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    S.E.C. Drops Lawsuit Against Binance, a Crypto Exchange

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    The dismissal of charges against Binance and its founder, Changpeng Zhao, is the Trump administration’s latest pullback in cryptocurrency enforcement.The Trump administration’s retreat on crypto enforcement continued on Thursday as the Securities and Exchange Commission announced that it was dismissing a lawsuit it filed two years ago against the giant cryptocurrency exchange Binance and its founder, Changpeng Zhao.The S.E.C. had accused Binance and Mr. Zhao of lying to regulators about its operations in the United States and mishandling customer money.The commission, the nation’s top securities regulator, has moved to dismiss more than a dozen lawsuits or investigations against crypto firms. In February, it asked a federal judge to stay the litigation against Binance as it reassessed its approach to regulating the fast-growing crypto industry.In the four-page dismissal notice, the regulator said it was dropping the litigation “in the exercise of its discretion and as a policy matter.”The dismissal is a signature moment for the S.E.C.’s regulatory rollback given the prominence of Mr. Zhao, a multibillionaire, in the crypto industry.Mr. Zhao, a Chinese-born Canadian who is also known as C.Z., pleaded guilty in November 2023 to violating federal money-laundering charges. But he spent just four months in federal prison and emerged with most of his financial empire untouched.This month, World Liberty Financial, a crypto firm started by President Trump’s family, announced that it was helping to facilitate a $2 billion business deal between Binance and MGX, an Abu Dubai-backed fund. Executives for World Liberty Financial also met with Mr. Zhao.Mr. Trump, once a critic of the crypto industry, reversed his stance during last year’s presidential campaign and vowed to let the industry flourish and roll back much of the S.E.C.’s regulatory enforcement agenda.Mr. Trump and his family also have become major financial boosters of the crypto industry. Besides World Liberty Financial, they are backing a so-called memecoin that was introduced just days before Mr. Trump’s inauguration in January.Last week, the president hosted a dinner at his Virginia golf club, and among the guests were the highest-paying customers of his personal cryptocurrency, known as $TRUMP. The event helped promote sales of the memecoin, which has become a vehicle for investors, including many foreigners, to funnel money to his family.American Bitcoin, a crypto firm co-founded by Eric Trump, one of the president’s sons, said this month that it planned to go public.And this week, Mr. Trump’s social media company, Trump Media & Technology Group, said it had raised $2.5 billion from investors to buy up Bitcoin, essentially as an investment strategy. Trump Media, a money-losing venture, is the parent company of Truth Social.Mr. Trump is the company’s largest shareholder, with a stake worth more than $2 billion. His shares are held in a trust managed by his eldest son, Donald Jr., who is a board member.Critics have said the Trump family’s involvement with crypto poses a potential conflict of interest given the S.E.C.’s moves easing the regulation of digital assets.David Yaffe-Bellany More

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      in US Politics

      ‘Just wildly illegal’: top Democrats push to censure Trump’s plan to accept Qatar jet

