Digital business models Archives | Page 395 of 569

Changpeng Zhao applies for presidential pardon after legal settlement

Changpeng Zhao, founder and former CEO of Binance, has confirmed he formally applied for a presidential pardon after previously denying media reports about it.

In an interview on Farokh Radio on 6 May, Zhao revealed his legal team filed the request following intense media speculation. He mentioned that after reports from Bloomberg and The Wall Street Journal linked him to a pardon, he decided to officially apply.

Zhao cited US President Donald Trump’s pardons of three BitMEX executives as a key motivator behind his decision. In November 2023, Zhao pleaded guilty to violating the Bank Secrecy Act.

It resulted in Binance paying a $4.3 billion fine, with Zhao personally contributing $50 million. He was sentenced to four months in prison and barred from holding a management position at Binance.

Though a pardon would not erase his conviction, it could potentially clear the way for Zhao to return to leadership at Binance.US. However, Zhao, who stepped down as CEO and served his sentence, has said he has no intention of returning to the company’s helm.

He now focuses on advisory roles, helping countries like Pakistan and Kyrgyzstan with crypto regulation.

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Insider trades suspected before MELANIA token launch

A Financial Times investigation has revealed that select wallets bought millions of dollars’ worth of the MELANIA memecoin just minutes before its public launch. These early trades generated nearly $100 million in profits, raising concerns over transparency and potential insider activity.

The MELANIA token, launched on 19 January 2025, was promoted by Melania Trump only two days after the Official Trump token debuted.

Both Solana-based memecoins have faced heavy criticism for lacking utility and appearing more like speculative assets. One wallet alone made over $39 million within 12 hours of launch, having invested just before the token was publicly announced.

Despite the apparent unfair advantage, such actions remain legal under current US regulations, as memecoins are not classified as securities. Still, blockchain analysts have linked MELANIA’s team to other memecoin sniping and pump-and-dump schemes.

Meanwhile, the Official Trump token, run by a separate team, has generated over $1.1 billion in profits, primarily benefiting a small group of large holders.

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Meta and Ray-Ban launch smart glasses in the UAE

Meta Platforms, Inc. and EssilorLuxottica have officially launched the Ray-Ban Meta smart glasses in the United Arab Emirates, unveiling the new tech-forward eyewear during an exclusive event on May 7 at Gitano Beach Club.

The collection will be available across all Ray-Ban stores and partner opticians in the UAE starting May 12.

Ray-Ban Meta glasses combine stylish design with cutting-edge technology, offering users hands-free photo and video capture, discreet audio playback through open-ear speakers, and access to built-in Meta AI.

The glasses allow for real-time translations—including sign language—voice-activated search, and contextual AR experiences such as landmark information, menu translations, or recipe suggestions based on visible items.

A standout feature is the livestreaming function, enabling users to broadcast directly to Instagram Live or Facebook Live for up to 30 minutes from their own point of view.

Users can toggle between the glasses and their phone camera, creating immersive, real-time content. The MetaAI companion app (iOS and Android) also supports easy content import, editing, and special effects.

The glasses include five microphones and upgraded audio hardware for clearer sound and ambient awareness.

Live language translation support—covering Spanish, French, Italian, and English—even while offline—is expected to launch in the UAE later this year. Software updates will continue enhancing the glasses’ AI capabilities over time.

Offered in styles such as Wayfarer, Wayfarer Large, and the universally fitting Skyler, Ray-Ban Meta glasses are available with prescription, sun, clear, polarised, or Transitions® lenses.

Prices start at AED 1,330 and include a sleek charging case. The glasses support pairing with multiple devices and offer a blend of fashion, function, and future-ready innovation.

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Apple turns to AI as Google loses ground in Safari searches

Google is seeing a historic dip in search traffic through Apple’s Safari browser, marking the first such decline ever, according to Apple’s Eddy Cue.

The shift comes as users increasingly turn to AI-powered search tools like ChatGPT, Perplexity and Microsoft Copilot, which offer direct and conversational responses without the need to browse traditional websites.

In response, Apple is now exploring a major revamp of Safari to better integrate AI-driven search capabilities.

AI is gradually reshaping how people interact with information online, posing a serious challenge to Google’s long-standing dominance. Cue noted that although current AI tools are not perfect, they are rapidly improving and may soon offer compelling alternatives to traditional search engines.

Apple currently supports ChatGPT within Siri and may soon include Google’s Gemini AI, as it continues to diversify the digital search options available on its platforms.

The shift is especially significant given Google’s $20 billion annual deal to remain Safari’s default search engine. The US justice department is scrutinising these types of agreements in its case against Google’s parent company, Alphabet, suggesting such arrangements limit genuine competition.

Cue stressed that AI has opened the door to new players in the search market and that true competition only arises when technological disruption invites innovation.

As large language models grow more advanced, their appeal increases—despite occasional errors known as hallucinations.

AI tools offer richer, more intuitive user experiences, often skipping the step of clicking through to websites. While this threatens traffic for content providers, it also underscores a pivotal shift: AI is no longer just a feature—it is transforming how people seek and consume information.

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FTC says Amazon misused legal privilege to dodge scrutiny

Federal regulators have accused Amazon of deliberately concealing incriminating evidence in an ongoing antitrust case by abusing privilege claims. The Federal Trade Commission (FTC) said Amazon wrongly withheld nearly 70,000 documents, withdrawing 92% of its claims after a judge forced a re-review.

