Three news to start your week: June 5
US accuses cryptocurrency firm Binance of diverting billions from customers
(El País)
The biggest cryptocurrency exchange in the world, Binance, is accused by US regulators of breaking the law by "diverting customer assets at will" and mixing them with those of others. The US Securities and Exchange Commission (SEC) has charged Binance and its founder and CEO, Changpeng Zhao, with 13 different crimes.
The SEC says that Binance made $11.6 billion in sales from US customers, including transaction fees, without being licensed.
In March, the CFTC sued Binance and Zhao, causing the price of Bitcoin, Ethereum, and other cryptocurrencies to drop sharply.
Germany enters recession in blow to Europe's economy
(The Wall Street Journal)
Germany, Europe's biggest economy, has shrunk for two quarters in a row, which is the technical meaning of a recession. Now, it's possible that the eurozone as a whole also shrunk in the first quarter.
A recession in the eurozone would take away some of the hope that has grown in recent months about the area's economic future. It could also make policymakers at the European Central Bank more careful as they get ready to raise interest rates even more.
Elizabeth Holmes reports to prison to begin more than 11-year sentence on Theranos case
(The New York Times)
Elizabeth Holmes, the businesswoman found guilty of defrauding investors at her failed blood testing company Theranos, reported to a federal jail in Texas on Tuesday to start her 11-year, 3-month sentence.
Last year, Holmes, who is 39 years old, was found guilty of four counts of wire fraud and conspiracy for making false claims that her start-up Theranos' blood tests could find many illnesses with just a few drops of blood. She and her former business partner, Ramesh Balwani, must pay $452 million to investors who were tricked out of their money.
