Latest news with #Zhao
Axios
3 hours ago
- Business
- Axios
SEC drops suit against Binance
The SEC officially dropped its lawsuit against the cryptocurrency exchange Binance on Thursday. Why it matters: It was one of the last major crypto cases still pending from the Biden-era SEC. Catch up quick: The SEC and Binance filed a joint stipulation with the court to dismiss the case against both the company and its founder Changpeng Zhao, originally filed in 2023. Binance and Zhao previously pled guilty in November 2023 as part of a $4.3 billion settlement involving U.S. criminal and civil charges. The SEC, which had charged both at the time with a number of securities violations, did not join that settlement.
Straits Times
3 hours ago
- Business
- Straits Times
US SEC dismisses lawsuit against Binance crypto exchange
The SEC had sued sued Binance, accusing it of artificially inflating trading volumes, diverting customer funds and misleading investors about its surveillance controls. PHOTO: REUTERS NEW YORK - The US Securities and Exchange Commission (SEC) on May 29 voluntarily dismissed its civil lawsuit against Binance, the world's largest cryptocurrency exchange, extending the regulator's new approach to cryptocurrencies since President Donald Trump reentered the White House. A joint stipulation of dismissal signed by lawyers for the SEC, Binance and Binance founder Zhao Changpeng was filed in the Washington, D.C., federal court. The SEC said dismissing the enforcement case was appropriate 'in the exercise of its discretion and as a policy matter,' and did not reflect its view on other cryptocurrency litigation. Its dismissal is with prejudice, meaning the SEC cannot pursue the case again. In a statement, a Binance spokesperson called the dismissal 'a landmark moment. We're deeply grateful to (SEC) chairman Paul Atkins and the Trump administration for recognizing that innovation can't thrive under regulation by enforcement.' Mr Trump promised during his 2024 White House run to be a 'crypto president,' and pledged to reverse an industry crackdown overseen by Mr Atkins' predecessor Gary Gensler. The SEC has since withdrawn or put on hold many cryptocurrency enforcement cases. The SEC sued Binance and Mr Zhao in June 2023, accusing the exchange of artificially inflating trading volumes, diverting customer funds and misleading investors about its surveillance controls. Binance was also accused of unlawfully facilitating trading of several cryptocurrency tokens that SEC leadership during President Joe Biden's administration believed should have been registered as securities. The case was separate from Binance's November 2023 guilty plea and US$4.3 billion (S$5.5 billion) criminal penalty for violating federal anti-money laundering and sanctions laws through lapses in internal controls. Mr Zhao pleaded guilty to anti-money laundering violations, and was released from prison last September after serving a four-month sentence. In February, the SEC dismissed a separate enforcement case accusing Coinbase, the largest US cryptocurrency exchange, of arranging trading in at least 13 unregistered tokens. The crypto industry has long chafed over regulatory efforts to apply federal securities laws to digital assets, with many companies likening tokens to commodities. Classifying tokens as securities would require cryptocurrency companies to register with the SEC and disclose more to investors. Mr Atkins said on May 12 that developing a regulatory framework that establishes 'clear rules of the road' for issuing, trading and safekeeping crypto assets, while discouraging lawbreakers, would be a key priority. On May 20, the SEC sued Unicoin, accusing the start-up and executives of fraudulently raising more than US$100 million to launch tokens they claimed were safe and backed by real estate and equity in companies that had yet to go public. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Nikkei Asia
18 hours ago
- Business
- Nikkei Asia
Huawei's chemical push and Asia eyes Harvard talent
Hi everyone! This is Cheng Ting-Fang, your techAsia host for this week. I just got back to Taipei from a weekend trip to Singapore to take in the tropical sea views and a Lady Gaga concert -- and for a brief, refreshing break after the Computex trade fair. A news alert this month caught my eye: Zhao Weiguo, former chairman of Tsinghua Unigroup and a prominent figure in developing China's semiconductor industry, was handed a suspended death sentence for corruption. This news triggered a vivid memory of my meeting with Zhao years ago, held in a high-ceilinged meeting room furnished with leather chairs. I still remember the way he swaggered into the room and how he chain-smoked four or five cigarettes. During our hourlong conversation, I found myself surrounded by a haze of white smoke that blurred my eyes as he passionately shared his ambitions for turning China's chip industry into a global player. If Taiwan and South Korea can develop a