The FTC claims Amazon marked non-legal documents as privileged to keep them from scrutiny. Internal emails suggest staff were told to mislabel communications by including legal teams unnecessarily.

One email reportedly called former CEO Jeff Bezos the ‘chief dark arts officer,’ referring to questionable Prime subscription tactics.

The documents revealed issues such as widespread involuntary Prime sign-ups and efforts to manipulate search results in favour of Amazon’s products. Regulators said these practices show Amazon intended to hide evidence rather than make honest errors.

The FTC is now seeking a 90-day extension for discovery and wants Amazon to cover the additional legal costs. It claims the delay and concealment gave Amazon an unfair strategic advantage instead of allowing a level playing field.

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New EU regulation to track crypto transfers and ban privacy coins

The European Union is set to introduce new measures under its Anti-Money Laundering Regulation (AMLR) to track cryptocurrency transfers. The EU aims to gather data on both senders and recipients of funds, expanding transparency within crypto-asset service providers.

From 1 July 2027, cryptocurrency exchanges and custodial services will be prohibited from dealing with anonymous wallets and privacy coins. The regulation also mandates ‘intrusive checks’ for self-hosted wallets, requiring verification for transactions over €1,000.

However, this move has sparked concerns within the cryptocurrency industry, with critics arguing that it could limit privacy and push the sector into less transparent markets.

Monero developer Riccardo Spagni and other industry figures fear the regulations could drive privacy-focused firms to relocate to jurisdictions that support privacy rights.

They warn that the EU’s approach could hinder innovation and push parts of the crypto economy into the black market.

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SEC official says crypto ETF process was mishandled

The head of the US SEC Crypto Task Force, Hester Peirce, criticised the way the agency handled the approval process for spot Bitcoin ETFs. She described the process as ‘terribly mismanaged.’

Speaking on Bloomberg’s Trillions podcast, she said the delays had alienated crypto innovators. She urged the industry to remain patient as the regulator works through litigation and policy issues.

Peirce, known as ‘Crypto Mum’ for her pro-crypto stance, noted that many ETF applications remain in limbo, with the SEC currently reviewing 72 filings.

Recent postponements suggest decisions may be pushed to the October deadlines, as the agency weighs legal challenges and broader implications for the financial system.

Despite ongoing discussions and industry roundtables, Peirce reminded listeners that SEC approval does not mean the product is a good investment.

She stressed that it’s up to individuals to decide whether such products suit their needs, as approval only confirms legal compliance—not quality.

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Meta brings back Robert Fergus to lead AI lab

Meta Platforms has brought back Robert Fergus to lead its AI research lab, FAIR, which he helped found in 2014 alongside Yann LeCun. After spending five years as a research director at Google’s DeepMind, Fergus returns to replace Joelle Pineau, who steps down on 30 May.

Fergus, who previously spent six years as a research scientist at Facebook, announced his return on LinkedIn, expressing gratitude to Pineau and reaffirming Meta’s long-term commitment to AI.

FAIR, Meta’s Fundamental AI Research division, focuses on innovations such as voice translation and image recognition to support its open-source Llama language model.

The move comes as Meta ramps up its AI investment, with CEO Mark Zuckerberg allocating up to $65 billion in capital spending for 2025 to expand the company’s AI infrastructure.

AI is now deeply integrated into Meta’s services, including Facebook, Instagram, Messenger, WhatsApp, and a new standalone app meant to rival OpenAI.

By bringing Fergus back instead of appointing a new outsider, Meta signals its intent to build on its existing AI legacy while pushing further toward human-level machine experiences.

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US Senate blocks stablecoin regulation bill

The US Senate voted against advancing the GENIUS Act on Thursday, which sought to regulate stablecoins. The vote, which was 48-49, failed to secure the 60 votes needed to begin formal debate, signalling a setback for the crypto industry’s regulatory hopes.

Bipartisan negotiations had progressed for months, with the Senate Banking Committee previously approving the bill.

However, late opposition from Senate Democrats, who raised concerns about safeguards against illicit finance and foreign stablecoin issuers, derailed momentum.

Some lawmakers also pointed to how Donald Trump has connections to crypto as a complicating factor.

Despite the setback, key figures remain hopeful. Senator Mark Warner stated that the bill isn’t finished yet and still requires revisions to protect Americans.

On the other hand, Republican leaders, such as Senator Cynthia Lummis, warned that delays could hinder US crypto innovation. The debate may continue next week, as lawmakers push for further revisions.

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Apple prepares low-power chip for smart eyewear

Apple is developing custom chips to power future smart glasses, AI servers, and new Mac models, according to a report by Bloomberg News.

The chip for the glasses is being designed with a focus on energy efficiency and advanced camera handling, and production could begin as early as late 2026 or 2027.

Built on technology similar to that of the Apple Watch instead of the iPhone, the chip is expected to consume significantly less power.

It will be manufactured by Taiwan’s TSMC and tailored to manage multiple cameras efficiently, potentially positioning Apple as a rival to Meta’s Ray-Ban smart glasses.

At the same time, Apple is working on new Mac processors—possibly branded as the M6 and M7—as well as AI server chips designed to support the Apple Intelligence platform. This system enables features like notification summaries, email rewriting, and access to OpenAI’s ChatGPT.

These projects come as Apple expands its silicon strategy. Earlier in 2025, the company unveiled its first custom modem for iPhones, and it plans to source over 19 billion chips from the US this year instead of depending on China, while also boosting production in India.

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