LinkedIn has come under scrutiny for using user data to train AI models without updating its privacy terms in advance. While LinkedIn has since revised its terms, United States users were not informed beforehand, which usually allows them time to make decisions about their accounts. LinkedIn offers an opt-out feature for data used in generative AI, but this was not initially reflected in their privacy policy.
LinkedIn clarified that its AI models, including content creation tools, use user data. Some models on its platform may also be trained by external providers like Microsoft. LinkedIn assures users that privacy-enhancing techniques, such as redacting personal information, are employed during the process.
The Open Rights Group has criticised LinkedIn for not seeking consent from users before collecting data, calling the opt-out method inadequate for protecting privacy rights. Regulatory bodies, including Ireland‘s Data Protection Commission, have been involved in monitoring the situation, especially within regions under GDPR protection, where user data is not used for AI training.
LinkedIn is one of several platforms reusing user-generated content for AI training. Others, like Meta and Stack Overflow, have also begun similar practices, with some users protesting the reuse of their data without explicit consent.
Chinese multinational technology company, Alibaba, has intensified its push into the generative AI space by releasing new open-source AI models and text-to-video technology. The Chinese tech giant’s latest models, part of its Qwen 2.5 family, range from 0.5 to 72 billion parameters, covering fields like mathematics, coding, and supporting over 29 languages.
This marks Alibaba’s shift towards a hybrid approach, combining both open-source and proprietary AI developments, as it competes with rivals such as Baidu and OpenAI, which favor closed-source models. The newly introduced text-to-video model, part of the Tongyi Wanxiang family, positions Alibaba as a key player in the rapidly growing AI-driven content creation market.
The company’s new AI offerings aim to serve a wide range of industries, from automotive and gaming to scientific research, solidifying its role in shaping the future of AI across various sectors.
Russia is planning to introduce a new tax system for cryptocurrency miners, basing it on electricity usage rather than the value of mined tokens. Deputy Finance Minister Ivan Chebeskov revealed on 18 September that the government is considering an excise tax on the electricity consumed by miners as a temporary solution before implementing a tax on their profits. The authorities have faced difficulties in calculating miners’ earnings, particularly as some do not disclose all of their wallets.
The proposed tax follows Russia granting legal status to industrial crypto mining earlier this year. Lawmakers are expected to pass legislation on the crypto mining tax by the end of the State Duma’s autumn session. The government’s long-term aim remains profit-based taxation, but electricity consumption is seen as a more practical approach for the time being, especially given the complexities of accounting in the crypto industry.
While cryptocurrency exchanges remain unregulated in Russia, there have been calls for the establishment of state-run platforms for trading digital assets. Meanwhile, Russia is positioning itself as a global leader in the crypto mining sector, with major firms such as Gazprom setting up large-scale mining operations. The country’s finance ministry expects the industry to generate substantial tax revenue by 2025.
European antitrust regulators will not take action against Microsoft’s acquisition of staff from AI startup Inflection, including its co-founders, following the withdrawal of requests from seven European Union countries. These countries dropped their requests for the European Commission to investigate, due to a recent court ruling that limits the regulator’s ability to examine mergers below the EU’s revenue threshold.
The court ruling has been viewed by some as a correction against regulatory overreach. The European Commission, in response, stated it would not pursue the case further. Despite this, the Commission acknowledged the Microsoft-Inflection deal as a merger due to its restructuring of Inflection’s business focus towards AI development.
The agreement between Microsoft and Inflection represents a significant market shift. Under the EU’s merger rules, it is considered a concentration, reflecting the ongoing transformations in the AI industry.
Bitcoin’s price surged by 3% in the past 24 hours, reaching a peak of around $64,082. However, the flagship cryptocurrency encountered resistance at this level, coinciding with its 200-day moving average. As a result, Bitcoin retraced approximately 1%, trading at about $63,434 during the mid-London session. The volatility led to over $50 million in liquidations in the leveraged market, with the largest single liquidation on OKX amounting to $5 million.
Technical indicators suggest that Bitcoin might experience further corrections before potentially rallying towards its all-time high. Crypto analyst Ali Martinez noted that the TD Sequential indicator has signalled a sell signal, which may lead to a midterm correction over the weekend. However, he anticipates that if Bitcoin consistently closes above the $64K liquidity level, it could pave the way for a new peak.
In addition, recent data shows that Bitcoin supply on exchanges has dropped significantly, with miners increasing their trading activities. Notably, dormant miners have reactivated their wallets, moving approximately 250 BTC. The growing demand for spot Bitcoin ETFs has contributed to this decline in supply, with net inflows exceeding $700 million over the past two weeks.
As global economic conditions shift, particularly following interest rate changes by the US Federal Reserve, analysts predict a liquidity boost for the crypto market. Bitcoin is expected to follow the bullish trends of precious metals like gold, which recently hit an all-time high, indicating a positive outlook for the crypto market in the upcoming months.