competitive industry, he said, "China can, too. It just needs time." Tsinghua Unigroup spearheaded the establishment of many chip plants in Nanjing, Chengdu and Chongqing. Zhao himself not only inked a deal to acquire a stake in leading storage player Western Digital, but also announced his company was buying 25% stakes in three leading Taiwanese chip packaging houses. He also secured an investment from Intel for Tsinghua's mobile chip design unit, and even boasted that he would acquire top U.S. memory chipmaker Micron. However, none of Zhao's ambitions materialized before he came under investigation in 2022. Many chipmaking projects were simply scrapped due to a lack of tech and talent, and the Intel-linked venture was terminated. Some chip industry executives even suggested that Zhao's aggressive global shopping spree indirectly contributed to heightened global scrutiny of China's chip and tech ambitions. Such flamboyant aggression stands in stark contrast to the humble attitude of the chip engineers featured in the upcoming documentary "A Chip Odyssey." I attended an advance screening last week of the film, which is slated to go online in mid-June. It highlights Taiwan's semiconductor industry and the engineers who would go on to found the island's leading chipmakers: TSMC, UMC and MediaTek. They recounted Taiwan's transformation from an obscure, internationally isolated island into one of the world's top chip economies. The documentary is filled with people who spent decades working with quiet dedication, away from the spotlight. Indeed, a prevailing view in the chip industry has always been that action speaks louder than words and that success relies entirely on meticulous execution built on years of commitment, rather than flashy presentations or empty promises. However, humility and flawless execution alone are no longer enough to navigate the new challenges facing the chip industry, namely geopolitics and U.S. President Donald Trump. I recently spoke with Arthur Chiao, chairman of memory chipmaker Winbond, whose insights were quite illuminating. "Regionalization" and "customization," he said, will be crucial for securing business in this rapidly changing world. As such, his company's chip design affiliate, Nuvoton, is considering opening new design centers in Canada and India. When asked about the outlook for 2025, however, he had some more immediate advice. "There are some rush orders currently, and we are trying to enjoy this exact moment now. We truly don't know what will happen tomorrow or next month." The only thing to do for now, he added, is "live one day at a time!" Huawei's chemical romance Huawei is a prime example of a company quietly dedicating time and energy to developing cutting-edge technologies. Now, the Chinese tech giant is branching into a new area: chipmaking chemicals. The company, which the U.S. views as a security threat, is supporting a venture that aims to produce "end-to-end" solutions for vital materials and chemicals, Nikkei Asia's Cheng Ting-Fang reports. This includes making a push into the high-end photoresist market, which has long been dominated by Shin-Etsu, JSR and TOK of Japan. Photoresists are used in the process of printing integrated circuits, a key step in chip production. The new venture, called Zhuhai Cornerstone Technologies, has hired experienced professionals from Japan, South Korea and Taiwan over the past two years, and boasts production lines and R&D centers across China, including in Shenzhen and Zhuhai. Chip materials and chemicals need to be of the highest grade and purity, and are just as critical as chipmaking equipment in determining the overall quality of chip production. India investment Apple's main contractor in India is setting up a $1.5 billion component plant near Chennai, despite escalating criticism from President Donald Trump, who wants the company to make iPhones in the U.S., write the Financial Times's John Reed and Tim Bradshaw. Foxconn, which has assembled Apple's devices in India for years, is setting up a display module assembly unit a short drive from another plant in Tamil Nadu state where the Taiwanese company assembles iPhones. The investment would boost Apple's Indian operations, which assemble devices mostly from imported components. Tamil Nadu officials approved the 131.8 billion rupee ($1.5 billion) investment by Foxconn's Indian unit Yuzhan Technology India back in October -- before Trump was reelected -- saying the new display unit would create about 14,000 jobs. Foxconn last week announced a $1.5 billion investment in Yuzhan in a London Stock Exchange filing, but did not say what it was for. This is likely because Apple's pivot from China to India is so sensitive, due to Trump's tariff war and pressure on companies to "reshore" manufacturing back to America. A few hours after the FT's report, Trump threatened Apple and Samsung with 25% tariffs unless they shifted production to the U.S. Xiaomi dips into chips There are other newcomers to the chip war. Xiaomi, the top smartphone maker in China and third largest in the world, is designing its own smartphone chipsets, an area in which only a handful of players remain due to years of consolidation and massive investment. Founding Chairman Lei Jun said only with its own chips can Xiaomi be called a great tech company and touted its new chip as being on par with Apple's offerings. Xiaomi setting its sights on Apple is not the only example of U.S.