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Binance’s Co-founder and CEO Changpeng Zhao speaks during the 2022 Web Summit in Lisbon, Portugal, on November 1, 2022.

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Binance’s VIP users were granted a set of special privileges, including an early heads-up from the crypto exchange if they were under investigation by law enforcement, according to the U.S. Treasury’s Financial Crimes Enforcement Network.

Binance CEO Changpeng Zhao pleaded guilty to criminal charges in the U.S. and stepped down from his post on Tuesday as part of a $4.3 billion settlement. The plea deal resolves a multi-year investigation into the world’s largest crypto exchange.

Treasury alleged in a 92-page order that Binance had “developed a process to notify VIP users if they became the subject of a law enforcement inquiry,” in a setup where Binance was effectively serving as a lookout for its top-tier customers.

The process, as described by FinCEN, was relatively simple. Members of Binance’s VIP team were instructed to contact the user under investigation by “all available means” including sending texts and calling to inform customers, for example, that their account had been frozen or unfrozen.

According to the consent order, Binance’s VIP team staff were warned not to be too obvious in their tips.

“‘We cannot in any circumstances directly tell the user to run/withdraw, we can get sued or undertake personal liability. Giving a strong hint[,] such as your account is unlocked/your account has been investigated by XXX is usually a good enough hint of severity,'” the company told the VIP team, the order said.

Binance’s “VIP Program” caters to higher volume, commercially important users and offers incentives such as competitive trading fees and higher limits on order volume to try to keep these patrons happy — and loyal.

According to FinCEN, internal reports from Binance indicated that in 2019, VIP customers “consistently accounted for between two-thirds and three-quarters of both trading volume and trading revenue on Binance.com, adding that “Binance thus had significant commercial motivations to go to great lengths to support these VIP users.”

Despite rules forbidding people in the U.S. from trading on the platform, users in the U.S. “represented a crucial element of the VIP userbase,” at some points accounting for as much as 20% of all transaction fees on the exchange.

FinCEN found that Binance helped U.S. customers, including the most commercially lucrative U.S. Enterprise Users in Binance’s VIP program, to circumvent the ringfencing policies the exchange itself had put into place to comply with local laws.

One such approach included encouraging users to alter know-your-customer documentation to give the false impression they were not in the U.S., as well as using a virtual private network, or VPN, to cover a user’s geographic footprint, “even though Binance would know that the user was, in fact, located in the United States.”

“These users were so valuable to Binance that personnel were instructed not to off-board them,” read the FinCEN report.

In Dec. 2020, a member of Binance’s VIP team wrote, “We will not be restricting the top 100 [users] (even after sending them emails [about restrictions applicable to U.S. users who remained on Binance.com]). They will be managed by your [VIP] team. [The CEO’s] idea is that they should have enough time to create or find new non-US entities,” the consent order stated.

FinCEN said that Binance ultimately executed on this plan and took additional steps to conceal its retention of U.S. users.

CNBC’s Christina Wilkie contributed to this report.

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A wind farm in Texas will help power Rivian’s Adventure Network

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A wind farm in Texas will help power Rivian's Adventure Network

Rivian will power its DC fast-charging network with renewable energy company RWE’s Champion Wind farm in Texas.

The two companies just signed a 15-year power purchase agreement (PPA) for electricity from RWE’s repowered Champion Wind in Nolan and Mitchell counties, west of Abilene.

The 127-megawatt (MW) Champion Wind is getting new turbine nacelles and blades, which will extend the wind farm’s lifespan. Originally commissioned in 2008, the wind farm is expected to be fully upgraded by mid-2025. When the wind farm is back online, it’ll be capable of generating enough electricity to power nearly 1 billion miles of renewable driving every year for Rivian, or the equivalent of powering 36,000 homes annually in Texas.

This wind power is set to support Rivian’s DC fast-charging Adventure Network with renewable energy. Rivian has set a specific goal to enable 7 billion miles of renewable driving.

Paul Frey, Rivian’s VP of propulsion, charging & adventure products, said, “Champion Wind is a powerful enabler for Rivian drivers to become active participants in building a cleaner grid every time they charge their vehicle. This project shows the potential to meaningfully decarbonize the grid and support a more circular economy through reuse and recovery of existing infrastructure, all while maintaining highly competitive economics.”

Siemens Gamesa is supplying 41 turbines with new nacelles and blades on existing towers. The nacelles and blades are being manufactured in the US. In addition, as part of the repowering project, six new Siemens Gamesa turbines rated at 3.1 MW each will also be added to the wind farm.

The decommissioned wind turbine blades from Champion will be repurposed. RWE is working with REGEN Fiber, an Iowa-based company that recycles wind turbine blades to make reinforcement fibers for the construction industry. Those fibers are then used in concrete to add strength and durability, extending the lifespan of infrastructure.

RWE is the third-largest renewable energy company in the US.

