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Binance crypto exchange founder to step down amid US illicit finance probe

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Binance crypto exchange founder to step down amid US illicit finance probe

US authorities say CEO Changpeng Zhao pleaded guilty to breaking anti-money laundering laws.

Changpeng Zhao, founder of Binance, the world’s largest cryptocurrency exchange, has stepped down as CEO and pleaded guilty to violating anti-money laundering laws.

The deal with the United States Department of Justice (DoJ) is part of a larger settlement that involves several federal agencies and will include fees of more than $4bn, the DoJ said on Tuesday.

The announcement is the latest blow to the cryptocurrency industry, which has been marred by a series of scandals and investigations that have unearthed fraudulent behaviour by central players and firms.

Cryptocurrency has also comes under scrutiny as a tool used by illicit groups to circumvent global financial safeguards.

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Zhao, a Canadian national, pleaded guilty to one count of failure to maintain an effective anti-money laundering programme.

“Binance became the world’s largest cryptocurrency exchange in part because of the crimes it committed. Now it is paying one of the largest corporate penalties in US history,” Attorney General Merrick Garland said.

 

This month, Sam Bankman-Fried, the 31-year-old founder of FTX, the world’s second-largest crypto exchange, was convicted of fraud for stealing more than $10bn from customers and investors.

“In just the past month, the Justice Department has successfully prosecuted the CEOs of two of the world’s largest cryptocurrency exchanges in two separate criminal cases. The message here should be clear: Using new technology to break the law does not make you a disruptor. It makes you a criminal,” Garland said.

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Acting US Attorney Tessa Gorman for the western district of Washington said that because Zhao “knowingly operated a financial platform without basic anti-money laundering safeguards, the company caused illegal transactions between US users and users in sanctioned jurisdictions such as Iran, Cuba, Syria, and Russian-occupied regions of Ukraine – transactions for which Binance profited with significant fees”.

Prosecutors have said that as part of the settlement, Binance will pay fees of $1.81bn, a forfeiture of $2.5bn, and personal payments from Zhao of about $50m.

Zhao’s plea agreement also bars him from all involvement with Binance, a Cayman Islands limited liability company.

The founder has previously faced charges of diverting customer funds.

“Binance turned a blind eye to its legal obligations in the pursuit of profit. Its willful failures allowed money to flow to terrorists, cybercriminals and child abusers through its platform,” Treasury Secretary Janet Yellen said. “Any institution, wherever located, that wants to reap the benefits of the US financial system must also play by the rules that keep us all safe from terrorists, foreign adversaries and crime or face the consequences.”

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Israel intensifies attacks on Lebanon but claims ceasefire deal ‘close’

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Israel intensifies attacks on Lebanon but claims ceasefire deal ‘close’

Israel’s military launched air attacks across Lebanon on Monday, unleashing explosions throughout the country and killing at least a dozen people, even as officials claimed they were nearing an agreement on a ceasefire between Israel and Hezbollah.

Israeli attacks hit commercial and residential buildings in Beirut on Monday as well as in the port city of Tyre, where 12 people were killed – adding to the more than 3,700 people in Lebanon who have been killed by Israeli attacks in this two-month war.

Israeli officials said they targeted areas known as Hezbollah strongholds. They issued evacuation orders for Beirut’s southern suburbs, and attacks landed across the city, including metres from a Lebanese police base and the city’s largest public park.

Al Jazeera’s Zein Basravi, reporting from Beirut on Monday, said Israeli attacks across Lebanon in recent days were “more powerful, more destructive, more frequent and happening more often without warning – leaving people no time to get out of the way of Israeli missiles and drones”.

The barrages came as the Israeli ambassador to the United States said a ceasefire deal to end fighting between Israel and Lebanese group Hezbollah could be reached “within days”.

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Ambassador Mike Herzog told Israeli Army Radio on Monday that there remain “points to finalise” and any deal requires agreement from the government. But he said, “We are close to a deal”.

