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In this photo illustration, the Bitcoin logo is seen on a mobile device with People’s Republic of China flag in the background. (Photo Illustration by t/SOPA Images/LightRocket via Getty Images)
Budrul Chukrut | SOPA Images | LightRocket | Getty Images

GUANGZHOU, China — Huobi, one of the world’s largest cryptocurrency exchanges, said it has ceased new account openings for mainland Chinese users after Beijing renewed a crackdown on virtual currencies.

The People’s Bank of China declared all virtual currency-related activities illegal including trading on Friday. The Chinese central bank also took aim at overseas exchanges providing services to mainland China users.

Huobi, one of these exchanges, said on Sunday that it would end account registrations for new mainland Chinese users. The company will also gradually retire existing accounts of mainland Chinese users by midnight on Dec. 31, 2021.

Meanwhile Binance, one of the world’s largest cryptocurrency exchanges, said that account registrations using Chinese mobile phone numbers are now blocked. The Binance app is also no longer available for download in China.

“Binance takes its compliance obligations very seriously and is committed to following local regulator requirements wherever we operate,” a spokesperson told CNBC.

This year, Chinese authorities have intensified a crackdown on cryptocurrencies that has targeted bitcoin miners and trading.

But China’s tough stance on cryptocurrencies is not new. Authorities in the world’s second-largest economy have long been worried about the impact of digital coins on financial stability.

In 2017, China shut down local cryptocurrency exchanges and banned so-called initial coin offerings (ICOs), a way to raise money for crypto companies by issuing digital tokens. 

Many of China’s cryptocurrency exchanges moved offshore as a result of that. But loopholes have remained that allow mainland Chinese traders to buy and sell digital currencies on these offshore exchanges.

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Figure AI sued by whistleblower who warned that startup’s robots could ‘fracture a human skull’

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Figure AI sued by whistleblower who warned that startup's robots could 'fracture a human skull'

Startup Figure AI is developing general-purpose humanoid robots.

Figure AI

Figure AI, an Nvidia-backed developer of humanoid robots, was sued by the startup’s former head of product safety who alleged that he was wrongfully terminated after warning top executives that the company’s robots “were powerful enough to fracture a human skull.”

Robert Gruendel, a principal robotic safety engineer, is the plaintiff in the suit filed Friday in a federal court in the Northern District of California. Gruendel’s attorneys describe their client as a whistleblower who was fired in September, days after lodging his “most direct and documented safety complaints.”

The suit lands two months after Figure was valued at $39 billion in a funding round led by Parkway Venture Capital. That’s a 15-fold increase in valuation from early 2024, when the company raised a round from investors including Jeff Bezos, Nvidia, and Microsoft.

In the complaint, Gruendel’s lawyers say the plaintiff warned Figure CEO Brett Adcock and Kyle Edelberg, chief engineer, about the robot’s lethal capabilities, and said one “had already carved a ¼-inch gash into a steel refrigerator door during a malfunction.”

The complaint also says Gruendel warned company leaders not to “downgrade” a “safety road map” that he had been asked to present to two prospective investors who ended up funding the company.

Gruendel worried that a “product safety plan which contributed to their decision to invest” had been “gutted” the same month Figure closed the investment round, a move that “could be interpreted as fraudulent,” the suit says.

The plaintiff’s concerns were “treated as obstacles, not obligations,” and the company cited a “vague ‘change in business direction’ as the pretext” for his termination, according to the suit.

Gruendel is seeking economic, compensatory and punitive damages and demanding a jury trial.

Figure didn’t immediately respond to a request for comment. Nor did attorneys for Gruendel.

The humanoid robot market remains nascent today, with companies like Tesla and Boston Dynamics pursuing futuristic offerings, alongside Figure, while China’s Unitree Robotics is preparing for an IPO. Morgan Stanley said in a report in May that adoption is “likely to accelerate in the 2030s” and could top $5 trillion by 2050.

Read the filing here:

AI is turbocharging the evolution of humanoid robots, says Agility Robotics CEO

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Here are real AI stocks to invest in and speculative ones to avoid

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Here are real AI stocks to invest in and speculative ones to avoid

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The Street’s bad call on Palo Alto – plus, two portfolio stocks reach new highs

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The Street's bad call on Palo Alto – plus, two portfolio stocks reach new highs

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