Skip to main content

Binance Sues WSJ, Panicked By Gov't Probes Into Sanctioned Crypto Transfers

2 weeks 4 days ago
An anonymous reader quotes a report from Ars Technica: Binance is hoping that suing (PDF) The Wall Street Journal for defamation might help shake off a fresh round of government probes into how the cryptocurrency exchange failed to detect $1.7 billion in transfers to a network that was funding Iran-backed terror groups. The lawsuit comes after a Wall Street Journal investigation, based on conversations with insiders and reviews of internal documents, reported that Binance had quietly dismantled its own investigation into the unlawful transfers and then fired compliance staff who initially flagged them. Alleging that the report falsely accused Binance of retaliation -- among 10 other allegedly false claims -- Binance accused the Journal of conducting a "sham" investigation that intentionally disregarded the company's statements. That included supposedly failing to note that Binance had not closed its investigation into the unlawful transfers. Binance's role in the large-scale violation of US sanctions laws is currently being investigated by the Justice and Treasury Departments. Congress members also took notice, including Sen. Richard Blumenthal (D-Conn.), ranking member of the Senate Permanent Subcommittee on Investigations (PSI), who launched an additional inquiry. In a letter to Binance CEO Richard Teng, Blumenthal cited the Journal's report, as well as reporting from The New York Times and Fortune, while demanding that Binance explain how it managed to overlook the money-laundering for so long and why compliance staff members were fired. In its complaint Wednesday, Binance claimed that these probes may "be just the tip of the iceberg" if the record is not corrected. The reputational harm is particularly damaging, the exchange noted, since Binance has allegedly worked hard to strengthen its compliance after reaching a settlement with the US government in 2023. In taking that plea deal, Binance admitted to violating anti-money laundering and sanctions laws and paid a $4.3 billion fine, and its founder, Changpeng Zhao, eventually pled guilty to a related charge. Since that scandal, Binance claimed that the WSJ has "made a business of maligning both the cryptocurrency industry generally and Binance specifically." That's why the Journal allegedly rushed to publish its story following a similar New York Times investigation. Alleging that the WSJ was financially motivated to publish a negative story that would get more clicks, Binance claimed the Journal provided little time to respond and then failed to make necessary corrections before and after publication.

Read more of this story at Slashdot.

BeauHD

Nvidia Is Planning to Launch Its Own Open-Source OpenClaw Competitor

2 weeks 4 days ago
Nvidia is preparing to launch an open-source AI agent platform called NemoClaw, designed to compete with the likes of OpenClaw. According to Wired, the platform will allow enterprise software companies to dispatch AI agents to perform tasks for their own workforces. "Companies will be able to access the platform regardless of whether their products run on Nvidia's chips," the report adds. From the report: The move comes as Nvidia prepares for its annual developer conference in San Jose next week. Ahead of the conference, Nvidia has reached out to companies including Salesforce, Cisco, Google, Adobe, and CrowdStrike to forge partnerships for the agent platform. It's unclear whether these conversations have resulted in official partnerships. Since the platform is open source, it's likely that partners would get free, early access in exchange for contributing to the project, sources say. Nvidia plans to offer security and privacy tools as part of this new open-source agent platform. [...] For Nvidia, NemoClaw appears to be part of an effort to court enterprise software companies by offering additional layers of security for AI agents. It's also another step in the company's embrace of open-source AI models, part of a broader strategy to maintain its dominance in AI infrastructure at a time when leading AI labs are building their own custom chips. Nvidia's software strategy until now has been heavily reliant on its CUDA platform, a famously proprietary system that locks developers into building software for Nvidia's GPUs and has created a crucial "moat" for the company.

Read more of this story at Slashdot.

BeauHD