Israeli officials said Prime Minister Benjamin Netanyahu’s security cabinet was set to convene on Tuesday to discuss a proposed ceasefire.

Israel’s ambassador to the United Nations, Danny Danon, said Israel would maintain an ability to strike southern Lebanon under any agreement. Lebanon has previously objected to wording that would grant Israel such a right.

The US has pushed for a deal to end over a year of hostilities between Iran-backed Hezbollah and Israel, which erupted in parallel with Israel’s war against Hamas in Gaza and has drastically escalated over the last two months.

In Beirut, Elias Bou Saab, Lebanon’s deputy parliament speaker, told the Reuters news agency there were “no serious obstacles” left to start implementing a US-proposed ceasefire with Israel, “unless Netanyahu changes his mind”.

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He said the proposal would entail an Israeli military withdrawal from south Lebanon and regular Lebanese soldiers deploying in the border region, long a Hezbollah stronghold, within 60 days.

A sticking point on who would monitor compliance with the ceasefire had been resolved in the last 24 hours with an agreement to set up a five-country committee that includes France and is chaired by the US, he said.

But Bou Saab also accused Israel of ramping up its bombardment in order to pressure Lebanon to make concessions in indirect ceasefire negotiations with Hezbollah because “we are close to the hour that is decisive regarding reaching a ceasefire”.

After previous hopes for a ceasefire were dashed, US officials cautioned that negotiations were not yet complete and noted that there could be last-minute hitches that either delay or destroy an agreement.

“We have made significant progress with getting towards a resolution,” US National Security Council spokesman John Kirby told reporters. “But we are not done yet. Nothing is final until everything is final.”

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The French presidency reported “significant progress” in talks on a ceasefire and urged Israel and Hezbollah to “seize this opportunity”.

One far-right member of Netanyahu’s security cabinet, National Security Minister Itamar Ben-Gvir, said he would oppose it. He said on X that a deal with Lebanon would be a “big mistake” and a “missed historic opportunity to eradicate Hezbollah”.

But hostilities continue to intensify despite the reported diplomatic progress. Over the weekend, Israel carried out powerful attacks, one of which killed at least 29 people in central Beirut, while Hezbollah unleashed one of its biggest rocket salvos yet on Sunday, firing 250 missiles into Israel.

Lebanon’s Health Ministry said Israeli attacks since October 2023 have killed 3,768 people in Lebanon and forced more than one million people from their homes.

Hezbollah strikes have killed 45 civilians in northern Israel and the Israeli-occupied Golan Heights. At least 73 Israeli soldiers have been killed in northern Israel, the Golan Heights and in combat in southern Lebanon, according to Israeli authorities.

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Al Jazeera’s Basravi said that in past conflicts with Israel, there had been a surge of violence on both sides of the border, followed by a cessation.

“People are clinging to the hope that this is that moment,” he said.

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Are you in charge of a holiday feast? Follow these tips for food safety

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Are you in charge of a holiday feast? Follow these tips for food safety

Ready or not, the holidays are here. It’s a time when many Americans accustomed to preparing simple meals find themselves responsible for safely serving multi-dish feasts.

It’s no easy task. Outbreaks of some types of food poisoning tend to rise in November and December, according to the U.S. Centers for Disease Control and Prevention. Tainted turkey, undercooked stuffing and germ-laced gravy from holiday buffets have all led to past illnesses — and even deaths — CDC investigators have found.

It can be tricky for occasional cooks to prepare big meals in a way that avoids the common hazards that can make people sick, said Donald Schaffner, a food science expert at Rutgers University.

“Cooking takes longer with big masses of food. Cooling takes longer with big masses of food,” said Schaffner, who co-hosts the food-safety podcast “Risky or Not?”

Together with podcast co-host Benjamin Chapman, a food scientist at North Carolina State University, Schaffner outlined common ways to keep holiday meals both festive and safe.

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This article is part of AP’s Be Well coverage, focusing on wellness, fitness, diet and mental health. Read more Be Well.

