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Last week, the legal drama featuring the world’s largest crypto exchange and United States law enforcement ended with a plea deal. Binance and Changpeng “CZ” Zhao have admitted violating U.S. Anti-Money Laundering laws, agreeing to pay $4.3 billion in fines. CZ resigned as CEO of Binance as part of the deal. Binance’s former head of regional markets outside the U.S., Richard Teng, is the new CEO.

Cardano founder Charles Hoskinson reflected on the plea deal news, calling it “the end of an era.” In Hoskinson’s opinion, entrepreneurs must comply with regulations or develop permissionless protocols that can’t be regulated. Hoskinson warned that the world is changing and that entrepreneurs will no longer be able to get by using centralized systems while simultaneously not complying with regulations. This is because “the United States has a financial regime that basically has been weaponized,” and this regime will not allow entrepreneurs to open up markets that let “the enemies of America to basically trade and do things.”

Meanwhile, Kraken, another major crypto exchange, has been dragged into another legal fight with the U.S. Securities Exchange Commission (SEC). In a complaint filed in a San Francisco federal court, the SEC claimed that Kraken has been operating a platform that unlawfully facilitated the buying and selling of cryptocurrencies since 2018. Additionally, the SEC alleged Kraken’s business practices and “deficient” internal controls saw the exchange commingle up to $33 billion worth of customer assets with its own. The SEC said this resulted in a “significant risk of loss” for its clients. Kraken founder Jesse Powell called the action an “assault on America” and called the SEC the U.S.’s “top decel.” Powell even warned other companies to depart the country.

No bail for Sam Bankman-Fried

FTX founder and convicted fraudster Sam Bankman-Fried will remain behind bars after failing to convince a U.S. appellate court that he should be freed while his legal team appeals his conviction. The U.S. Court of Appeals for the Second Circuit said Bankman-Fried’s previous attempts to tamper with two witnesses while on pretrial release were a major reason behind rejecting his request. “We have reviewed the Defendant-Appellant’s additional arguments and find them unpersuasive,” the court said. Bankman-Fried’s legal team also argued that the district court failed to consider a less restrictive alternative to detention.

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BlackRock discusses spot Bitcoin ETFs with the SEC

Representatives from BlackRock and the Nasdaq met with the SEC to discuss the proposed rule allowing the listing of a spot Bitcoin exchange-traded fund, or ETF. BlackRock presented how the firm could use an in-kind or in-cash redemption model for its iShares Bitcoin Trust. It’s unclear how SEC officials responded to the two proposed models or if they intend to approve a spot BTC ETF after numerous delays and rejections. Many reports have suggested the SEC could be nearing a decision on a spot BTC ETF for listing on U.S. markets. If approved, it would be a significant move toward mainstream crypto adoption. SEC officials also met with Grayscale representatives on Nov. 20 in the firm’s bid to list a Bitcoin ETF.

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Tether and Bitfinex won’t resist a Freedom of Information Law request from U.S. media

Tether and Bitfinex have jointly agreed to drop initial opposition to a Freedom of Information Law (FOIL) request lodged in New York by some high-profile news publications. A statement from the Tether (USDT) stablecoin issuer and cryptocurrency exchange shared with Cointelegraph notes that it is committed to transparently sharing information following a FOIL request from CoinDesk earlier in 2023. Tether and Bitfinex will not appeal against the FOIL request put forward by journalists, including Zeke Faux, Shane Shifflett and Ada Hui, whom they accuse of exhibiting “certain behaviors.” 

The ongoing FOIL request relates to Tether and Bitfinex reaching an agreement with the New York Attorney General in February 2021. As initially reported by CNBC, the agreement involved paying an $18.5 million fine to settle a two-year-long legal dispute regarding the alleged commingling of $850 million of client and corporate funds.

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Politics

Clampdown on social media ads for Channel crossings unveiled

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Clampdown on social media ads for Channel crossings unveiled

Anyone who advertises Channel crossings or fake passports on social media could face up to five years in prison under new government plans.

Research suggests about 80% of migrants arriving to the UK by small boat used internet platforms during their journey – including to contact agents linked to smuggling gangs.

While it is already illegal to assist illegal immigration, ministers hope the creation of a new offence will give police more powers and disrupt business models.

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Small boat crammed with migrants in Channel

Home Secretary Yvette Cooper is also planning to introduce a fast-track scheme to tackle the asylum backlog, meaning decisions will be made within weeks.

It comes as official figures show more than 25,000 people have arrived on small boats so far in 2025 – a record for this point in the year.

