Department Financial News

Binance, the world’s largest crypto exchange, has seen more than $900 million in outflows over the past 24 hours after former CEO Changpeng “CZ” Zhao pleaded guilty to money laundering violations.

Jammu and Kashmir administration on Wednesday sacked four more government employees, including a doctor and a policeman, for their alleged terror links in the Union Territory, officials said. Assistant Professor (Medicine), SMHS Hospital Srinagar, Nisar-ul-Hassan, Constable Abdul Majeed Bhat, Laboratory bearer in Higher Education Department Abdul Salam Rather, and teacher in Education Department Farooq Ahmad Mir were dismissed in terms of Article 11 of the Constitution of India, they said.

stock market reacted with optimism Tuesday to the resounding election win by libertarian Javier Milei, despite the country being gripped by uncertainty over what changes the self-described «anarcho-capitalist» will bring. Milei, a 53-year-old economist who has vowed to scrap multiple government departments and sometimes campaigned by waving a chainsaw from the stage, trounced Argentina's long-dominant Peronist coalition as voters punished the government for decades of economic decline. Latin America's third-biggest economy is creaking under annual inflation of 143 percent. Monday, the day after the election, was a public holiday in Argentina, delaying the market reaction.

cryptocurrency exchange in the world, pleaded guilty to money laundering violations, the government said Tuesday, a stunning blow to the most powerful and influential figure in the global crypto industry. Binance itself also pleaded guilty and agreed to pay $4.3 billion in fines and restitution to the government, according to federal authorities. Under the agreement, Binance reached settlements with the Justice Department, the Treasury Department and the Commodity Futures Trading Commission, which have all been investigating the company for years.

Binance, chief Changpeng Zhao on Wednesday informed that he has stepped down from his position. This comes right after Zhao pleaded guilty to violating US anti-money laundering laws, prosecutors said, as reported by Reuters. In a post on X, Zhao wrote, “Today, I stepped down as CEO of Binance.

Drought-like conditions in Maharashtra could squeeze the supply of key kitchen staples such as onions, pulses, sugar, and fruits and vegetables, pushing up their prices and threatening an inflationary spike. The state is a key producer of these farm items with a substantial share in total output. Reservoir levels in the state are currently 20% lower than they were last year at this time with the rain having been patchy.

income tax department is said to have detected tax evasion of nearly Rs 10,000 crore over a three-year period by etaliers selling goods via social media platforms such as Instagram and Facebook. The department has sent intimation notices to 45 such pan-India brands with more to follow. They were either not paying tax or had underreported it, ET has learnt.

cryptocurrency exchange Binance is expected to pay fines totaling $4.3 billion and its chief is planning to step down, a US media report said Tuesday. In a deal with US authorities that could allow the company to keep running, Binance chief executive Changpeng Zhao intends to plead guilty to violating US anti-money laundering rules and leave his position, the Wall Street Journal reported citing unnamed sources.

Investing.com-- The price of Bitcoin fell sharply on Wednesday after Changpeng “CZ” Zhao, CEO of Binance, resigned from the world’s largest crypto exchange and pleaded guilty to several criminal charges from the Department of Justice. 

The deal - involving the DoJ, Treasury Department and CFTC - resolves allegations that Binance failed to maintain a proper anti-money laundering programme, operated an unlicensed money-transmitting business and violated sanctions law, according to a court filing unsealed on Tuesday.The world's largest crypto exchange will forfeit $2.5 billion to the government and pay a fine of $1.8 billion.Zhao has pleaded guilty to violating the Bank Secrecy Act and causing a financial institution to violate the same act. He will pay a $50 million fine, quit as CEO and be barred from any involvement in running Binance, which he founded in 2017. Former chief compliance officer Samuel Lim is also being charged as part of the settlement.

Founder and former CEO of Binance, Changpeng Zhao, announced his replacement today as the Department of Justice held a press conference announcing significant cryptocurrency enforcement actions against his company.

Binance, the world's largest cryptocurrency exchange, will pay one of the largest corporate penalties in U.S. history as a coalition of federal regulators accused the company of violating laws in pursuit of growing market share.

Binance Holdings Ltd.’s chief executive Changpeng Zhao pleaded guilty to anti-money laundering violations and agreed to pay a US$50 million fine Tuesday under a sweeping deal worked out with the United States Department of Justice designed to keep the company operating.

Prince and Princess of Wales were completely captivated by each other as they greeted the South Korean President Yoon Suk Yeol during his state visit to the UK on Tuesday. The royal couple were caught sharing a discreet PDA as they joined King Charles and Queen Camilla in exploring artifacts from the Royal Collection alongside South Korean President and First Lady Kim Keon-hee at Buckingham Palace on Tuesday afternoon. This occurred after the royals had treated their guests to a ceremonial welcome and a carriage ride earlier in the day. Footage from the event captures the royals, including the Duchess of Edinburgh, admiring Korean-related items as they entertained their guests.

Federal Reserve officials at their most recent meeting expressed little appetite for cutting interest rates anytime soon, particularly as inflation remains well above their goal, according to minutes released Tuesday. 

Heritage Foundation public finance economist E.J. Antoni says consumers are increasingly relying on debt and dipping into savings as spending rises on 'Making Money.'

On Tuesday morning, the U.S. Department of Justice announced the seizure of nearly $9 million worth of Tether linked to  “pig butchering” scams that exploited over 70 victims.

Changpeng Zhao, the co-founder and CEO of Binance, has pled guilty to violating criminal U.S. anti-money laundering requirements and will forfeit his executive position at the crypto exchange.

UBS managing director and senior portfolio manager Jason Katz discusses whether it's too early for the Fed to cut interest rates on 'Varney & Co.'

Binance CEO Changpeng Zhao may step down as part of a major $4 billion settlement between the U.S. Department of Justice and the company, Forbes reported on Tuesday, citing a source familiar with the matter.

Supreme Court on Tuesday allowed the Insolvency and Bankruptcy Board of India (IBBI) petition and transferred to the Bombay High Court various petitions pending before the high courts of Delhi and Madhya Pradesh. This was done after the IBBI pleaded that such transfer either to the apex court or to any of the HCs was necessary to avoid multiplicity of proceedings and confusion caused by possible divergence of opinions by different HCs. The three petitions pending before the HCs of Bombay, Delhi and Madhya Pradesh have challenged the vires of the Regulation 31 A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution process for Corporate Persons) Regulations, 2016 by questioning the powers of the board to issue sub-ordinate legislation. The Fifth amendment to the CIRP Regulations, which was notified on September 20, 2022 and came into force from October 10, last year, had inserted the provision relating to the payment of regulatory fees to IBBI under the Regulation 31(ba) read with Regulation 31A of the CIRP Regulation.