Five years ago, you couldn’t trade with fiat currency on Binance, yet the exchange was already garnering international attention with the highest trading volumes among its competitors.
That’s no mean feat in the cryptocurrency industry, even in 2018, with several well-established exchanges commanding established and loyal user bases. Critics questioned why the world needed another exchange, but Changpeng “CZ” Zhao would not be deterred.
In June 2018, Cointelegraph had a one-on-one interview with CZ to discuss the meteoric growth of the global exchange. At the time, Binance only supported crypto-to-crypto trading, but a 50% fee discount facilitated by its native BNB (BNB) token had been a major drawcard for savvy traders.
Things are drastically different half a decade later. Binance has agreed to a $4.3 billion settlement with the United States government over civil regulatory enforcement actions against it. The U.S. civil case found that Binance’s policies allowed criminals involved in illicit activities to move “stolen funds” through its platform.
The judgment also led to Zhao’s resignation as CEO due to personal charges against the Binance founder for violating the Bank Secrecy Act. Zhao pleaded guilty and has been released on a $175 million bail bond.
Reflecting on that conversation in 2018, Zhao seemed acutely aware of the growing target on Binance’s proverbial back as its trading volume outpaced competitors.
The exchange had been scrutinized over the integrity of its trading volumes, a point that Zhao challenged. He claimed that Binance accurately accounted for its trading volumes, while other exchanges “double-reported” on the buy and sell side of trades to give inflated figures to attract more users.
“Being number one creates other problems sometimes, especially with regulators. The regulators like to talk to the number one guy. We try very hard to not be number one all the time, but other people are trying very hard to boost their volumes to be number one.”
Scrutiny aside, Zhao’s burgeoning exchange was gaining steam. A modest $15 million initial coin offering (ICO) provided the basis to get Binance off the ground.
Zhao spoke fervently about the ICO’s role in laying the foundation for the exchange’s growth:
“The ICO definitely helped us a lot. I cannot stress how much it has helped us. I think it’s probably helped us on the order of 10 to 200x.”
The founder suggested that had Binance raised funds through conventional venture capital rounds, it would have grown considerably slower. Some 25,000 users signed up at the ICO phase, becoming “investors, coin holders and users,” Zhao explained.
By the time Zhao was forced to hand over the reins to incoming CEO Richard Teng, Binance’s $15 million ICO had morphed into a company valued at $60 billion.
The outgoing CEO’s words some five years ago have proved to be prophetic. Binance has faced regulatory scrutiny in numerous jurisdictions due to its aggressive expansion efforts.
This has come to a head in the U.S. with a major enforcement action and subsequent multibillion-dollar settlement. Binance has also faced more localized challenges in other countries, exiting the Netherlands after failing to meet jurisdictional compliance.
The exchange has simultaneously found greener pastures, with the United Arab Emirates providing a new base to continue operations. CZ is domiciled in the country and is expected to head back there before returning to the U.S. for sentencing sometime in 2024.
Poignantly, Coinbase CEO Brian Armstrong took to X (formerly Twitter) to highlight that his own exchange’s measured approach to meeting regulatory standards has avoided the current situation Binance finds itself in.
Since the founding of Coinbase back in 2012 we have taken a long-term view. I knew we needed to embrace compliance to become a generational company that stood the test of time. We got the licenses, hired the compliance and legal teams, and made it clear our brand was about trust…
“This meant we couldn’t always move as quickly as others. It’s more difficult and expensive to take a compliant approach. You can’t launch every product that customers want when it’s illegal. But it’s the right approach because we believe in the rule of law,” Armstrong said.
Armstrong’s take is indicative of the cryptocurrency space in general. Some push the boundaries while others take more cautious steps. This does not necessarily exempt the latter from scrutiny, and Coinbase itself is still embroiled in its own legal battle with the U.S. Securities and Exchange Commission over alleged securities violations.
Children with special educational needs are being “segregated” and left to struggle in the wrong schools because councils are trying to “save on costs”, parents have told Sky News.
Maire Leigh Wilson, whose four-year-old son has Down syndrome, says she “shudders to think” where he would be now had she not been in a “constant battle” with her council.
“I think he would probably just be at the back of a classroom, running around with no support and no ability to sign or communicate,” she said.
Mrs Leigh Wilson wanted her son Aidan to go to a mainstream school with additional specialist support, but her council, who decide what is known as a child’s Education Health and Care Plan (EHCP), wanted him to attend a special school.
The number of EHCPs being appealed by parents has risen “massively”, according to education barrister Alice De Coverley.