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      Top Democrats in the US Senate are pushing for a vote on the floor of the chamber censuring Donald Trump’s reported plan to accept a $400m luxury jet from the royal family of Qatar for use as Air Force One and later as a fixture in the Trump’s personal presidential library.Four Democratic members of the Senate foreign relations committee said on Monday that they would press for a vote later this week. They said that elected officials, including the president, were not allowed to accept large gifts from foreign governments unless authorized to do so by Congress.Cory Booker from New Jersey, Brian Schatz from Hawaii, Chris Coons from Delaware and Chris Murphy from Connecticut cast the reported gift of the Boeing 747-8 jumbo jet as a clear conflict of interest and a serious threat to national security.“Air Force Once is more than just a plane – it’s a symbol of the presidency and of the United States itself,” the senators said in a joint statement. “No one should use public service for personal gain through foreign gifts.”News of a possible gift of the luxury jet prompted immediate scathing criticism from senior Democrats. Though the Qatari government has stressed that no final decision has yet been made, Trump appeared to confirm it on Sunday when he commented on social media that the transfer was being made “in a very public and transparent transaction”.The plan appears to be for the 13-year-old plane to be fitted out by the US military for use as Air Force One and then, when Trump leaves the White House, for it to be put on display in his presidential library – in effect being handed to Trump for his own personal use.The reported arrangement comes as Trump sets off for a tour of the Middle East, including Qatar. Another of the countries on the tour, the United Arab Emirates, has also become embroiled in controversy over potential conflicts of interest involving Trump.Last week it was revealed that an investment firm based in Abu Dhabi had injected $2bn into a stablecoin venture launched by Trump’s World Liberty Financial crypto company as an investment into the crypto exchange Binance.Senate Democrats are also gearing up to challenge Trump’s conflicts of interest under congressional rules governing the sale of military weapons to foreign countries.Murphy, the senator from Connecticut who has been at the forefront of sounding the alarm over conflicts of interest in the second Trump administration, has said he will use his powers to challenge arms sales as a way of forcing a full debate and Senate vote on both the Qatar plane and UAE stablecoin issues.skip past newsletter promotionafter newsletter promotionHe said on social media that he would object to “any military deal with a nation that is paying off Trump personally – we can’t act like this is normal foreign policy”.He added: “UAE’s investment in Trump crypto and Qatar’s gifting of a plane is nuclear grade graft.”In an earlier post on Bluesky, Murphy described the idea of Qatar handing over the jet as being “just wildly illegal”.Trump has so far brushed aside the Democratic fury. He praised Qatar’s offer on Monday as a “great gesture” and said he would “never be one to turn down that kind of offer”. More

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      in Elections

      How Two Allies Wrestled Over a Crypto Giant and a Prisoner

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      The United States and Nigeria often collaborate. But the arrest of an American worker strained their diplomatic relations.After eight months in custody in Nigeria, an American working for the cryptocurrency firm Binance is coming home, ailing but alive, in a case that had strained U.S. ties with one of Africa’s most influential countries.Tigran Gambaryan, a compliance officer for Binance, had been held on money-laundering charges as part of a sweeping Nigerian government case against the company.On Thursday, a plane equipped with medical equipment departed Abuja, Nigeria’s capital, to bring him back to the United States. During his detention, Mr. Gambaryan had contracted malaria and double pneumonia, and he has a herniated disk.His release came after months of diplomatic pressure by the United States and in return for American promises of an improved partnership with Nigeria, including on cybercrime investigations.The detention of the American came as Nigerian frustration over Binance and other companies was rising, and as officials there sought more help in cracking down on cryptocurrencies for their country’s economic crisis.Mr. Gambaryan had arrived in Nigeria just days before he was arrested in February. He was initially held in a government-owned guesthouse but was transferred to the notorious Kuje prison in April.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      in Elections

      Today’s Top News: The Growing 2024 G.O.P. Field, and More

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      The New York Times Audio app includes podcasts, narrated articles from the newsroom and other publishers, as well as exclusive new shows — including this one — which we’re making available to readers for a limited time. Download the audio app here.The Headlines brings you the biggest stories of the day from the Times journalists who are covering them, all in about 10 minutes. Hosted by Annie Correal, the new morning show features three top stories from reporters across the newsroom and around the world, so you always have a sense of what’s happening, even if you only have a few minutes to spare.From left: Former Gov. Chris Christie of New Jersey, former Vice President Mike Pence and Gov. Doug Burgum of North Dakota.Charles Krupa/Associated Press, Alex Brandon/Associated Press, Mike Mccleary/The Bismarck Tribune, via Associated PressOn Today’s Episode:The U.S. and Russia Say a Major Ukrainian Operation Has Begun, with our Ukraine correspondent Thomas Gibbons-NeffS.E.C. Accuses Binance of Mishandling Funds and Lying to Regulators, with our finance reporter Emily FlitterThe 2024 G.O.P. Field Balloons This Week, Adding Three New Candidates, with our national correspondent Trip GabrielEli Cohen More