth remembering, blending nostalgia and discovery. The focus: high-impact, shared audience experiences that streaming can’t replicate.
Streaming’s Limits and Studio Strategy
Yes, streaming is still surging, but the tide may be turning. The biggest franchises, and the biggest cultural events, happen when audiences come together for a theatrical release. Paramount-Skydance’s shift signals to rivals that premium storytelling and box office spectacle are again at the center of Hollywood value creation. The result is not just higher profits for exhibitors like AMC, but a rebirth of movie-going as the ultimate destination for fans hungry for connection and cinematic adventure.

Future Forecast: Culture, Community, and Blockbuster Dreams
As PwC and others warn that box office totals may take years to fully catch up, movie lovers and industry leaders alike are betting that exclusive theatrical runs, enhanced viewing experiences, and fan-driven engagement are the ingredients for long-term recovery—and a new golden age. The Paramount-Skydance play is more than a business move; it’s a rallying cry for the art of the theatrical event. Expect more big bets, more surprises, and—finally—a long-overdue renaissance for the silver screen.
For those who believe in the power of cinema, it’s a thrilling second act—and the best seat in the house might be front and center once again.
Business
Why Are Influencers Getting $7K to Post About Israel?

Influencers are being paid as much as $7,000 per post by the Israeli government as part of an expansive and sophisticated digital propaganda campaign. This effort is designed to influence global public opinion—especially among younger social media users—about Israel’s actions in Gaza and to counter critical narratives about the ongoing humanitarian situation.

How Much Is Being Spent?
Recent reports confirm that Israel has dedicated more than $40 million this year to social media and digital influence campaigns, targeting popular platforms such as TikTok, YouTube, and Instagram. In addition to direct influencer payments, Israel is investing tens of millions more in paid ads, search engine placements, and contracts with major tech companies like Google and Meta to push pro-Israel content and challenge critical coverage of issues like the famine in Gaza.
What’s the Strategy?
- Influencer Contracts: Influencers are recruited—often with all-expenses-paid trips to Israel, highly managed experiences, and direct payments—to post content that improves Israel’s image.
- Ad Campaigns: State-backed ad buys show lively Gaza markets and restaurants to counter global reports of famine and humanitarian crisis.
- Narrative Management: These posts and ads often avoid overt propaganda. Instead, they use personal stories, emotional appeals, and “behind the scenes” glimpses intended to humanize Israel’s side of the conflict and create doubt about reports by the UN and humanitarian agencies.
- Amplification: Paid content is strategically promoted so it dominates news feeds and is picked up by news aggregators, Wikipedia editors, and even AI systems that rely on “trusted” digital sources.
Why Is This Happening Now?
The humanitarian situation in Gaza has generated increasing international criticism, especially after the UN classified parts of Gaza as experiencing famine. In this environment, digital public relations has become a primary front in Israel’s efforts to defend its policies and limit diplomatic fallout. By investing in social media influencers, Israel is adapting old-school propaganda strategies (“Hasbara”) to the era of algorithms and youth-driven content.
Why Does It Matter?
This campaign represents a major blurring of the lines between paid promotion, journalism, and activism. When governments pay high-profile influencers to shape social media narratives, it becomes harder for audiences—especially young people—to distinguish between authentic perspectives and sponsored messaging.

In short: Influencers are getting $7,000 per post because Israel is prioritizing social media as a battleground for public opinion, investing millions in shaping what global audiences see, hear, and believe about Gaza and the conflict.
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