Ms Cooper said it is “immoral” for smugglers to sell false promises online, adding: “These criminals have no issue with leading migrants to life-threatening situations using brazen tactics on social media.

“We are determined to do everything we can to stop them, wherever they operate.”

More on Asylum

The new offence prohibiting the online promotion of Channel crossings is set to be included in the Border Security, Asylum and Immigration Bill already going through Parliament.

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More migrants arrive in Dover

Officials from the National Crime Agency already work with tech giants to remove such posts – with more than 8,000 taken offline last year.

A Preston-based smuggler who was jailed for 17 years had posted videos of migrants thanking him for his help.

Meanwhile, Albanian smugglers have created promotions for £12,000 “package deals” which claim to offer accommodation and a job in the UK on arrival.

The Conservatives have described the measures as “too little, too late” – and say automatic deportations are the only way to tackle small boat crossings.

Shadow home secretary Chris Philp said: “Labour still has no clear plan to deter illegal entry, no effective enforcement and no strategy to speed up removals. This is a panicked attempt to look tough after months of doing nothing.”

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Waves and kisses from asylum hotel window

It comes as protests outside hotels believed to be housing asylum seekers continue in towns and cities across the UK.

Several demonstrators were detained – with police breaking up brief clashes – outside the Thistle City Barbican Hotel in north London yesterday.

The government is legally required to provide accommodation and subsistence to destitute asylum seekers while their claims are being decided, most of whom are prohibited from working.

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Politics

China’s crypto liquidation plans reveal its grand strategy

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China’s crypto liquidation plans reveal its grand strategy

China’s crypto liquidation plans reveal its grand strategy

China’s plan to liquidate confiscated crypto through Hong Kong exchanges isn’t simply a policy — it’s to control global digital asset markets and outmaneuver the US.

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Make ‘significant adjustments’ to Online Safety Act, X urges govt

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X criticises Online Safety Act - and warns it's putting free speech in the UK at risk

The Online Safety Act is putting free speech at risk and needs significant adjustments, Elon Musk’s social network X has warned.

New rules that came into force last week require platforms such as Facebook, YouTube, TikTok and X – as well as sites hosting pornography – to bring in measures to prove that someone using them is over the age of 18.

The Online Safety Act requires sites to protect children and to remove illegal content, but critics have said that the rules have been implemented too broadly, resulting in the censorship of legal content.

X has warned the act’s laudable intentions were “at risk of being overshadowed by the breadth of its regulatory reach”.

It said: “When lawmakers approved these measures, they made a conscientious decision to increase censorship in the name of ‘online safety’.

“It is fair to ask if UK citizens were equally aware of the trade-off being made.”

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What are the new online rules?

X claims the timetable for platforms to meet mandatory measures had been unnecessarily tight – and despite complying, sites still faced threats of enforcement and fines, “encouraging over-censorship”.

More on Online Safety Bill

“A balanced approach is the only way to protect individual liberties, encourage innovation and safeguard children. It’s safe to say that significant changes must take place to achieve these objectives in the UK,” it said.

A UK government spokesperson said it is “demonstrably false” that the Online Safety Act compromises free speech.

“As well as legal duties to keep children safe, the very same law places clear and unequivocal duties on platforms to protect freedom of expression,” they added.

Users have complained about age checks that require personal data to be uploaded to access sites that show pornography, and 468,000 people have already signed a petition asking for the new law to be repealed.

In response to the petition, the government said it had “no plans” to reverse the Online Safety Act.

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Why do people want to repeal the Online Safety Act?

Reform UK’s leader Nigel Farage likened the new rules to “state suppression of genuine free speech” and said his party would ditch the regulations.

Technology Secretary Peter Kyle said on Tuesday that those who wanted to overturn the act were “on the side of predators” – to which Mr Farage demanded an apology, calling Mr Kyle’s comments “absolutely disgusting”.

Regulator Ofcom said on Thursday it had launched an investigation into how four companies – that collectively run 34 pornography sites – are complying with new age-check requirements.

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These companies – 8579 LLC, AVS Group Ltd, Kick Online Entertainment S.A. and Trendio Ltd – run dozens of sites, and collectively have more than nine million unique monthly UK visitors, the internet watchdog said.

The regulator said it prioritised the companies based on the risk of harm posed by the services they operated and their user numbers.

It adds to the 11 investigations already in progress into 4chan, as well as an unnamed online suicide forum, seven file-sharing services, and two adult websites.

Ofcom said it expects to make further enforcement announcements in the coming months.

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