She said councils are struggling to meet the volume of demand with “stretched budgets”, and parents are also more aware of their ability to appeal.
Mrs De Coverley said more than 90% of tribunals are won by parents, in part because councils do not have the resources to fight their cases.
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She said, in her experience, parents of children with special educational needs will put “anything on the line, their homes, their jobs”.
On whether she thinks the system is rigged against parents, Mrs De Coverley said: “I’m not sure it’s meant to be. But I think that parents are certainly finding it very tough.”
She added the number of “unlawful decisions” being made by local authorities means parents who can afford it are being “utterly burnt out” by legal challenges.
Mrs Leigh Wilson’s case was resolved before making it to court.
Her council, Hounslow in southwest London, said they complete more than four in five new EHCPs within the statutory 20-week timescale, twice the national average.
Hounslow Council said they “put families at the heart of decision-making” and young people in the area with special educational needs and disabilities achieve, on average, above their peers nationally.
They admitted there are areas of their offer “that need to be further improved” and they are “working closely with families as a partnership”.
“We have a clear and credible plan to achieve this, and we can see over the last 18 months where we have focused our improvement work, the real benefits of an improved experience for children, young people, and their families,” a Hounslow Council spokesman said.
He added the council had seen the number of EHCPs double in the last decade and they “share parents’ frustrations amid rising levels of national demand, and what’s widely acknowledged as a broken SEND system”.
Emma Dunville, a friend of Mrs Leigh Wilson whose son also has Down’s syndrome, describes her experience trying to get the right education provision for her child as “exhausting mentally and physically”.
She said: “For the rest of his life we’ll be battling, battling, battling, everything is stacked up against you.”
Unlike Mrs Leigh Wilson, Mrs Dunville wanted her son Albie to go to a special school, but she had to wait more than a year for an assessment with an education psychologist to contribute to the council’s decision, which meant she missed the deadline for an EHCP.
“The people making these decisions just don’t see that all children with Down’s syndrome are totally different and can’t be seen as the same.”
The guidelines are that if there are not enough local authority-employed education psychologists they should seek a private assessment, but her local authority did not do that.
Mrs Dunville said her son has been “segregated” in a mainstream school, where they are “trying their best” but “it’s just not the right setting”.
Many months before farmers found themselves on the front pages of newspapers, after protesting in Whitehall against the new government’s inheritance tax rules, we at Sky News embarked upon a project.
Most of our reports are relatively short affairs, recorded and edited for the evening news. We capture snapshots of life in households, businesses and communities around the country. But this year we undertook to do something different: to spend a year covering the story of a family farm.
We had no inkling, at the time, that farming would become a front-page story. But even back in January, 2024 was shaping up to be a critical year for the sector. This, after all, was the year the new post-Brexit regime for farm payments would come into full force. Having depended on subsidies each year for simply farming a given acreage of land, farmers were now being asked to commit to different schemes focused less on food than on environmental goals.
This was also the first full year of the new trade deals with New Zealand and Australia. The upshot of these deals is that UK farmers are now competing with two of the world’s major food exporters, who can export more into Britain than they do currently.
You can watch the Sky News special report, The Last Straw, on Sky News at 9pm on Friday
On top of this, the winter that just passed was a particularly tough one, especially for arable farmers. Cold, wet and unpredictable – even more so than the usual British weather. It promised to be a challenging year for growing.
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With all of this in mind, we set out to document what a year like this actually felt like for a farm – in this case Lower Drayton Farm in Staffordshire. In some respects, this mixed farm is quite typical for parts of the UK – they rear livestock and grow wheat, as well as subcontracting some of their fields to potato and carrot growers.
A look at farming reimagined
But in other respects, the two generations of the Bower family here, Ray and Richard, are doing something unusual. Seeing the precipitous falls in income from growing food in recent years, they are trying to reimagine what farming in the 21st century might look like. And in their case, that means building a play centre for children and what might be classified as “agritourism” activities alongside them.
The upshot is that while much of their day-to-day work is still traditional farming, an increasing share of their income comes from non-food activity. It underlines a broader point: across the country, farmers are being asked to do unfamiliar things to make ends meet. Some, like the Bowers, are embracing that change; others are struggling to adapt. But with more wet years expected ahead and more changes due in government support, the coming years could be a continuing roller coaster for British farming.
With that in mind, I’d encourage you to watch our film of this year through the lens of this farm. It is, we hope, a fascinating, nuanced insight of life on the land.
You can watch the Sky News special report, The Last Straw, on Sky News at 9pm on Friday