Read more: This renewables giant is going to use wooden wind turbine towers


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Rivian offers $3k discount to buyers switching from a gas car, with a catch

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Rivian offers k discount to buyers switching from a gas car, with a catch

Rivian is bringing back its “All-Electric upgrade offer” from now until November 30th, but with some changes to the program.

Earlier this year, Rivian offered $1k-$5k off a new Rivian if you trade in an old gas car, from April to June. The offer was available for specific vehicles, and with a sliding discount scale based on which Rivian vehicle you order.

Now the program has come back, but with quite a few changes from the previous version.

As of today, October 31, if you buy a new Rivian R1T or R1S new inventory vehicle from the R1 Shop, you can get a $3,000 discount if you also prove that you own or lease a qualifying gas-powered vehicle.

This is simultaneously simpler, more lenient, and more restrictive than the previous offer, in various ways.

First, the discount is a flat $3k (or $4,100 CAD), rather than having a scale based on what model you order, which is more streamlined.

Second, the discount applies to every gas or hybrid vehicle owner – you don’t have to trade in your vehicle, and you’re not limited to a specific list of vehicles. Just prove that you own or lease a gas car (copy of registration, proof of insurance, etc), and you get the discount.

However, third, it’s more restrictive as to what vehicles you can purchase. The current offer applies only to Rivian new inventory vehicles in the R1 Shop, and excludes demo vehicles, pre-owned vehicles, or custom build vehicles. It also does not apply to Rivian’s base Dual Standard models, but everything else is fair game.

In order to qualify, you need to place your order between today and November 30, and you must take delivery of the vehicle before December 31. Check out all the specifics of the offer on Rivian’s site here.

Electrek’s Take

Rivian is clearly trying to round out its yearly numbers with this offer, as the market for pricy cars is somewhat soft with increased interest rates. It just slightly lowered its annual delivery guidance, now planning to see roughly similar deliveries this year than last.

But its R1 vehicles just got a huge refresh to help the company with costs and to offer new features. The R1S is still one of the most popular high-priced vehicles in the US, and the company’s products earn universal acclaim from owners.

The interesting thing is that Rivian had a similar offer earlier this year, before the refresh, to help clear out inventory of older vehicles. It didn’t see it fit to offer the discount last quarter, perhaps buoyed by the updated model, but after a rough Q3 of deliveries it now brought the offer back.

Rivian is still guiding to reach a slight gross profit in Q4, though we’re sure we’ll hear more about that in its upcoming quarterly earnings next week.

If our coverage of Rivian has helped inform you about the brand, feel free to use our Rivian referral code to get 6 months of free charging or 750 Rivian Rewards points with your purchase.


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Hyundai Casper EV Cross spotted for the first time with new design upgrades [Video]

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Hyundai Casper EV Cross spotted for the first time with new design upgrades [Video]

Hyundai’s new low-cost EV is getting a bold design upgrade. The Hyundai Casper EV Cross was spotted for the first time in public, revealing new design elements.

Although we knew a rugged “Cross” variant was headed to Europe, this was the first time the domestic model was spotted with an upgraded design.

Hyundai unveiled the Inster EV Cross earlier this month, giving the electric city car an off-road new look.

The Inster EV is Hyundai’s overseas version of its domestic Casper Electric model. In Korea, Hyundai’s Casper EV starts at around $20,000 (27.4 million won). Hyundai said its new EV can be bought for under $8,000 (10 million won) with subsidies.

In Europe, it starts at under $27,000 (25,000 euros). The Cross variant is built for “those looking for an EV with a more adventurous look,” Hyundai said.

Although it offers the same versatility as the standard model, the Inster EV Cross gains rugged design elements, including new front and rear bumpers, black claddings, skid plates, a roof rack, and more.

Hyundai-Casper-EV-Cross
Hyundai Inster EV Cross (Source: Hyundai)

Here’s our first look at the Hyundai Casper EV Cross

After a rugged new variant with the Casper EV logo was spotted in Korea for the first time, a Cross model is expected to debut shortly.

The new video from HealerTV reveals added design elements, including the roof rack and more aggressive black trim.

Hyundai Casper EV Cross spotted for the first time (Source: HealerTV)

The reporter notes that the Hyundai Casper EV Cross has a “much more mechanical and futuristic feel than the existing model.”

It almost appears “robot-like” with an added off-road feel. The Inster EV Cross gets up to 223 mi (360 km) WLTP driving range. In Korea, the Casper Electric is rated with up to 195 miles (315 km) driving range.

Hyundai-Casper-Electric
Hyundai Casper Electric (Source: Hyundai)

Although Hyundai Casper (Inster) EV is not expected to launch in the US, the low-cost model was spotted driving in California for the first time this month.

In the meantime, off-road fans can get in line for Hyundai’s upgraded 2025 IONIQ 5, which will be available with a rugged XRT trim. The 2025 IONIQ 5 XRT model was also recently caught testing ahead of deliveries.

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