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- Crypto hammered with MASSIVE $4B penalty
Crypto hammered with MASSIVE $4B penalty
PLUS: New device for at-home wheelchair workouts
Rowan Cheung
November 22, 2023
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Welcome, Tech enthusiasts.
The biggest exchange in crypto just got slapped with a massive $4.3B settlement, with Binance and CEO Changpeng Zhao facing charges.
Is this another black eye for the cryptocurrency industry, or a welcome step on the path to legitimization? Let’s get into it…
In today’s tech rundown:
Crypto giant Binance charged, agrees to $4.3B settlement
New device enables at-home workouts for wheelchair users
9 new products
7 quick stories
Read time: 3 minutes
TODAY’S HEADLINES
CRYPTOCURRENCY
Image source: CoinDesk
The Rundown: The U.S. Department of Justice just charged Binance and CEO Changpeng Zhao (CZ) with criminal offenses related to money laundering.
The details:
The DOJ alleged Binance policies allowed criminals to launder funds and that CZ "pretended to comply" with laws.
Binance will pay over $4.3B in penalties to U.S. agencies.
Zhao also pled guilty to one felony charge of failing to maintain an effective Anti-Money Laundering program.
CZ stepped down as CEO of the crypto giant, with global head of regional markets Richard Tend appointed to succeed him.
The relevance: This outcome seemed inevitable given the long investigations into Binance — and the eye-watering penalties show regulators aren’t messing around when it comes to crypto compliance. However, the resolution is also a positive step towards more legitimization of the industry.
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ACCESSIBILITY & FITNESS
Image source: Kangster
The Rundown: Korean tech startup Kangster developed the Wheely-X, an at-home workout device that allows wheelchair users to exercise by spinning their wheels on a set of rollers.
The details:
The device uses ramps and rollers to attach to a wheelchair — users spin the rear wheels, while sensors track speed and resistance.
An accompanying app gamifies workouts, competitions, training guidance, and measures progress.
The product caters to a niche audience that lacks accessible at-home fitness options, and comes in at a $2,595 price point.
Why it matters: Wheely-X is a great example of inclusive design in tech— empowering an overlooked fitness community to tap into their health goals from home.
NEW PRODUCTS
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🫵 Manganum Sidebar- All the best productivity apps in one location (link)
📸 Ekran- Turn screenshots or recordings into posts (link)
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🧠 Humata- Ask questions and chat with any file instantly using AI (link)
🎤 Castmagic- Turn long-form audio into ready-to-use content assets, instantly (link)
🎨 Uizard- Design wireframes, prototypes, and mockups quickly and easily (link)
🤖 ZipChat AI- Train a chatbot with your data to boost customer satisfaction (link)
👩🏻💼 Aomni- AI Sidekick for your sales team (link)
🤓 Julius AI- Your AI data analyst (link)
Browse the most popular tools ever featured with our tool database.
SNIPPETS
Tesla's Texas Gigafactory workers have reported gruesome injuries from explosions, robots, and falling hazards as the company rushes Cybertruck production.
The FDA is reviewing exa-cel, a CRISPR treatment that could cure sickle cell disease.
Spotify will not pay for songs with fewer than 1,000 streams, aiming to curb fraud and redistribute funds to more popular content.
The UK is set to build a satellite for the Atlantic Constellation project to monitor climate change and improve environmental data collection from space.
Apple CEO Tim Cook has disclosed that the company has thorough succession plans, though he has no immediate plans to step down.
Language learning app Babbel launched new speech tools leveraging AI to help users practice pronunciation and build speaking confidence.
Google Chrome said its ad blocker limiting Manifest V3 extension update will roll out in June 2024 after a year pause, despite persistent criticism it weakens privacy.
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THAT’S A WRAP
If you have anything interesting to share, please reach out to us by sending us a DM on Twitter: @rowancheung & @therundowntech
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