Binance to pay $4.3B in fines as CEO steps down amid guilty plea

Another day, another debacle. In today’s top story, Jacquelyn covers what’s going on at Binance, the world’s largest crypto exchange. First, its founder and CEO, Changpeng Zhao, also known as “CZ,” is stepping down and has pleaded guilty to a number of charges brought by the U.S. Department of Justice and other agencies. Then the company itself agreed to pay $4.3 billion in fines to resolve some Justice Department investigations. Get the broom, it’s a mess.

Meanwhile, Ivan reports on Google’s secret related to Spotify. It’s a good one.

And check out my story on venture capital firm Twelve Below and how its co-founders are sticking to the traditional ways of raising and deploying capital. Read about its two new funds.

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More top reads

Continuing coverage of OpenAI: We’re still parsing through the details of what’s going on at OpenAI, with a fresh look at some different aspects today, including how this could bolster Meta and the “open AI” movement. In addition, the board is now considering Sam Altman’s return. We give you some history on the board, some of whom have stepped down. Effects of Sam Altman leaving OpenAI will be vast, but in the case of his involvement in Worldcoin, not much is expected to change. And in TechCrunch+, read how all of this exposes the dangers of vendor lock-in for startups, and why founders should pay attention to OpenAI’s board structure.

Byju’s is under the microscope: India’s anti–money laundering agency finds $1 billion violation at Byju’s. Read more.

The world keeps on spinning: Generative AI startup AI21 Labs raises cash in the midst of OpenAI chaos. Learn more about its AI with a purpose.

The internet is closed for business: Anti-censorship tools are quietly disappearing into thin air in China. Get the scoop.

More on Grok: Screenshots show xAI’s chatbot Grok on X’s web app. Check it out.

Into orbit: Starlink rival OneWeb scores approval to launch satellite broadband services in India. Find out when.

Delivery dilemma: The European Union widens the scope of scrutiny into certain food delivery cartels. Read more.

Plug-in woes: If that Tesla Supercharger station is full, you may want to keep driving if you can. Tesla rolls out congestion pricing ahead of holiday travel season. Here’s how much you’ll pay.

Working together: Motional and Hyundai will jointly build the IONIQ 5 robotaxi in Singapore. Here’s why.

Get ahead of the competition: Vendelux grabs new capital for B2B event marketing amid in-person resurgence. Read more.

Plans have changed: After hitting the pause button on its factory project, Ford downsizes its electric vehicle battery factory plan. This is what Ford is doing instead.

Strike a pose: Off/Script launches an app to create and buy AI-designed fashion. No expertise needed.

Even more for your Tuesday:

Anthropic’s Claude 2.1 release shows the competition isn’t rubbernecking the OpenAI disaster

Tech CEO Austin Russell’s bid to buy Forbes fails

China’s EV upstart Li Auto hunts for chip talent in Singapore

eBay to gain $2.2B from sales of its shares in classified biz Adevinta

On the pods

On today’s episode of Found, we have Studs co-founders and good friends Lisa Bubbers and Anna Harman who want to own your ear piercings. They are helping Gen Zers and millennials create their dream earscape with piercing studios that are opening across the country. They talk with Becca and Dominic-Madori about building and fundraising for a VC-backed brick-and-mortar business. Listen here.

In today’s Equity, Alex goes through all things OpenAI with fellow reporter Kyle Wiggers and former Equity host Matthew Lynley, including what’s happened, what could happen and how all of this is affecting other companies. Listen here.

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