-China rivalry in consumer tech. Tech giants in both countries, including Google, Microsoft, Alibaba and Tencent, have released a series of more powerful and efficient AI models. The key questions, however, may no longer be whose AI is more powerful, but whose is more useful, Nikkei Asia's Yifan Yu and Cissy Zhou write. The rise of AI agents -- digital assistants capable of performing complex tasks for users -- has become a focal point of the AI race, especially as investors become more anxious to see massive investments in chips and data infrastructure pay off. Asia eyes Harvard talent Many universities in Asia saw an unexpected opportunity to attract top global talent when the Trump administration took steps to dismantle Harvard University's ability to enroll international students, writes Nikkei Asia's Yifan Yu. Leading schools in the region, such as the Hong Kong University of Science and Technology (HKUST) and the University of Tokyo, quickly said that they were considering or open to enrolling Harvard students affected by the move. Adding to the uncertainty, the Trump administration is exploring the possibility of revoking international students' eligibility to seek employment in the U.S. after graduation. Given that Asian students accounted for more than 70% of all international students in the U.S. for the 2023-2024 academic year, these new policies could cause massive disruptions in the flow of global talent. Suggested reads 3. Nvidia chief Jensen Huang condemns US chip curbs on China as 'a failure' (FT) 4. Mitsubishi Electric weighs 'painful' exit from businesses worth $5.5bn (Nikkei Asia) 5. US wins if DeepSeek runs on American AI chips, Nvidia CEO says (Nikkei Asia) 8. (Nikkei Asia) 9. BYD price bombshell raises specter of wider China EV consolidation (Nikkei Asia) 10. Trump's Middle East dealmaking could reshape the global AI race (FT)
Yahoo
a day ago
- General
- Yahoo
Boards move to sanction Iowans licensed through error or fraud
The Iowa Department of Inspections, Appeals and Licensing administers and oversees many of Iowa's state licensing boards. (Photo courtesy of Getty Images; logo courtesy the State of Iowa) An Iowa woman appears to have procured her barbering and cosmetology license through fraud, according to state records. Iowa Board of Barbering and Cosmetology recently reached an agreement with Suong Ngoc Nguyen to have Nguyen surrender her cosmetology license. While the agreement does not specify any allegation of misconduct by Nguyen, the charges against her reference administrative rules that are related to procuring a license through fraud, possibly by filing with the board 'any false or forged diploma, certificate, affidavit, identification or qualification.' The agreement suggests the board granted Nguyen a license to work in Iowa four years ago, in 2021, one day after she provided the board with evidence that she was licensed in California. The available board documents do not indicate where Nguyen has worked but suggest she may have lived in Boone at one time. The agreement to have Nguyen surrender her license has little practical effect since board records indicate the license expired in March 2023. According to the board, Nguyen can apply for a new Iowa license in one year. Other recent actions by Iowa licensing authorities include: — The Iowa Board of Massage Therapy has notified Huimin Zhao that it intends to rescind Zhao's massage-therapy license, which the board says it granted only because of a clerical error on its part. According to board documents, Zhao applied for a license in December 2024 and listed JK Holy Career Institute as the school where he completed his education in 2021. However, the institute was decertified in 2019. Despite that, the board responded to Zhao's application in January 2025 by issuing him a license to work in Iowa. The available board documents give no indication as to where Zhao worked in Iowa after his license was issued. — The Iowa Board of Pharmacy reached an agreement with Carl Markley of Ames, who is currently serving a life sentence for sexually abusing and trafficking dozens of children and adults, to surrender his Controlled Substances Act registration. Prosecutors alleged Markley used fraud and coercion to cause dozens of teenage boys and young men, as well as a few young women, to engage in sex acts in exchange for money or other benefits. Markley was a nurse practitioner in Ames and owned several businesses. He surrendered his Iowa nursing license in May 2023.