Prepare the turkey

Nearly 90% of U.S. hosts plan to serve turkey on Thanksgiving this year, according to the turkey producer Butterball.

But raw turkey can harbor illness-causing bacteria such as salmonella, campylobacter and other germs. It must be handled safely to prevent those bugs from contaminating refrigerator surfaces, sinks and kitchen counters.

A frozen bird must be thawed first. There are several accepted methods, including in the refrigerator, in the microwave or in cold running water, Schaffner said.

“All of these methods pose risks,” he cautioned.

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A frozen turkey needs about 24 hours for every 4 to 5 pounds of weight to thaw in a refrigerator, according to the Agriculture Department. If you use a microwave or the cold water method, the bird must be cooked immediately. For details about safe turkey handling, check out the thawing and cooking calculators created by the USDA.

And don’t wash the turkey. It’s a bad idea to rinse it in the sink, even though many cooks still insist on the practice, often out of habit, said Chapman.

“Anything that hits that surface and generates spray is going to basically spread contamination around your kitchen,” he said.

Instead, pat the turkey dry with paper towels and toss them, or use a kitchen towel and disinfect it in the laundry.

What about roasting?

Turkey needs to reach a cooked temperature of 165 degrees Fahrenheit before serving. The best way to tell if it’s cooked is to use a tip-sensitive digital thermometer inserted in the innermost section of the thigh, not touching the bone.

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Don’t rely on the plastic pop-up thermometers stuck in some commercial turkeys. Chapman’s past research shows that those buttons can activate well before the bird is actually done.

At the same time, don’t determine doneness by relying on signs such as golden-brown skin, whether the meat is no longer pink or whether the juices run clear.

“None of those are great indicators of temperature,” Chapman said.

Side dishes and leftovers

How you handle the rest of the meal — mashed potatoes, gravy, green beans or yams — is just as important as the main dish. It’s crucial to avoid the so-called danger zone of temperatures between 40 degrees and 140 degrees Fahrenheit, where bacteria can easily grow.

The key is to keep hot foods piping hot and cold foods cold — and to refrigerate everything promptly, Schaffner said.

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“The recommendation is that you get those leftovers into the refrigerator within two hours of when they came off of the stove,” he said.

Make sure to refrigerate dense foods like sliced turkey, cooked sweet potatoes or gravy in shallow containers to help them cool down fast. Schaffner’s recent research showed that foods cooled in containers at a depth of no more than 2 inches posed little risk of growing dangerous germs.

Keep it clean

One key way to avoid food poisoning is through scrupulous cleaning in the kitchen.

Wash your hands before preparing food and after touching raw poultry. Use separate cutting boards, knives and other utensils when handling raw meat and fresh foods such as vegetables and salads.

Pay close attention to any surface that may be contaminated. It’s important to clean first with soap and water and then sanitize with a disinfectant — a two-step process.

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The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.

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Uruguay ousts conservative government, elects leftist opposition candidate as turnout hits 90 percent

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Uruguay ousts conservative government, elects leftist opposition candidate as turnout hits 90 percent

Uruguay ousted its conservative government that had been in charge for the past five years, as leftist opposition candidate Yamandú Orsi claimed victory in a tight presidential runoff Sunday.

Even as the vote count continued, Álvaro Delgado, the presidential candidate of the center-right ruling coalition, conceded defeat to his challenger.

“With sadness, but without guilt, we can congratulate the winner,” he told supporters at his campaign headquarters in the capital of Montevideo. 

Orsi, 57, a working-class former history teacher and two-time mayor from Uruguay’s Broad Front coalition, was mentored by former President José “Pepe” Mujica, an ex-Marxist guerilla who became world renowned for driving Uruguay’s legalization of abortion, same-sex marriage and sale of marijuana a decade ago. Orsi thanked his supporters as crowds flocked to greet him.