The Telecom Regulatory Authority of India (TRAI) has taken crucial steps to enhance service quality in the telecommunications sector by mandating compliance reports from telecom companies, effective 1 October. That directive faces opposition from industry players, who contend that the new regulations will increase operational costs and compliance burdens.
Nonetheless, TRAI’s enforcement of these regulations aims to guarantee that consumers receive reliable and high-quality telecommunications services. Introducing stricter quality standards explicitly targets the performance of fixed, wireless, and broadband services, addressing persistent issues such as frequent call drops and service interruptions.
Furthermore, TRAI has significantly raised financial penalties for non-compliance, implementing a graded penalty system that escalates from ₹1 lakh to ₹10 lakh based on the severity of the violation. This adjustment creates a robust incentive for telecom companies to comply with the new quality norms. Additionally, operators must compensate users through rent rebates and validity extensions for service outages exceeding 24 hours, underscoring TRAI’s commitment to consumer protection.
Philippines has introduced Joint Administrative Order No. 24-03, Series of 2024, which outlines the Implementing Rules and Regulations (IRR) for the Internet Transactions Act (ITA) of 2023. The new regulatory framework is designed to govern all business-to-business (B2B) and business-to-consumer (B2C) internet transactions under the jurisdiction of the Department of Trade and Industry (DTI).
Specifically, it applies to transactions involving parties within the Philippines or businesses targeting the Philippine market. To clarify the scope of the ITA, the IRR defines key terms such as ‘availment of the Philippine market,’ which includes activities like advertising, soliciting orders, and providing support within the country. Additionally, ‘minimum contacts’ refers to any interaction with customers in the Philippines, including allowing access to digital platforms and facilitating the exchange of goods or services.
Philippines has also specified specific exclusions from the ITA’s coverage through the IRR. For instance, it does not apply to Consumer-to-Consumer (C2C) transactions, purely offline transactions, or foreign entities not targeting the Philippine market. Furthermore, while most online media content is excluded, live selling is considered a form of advertising.
Consequently, the IRR outlines different obligations for various online entities, such as digital platforms that do not oversee transactions, e-marketplaces that retain oversight, and e-retailers or online merchants who must adhere to specific compliance requirements.
Philippines has made the IRR effective immediately; however, it allows for an 18-month transition period for businesses to comply. During this time, companies must submit detailed information to the E-Commerce Bureau and ensure that online merchants provide their registration details. Additionally, digital platforms must disclose information about product origins. Furthermore, the IRR includes Codes of Conduct for businesses and consumers to ensure fair and ethical e-commerce practices.
The United States Securities and Exchange Commission (SEC) has taken its first-ever legal action against scammers accused of operating fake cryptocurrency trading platforms. The SEC announced on 17 September that it had charged five entities and three individuals allegedly involved in defrauding investors of nearly $3.2 million through social media. According to the SEC, the fraudsters gained investors’ trust by posing as attractive professionals and enticing them into bogus crypto investment schemes.
The two fraudulent exchanges, NanoBit and CoinW6, were at the centre of the scams. CoinW6 alone reportedly conned 11 people out of over $2.2 million by convincing them to invest in fictitious products like staking and yield farming. Investors were later blackmailed with threats to leak personal messages when they tried to withdraw their funds. Similarly, NanoBit is accused of tricking 18 victims into investing approximately $968,000, claiming its affiliate was a registered broker to build credibility.
The SEC’s legal action seeks to impose penalties, permanent injunctions, and the return of stolen funds from the alleged fraudsters. The case highlights the growing threat of scams targeting unsuspecting investors via social media.
MicroStrategy has announced an increase in its convertible note offering to $875 million, intending to use the funds to pay off existing debt and acquire more Bitcoin. It marks another bold move by the company, which is known for its aggressive Bitcoin acquisition strategy.
The raised funds will help MicroStrategy redeem $500 million of its current senior secured notes due in 2028, with the remaining amount allocated for purchasing additional Bitcoin and general corporate purposes. The company’s total reserves now hold approximately 244,800 BTC, bought at an average price of around $38,585 per Bitcoin.
These convertible notes, set to mature in 2028, will be offered to qualified institutional investors, with holders given the option to convert them into cash, shares of MicroStrategy’s Class A stock, or a combination of both.
The US Securities and Exchange Commission (SEC) has reached a settlement with decentralised finance platform Rari Capital and its founders following accusations of misleading investors and operating as unregistered brokers. The settlement addresses serious concerns raised by the SEC over the platform’s compliance with financial regulations.
Rari Capital, which once managed over $1 billion in crypto assets at its peak, was co-founded by Jai Bhavnani, Jack Lipstone, and David Lucid. The SEC highlighted that the platform and its founders failed to properly disclose key information to investors, contributing to potential risks for those involved.
The following case underscores regulatory bodies’ increasing scrutiny of decentralised finance platforms, as they aim to ensure transparency and protect investors in the fast-evolving crypto space.