Wales Online
3 days ago
- Sport
- Wales Online
Zhao Xintong shows his true character despite still being banned from snooker in China
Zhao Xintong shows his true character despite still being banned from snooker in China Zhao Xintong became the first Asian player to win the World Snooker Championship earlier this month - but he is still banned from competing in his native China Zhao Xintong has big plans this year (Image: undefined via Getty Images ) Zhao Xintong is currently unable to pursue his dream of winning a tournament in China due to an ongoing snooker ban. The 28-year-old made history earlier this month by becoming the first Asian player to win the World Snooker Championship at the Crucible thanks to an 18-12 win over Mark Williams. However, he remains barred from competing in his home country. The world championship was only Zhao's second professional tournament since returning from a suspension related to a match-fixing investigation involving 10 players, which dates back to January 2023. The World Professional Billiards and Snooker Association (WPBSA) reduced his initial 30-month ban to 20 months after it was established that, while he had knowingly placed bets on fixed games, he had not personally fixed any matches. Despite being permitted to compete globally, the Chinese Billiards and Snooker Association (CBSA) has upheld the original ban, meaning Zhao is still prohibited from competing in China until 1 July 2025. Since his triumph at the World Snooker Championship, Zhao has spent time in his homeland and expressed his determination to build on his success next season. As a former UK Open winner, Zhao is now just a Masters win away from achieving the coveted Triple Crown, and he is also eager to lift a trophy on Chinese soil. Setting his sights on becoming the first Chinese or Asian player to win a snooker title on home soil, he told the South China Morning Post: "No Chinese or Asian player has been able to embroider that little crown on their waistcoat so far. Article continues below "So I think this is one of my goals. I will do my best to play well in every match and tournament, but I want to hoist a trophy in China – this is something I have yet to do. I am also looking forward to playing in the World Grand Prix in Hong Kong next year. I want to achieve good results here, preferably winning it, and I'd be very happy." With his suspension ending before the new snooker season, Zhao could potentially realise his dream at the Shanghai Masters, scheduled from July 28 to August 3, reports the Express. Since relocating to England in 2016, Zhao, known as 'The Cyclone', has acknowledged the positive impact Sheffield has had on his career. World snooker champion Zhao Xintong is banned from competing in China (Image: (Image: OLI SCARFF/AFP via Getty Images) ) Article continues below He also believes his world title victory could significantly influence snooker's growth in China. Reflecting on his World Championship triumph and its implications, Zhao said: "I haven't quite thought about what's different for me as a player after winning the World Championship. "Everything is just starting and I am convinced that there is more to come, and I have to do more and bring glory to China. The win was also a breakthrough for snooker in China – because this had not been done before by any Chinese player, I think the younger generation will now be more confident and motivated." Just a few weeks following the Shanghai Masters, snooker fans can look forward to more action from China with the Wuhan Open set for August 24-30. Zhao also shared his anticipation for next year's World Grand Prix, scheduled to take place in Hong Kong from February 3-8.