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Yamandu Orsi, candidate for the Broad Front (Frente Amplio) and running mate Carolina Cosse, right, celebrate after polls closed in the presidential run-off election in Montevideo, Uruguay, Sunday, Nov. 24, 2024.  (AP Photo/Natacha Pisarenko)

“The country of liberty, equality and fraternity has triumphed once again,” he said, vowing to unite the nation of 3.4 million people after such a tight vote.

“Let’s understand that there is another part of our country who have different feelings today,” he said. “These people will also have to help build a better country. We need them too.”

“I will be the president who calls for national dialogue again and again, who builds a more integrated society and country,” Orsi said.

“Starting tomorrow, I’ll have to work very hard, there’s a lot to do,” he told the Associated Press from the glass-walled NH Columbia hotel, thronged friends and colleagues embracing and congratulating him.

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With nearly all the votes counted, electoral officials reported that Orsi won just over 49% of the vote, ahead of Delgado’s 46%. The rest cast blank votes or abstained in defiance of Uruguay’s enforced compulsory voting. Turnout reached almost 90%.

After weeks in which the rivals appeared tied in the polls, Delgado’s concession ushers in Orsi as Uruguay’s new leader and cuts short the center-right Republican coalition’s shot at governing. 

Delgado concession speech

Alvaro Delgado, presidential candidate for the ruling National Party, concedes defeat in Montevideo, Uruguay, Sunday, Nov. 24, 2024.  (AP Photo/Matilde Campodonico)

The 2019 election of President Luis Lacalle Pou spelled an end to 15 consecutive years of rule by the Broad Front.

“I called Yamandú Orsi to congratulate him as President-elect of our country,” Lacalle Pou wrote on social media platform X, adding that he would “put myself at his service and begin the transition as soon as I deem it appropriate.”

Orsi’s victory made the South American country the latest to rebuke the incumbent party in the wake of post-pandemic economic malaise.

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The win contrasts with that of populist Javier Milei, who won the presidency in Argentina in 2023 by promising to overhaul the establishment to deal with soaring inflation and poverty. Milei reportedly has grown close to President-elect Trump. 

Orsi has been described as a moderate with no radical plans for change. He largely agrees with his opponent on key voter concerns like driving down the childhood poverty rate, now at a staggering 25%, and containing an upsurge in organized crime that has shaken the nation long considered among Latin America’s safest. 

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Despite Orsi’s promise to lead a “new left” in Uruguay, his platform resembles the mix of market-friendly policies and welfare programs that characterized the Broad Front’s tenure from 2005-2020.

Mujica, now 89 and recovering from esophageal cancer, turned up at his local polling station before balloting even began on Sunday to praise Orsi’s humility and Uruguay’s proud stability.

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“This is no small feat,” he said of his nation’s “citizenry that respects formal institutions.”

With inflation easing, and the economy expected to expand by some 3.2% this year, Delgado had promised to continue pursuing his predecessor’s pro-business policies. 

Frente Amplio supporters wave flag out of a car celebrating win

Supporters of the Broad Front (Frente Amplio) celebrate the victory of candidate Yamandú Orsi in Montevideo, Uruguay, Sunday, Nov. 24, 2024.  (AP Photo/Matilde Campodonico)

Lacalle Pou, who constitutionally cannot run for a second consecutive term, has enjoyed high approval ratings. But the official results trickling in on Sunday showed that mounting complaints in Uruguay about years of sluggish economic growth, stagnant wages and the government’s struggle to contain crime after five years helped swing the election against Delgado.

Specific proposals by Orsi include tax incentives to lure investment and revitalize the critical agricultural sector, as well as social security reforms that would lower the retirement age but fall short of a radical overhaul sought by Uruguay’s unions that failed to pass in the Oct. 27 general election during which neither front-runner secured an outright majority. 

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He is also likely to put an end to a trade agreement with China that Lacalle Pou had pursued to the chagrin of Mercosur, an alliance of South American nations promoting regional commerce.

His government will take office on March 1, 2025.

The Associated Press contributed to this report.

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