A senior executive at Binance, who was detained by Nigerian authorities in late February, has since escaped from custody. The executive Nadeem Anjarwalla is believed to have left the country using a Kenyan passport. The Nigerian government confirmed Anjarwalla’s escape and said it would ask Interpol to issue an international arrest warrant. Binance Executive Departs […]
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Award-winning musician Akon recently pleaded with his fans on a video-sharing website not to request him to record crypto-related messages. However, in a post on the website, the music producer did not share reasons for his newfound disinterest in cryptocurrencies. Singer Unwilling to Endorse Crypto A few years after promoting the futuristic, Wakanda-style city in […]
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A Ring Stick Up Cam is pictured at the Amazon Headquarters in Seattle following a launch event on Sept. 20, 2018.
Stephen Brashear | Getty Images
Amazon‘s Ring will no longer allow police to request users’ doorbell video footage in its neighborhood watch app.
In a blog post on Wednesday, Ring said this week it plans to discontinue its “Request for Assistance” tool, which allowed law enforcement to submit requests for users’ footage in their communities through a publicly accessible post in its Neighbors app.
“Public safety agencies like fire and police departments can still use the Neighbors app to share helpful safety tips, updates, and community events,” Eric Kuhn, head of Neighbors, wrote in the post. “They will no longer be able to use the RFA tool to request and receive video in the app.”
Ring in 2021 made police requests for user footage public in its Neighbors app. Previously, law enforcement could message users privately to request clips from their smart doorbell cameras.
Police can still obtain Ring video footage using a search warrant or subpoena. In response to a 2022 letter from Sen. Ed Markey, D-Mass., questioning its police partnerships, the company disclosed that Ring may provide footage directly to law enforcement “in cases involving imminent danger of death or serious physical injury to any person.”
Amazon acquired Ring in 2015 for a reported $1 billion. The home security company is primarily known for its connected doorbell devices, which allow users to record activity in front of their homes, though it has expanded to include a portfolio of products ranging from camera-equipped floodlights to flying security camera drones.
Ring has long sparked controversy about privacy due to its controversial partnerships with hundreds of police departments across the U.S. Privacy advocates have expressed concern that the program, and Ring’s accompanying Neighbors app, have heightened the risk of racial profiling and turned residents into informants, with few guardrails around how law enforcement can use the material.
Jamie Siminoff, Ring’s former CEO, couched the features as a public safety tool that would help communities. “My goal would be to have every law enforcement agency on the police portal,” Siminoff told CBS in 2019. Siminoff stepped down last year and was replaced by Elizabeth Hamren, a former executive at Microsoft and Discord.
Kuhn wrote in the post Wednesday that Ring is introducing updates to the Neighbors app, including “Ring Moments, a new post category that expands the content allowed on the Neighbors app beyond just crime and safety,” and a “Best of Ring” tool that will feature a rotating selection of top videos.
WATCH: Amazon’s smart home dominance and how it could grow with iRobot acquisition
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A U.S. District Court has once again denied Binance founder Changpeng ‘CZ’ Zhao’s request to travel internationally in a sealed order, Bloomberg News reported.
CZ, who is currently facing sentencing in the U.S. for criminal charges, had filed a motion seeking permission to visit the UAE, where his family resides. The motion was rejected by Judge Richard Jones of the Western District of Washington on Dec. 29.
It is the second instance where CZ’s travel request has been blocked. The primary concern raised by prosecutors is the potential flight risk posed by CZ, who is worth billions and a citizen of the UAE, which does not have an extradition treaty with the U.S.
The decision comes despite CZ’s efforts to present arguments against the restriction. The details of the arguments against the travel ban remain sealed in the court’s ruling.
CZ, who has been a pivotal figure in the cryptocurrency and blockchain industry through his leadership of Binance, pleaded guilty last month to a violation of the Bank Secrecy Act. Following his plea, he was released on a substantial personal recognizance bond of $175 million, accompanied by various financial conditions.
Founded in 2017, Binance rapidly emerged as a significant player in the crypto space, known for its extensive range of cryptocurrencies and competitive fees. CZ, a Chinese-Canadian business executive with a robust background in software development and trading systems, has been instrumental in the company’s meteoric rise and influence in the industry.
The exchange’s rapid growth meant it sometimes cut corners and did not have robust compliance measures in place, which allowed some illicit actors to misuse the platform for money laundering and illegal transactions. These lapses eventually attracted regulatory attention, with concerns about money laundering and the lack of stringent know-your-customer (KYC) processes.
CZ’s legal challenges come amid a broader regulatory effort to establish control over the cryptocurrency market, historically characterized by its lack of regulation. This effort includes enforcing stringent AML and KYC protocols, which have become focal points for governments worldwide, particularly in the U.S.
The case against Zhao and Binance highlights the tension between the decentralized nature of cryptocurrencies and the regulatory frameworks of global financial systems. The outcome of Zhao’s legal proceedings is seen as pivotal, with potential implications for the operational and regulatory future of cryptocurrency exchanges globally.
CZ’s case represents a clash between the traditionally unregulated nature of cryptocurrencies and the established regulatory frameworks of global financial systems. It also raises questions about the future of decentralized finance (DeFi) and the balance between innovation in the crypto space and regulatory compliance.
Moreover, CZ’s situation reflects the cultural and economic challenges faced by international business executives operating in emerging technological sectors, especially in areas like DeFi, where innovation frequently outpaces regulation.
On Oct. 4, the U.S. Securities and Exchange Commission (SEC) submitted a court filing opposing Coinbase’s attempts to dismiss a suit filed by SEC, which alleges that the crypto exchange has violated multiple securities laws.
Coinbase first attempted to have the regulator’s charges thrown out in August. At that time, it claimed that none of the services offered on its platform fall under securities law.
The SEC has now countered this by asserting that Coinbase’s role in intermediating transactions in investment contracts satisfies the Howey Test, which serves as a litmus test for investment contracts under American securities law.
The regulator addressed the issue as follows:
“Ignoring [the application of the Howey test], Coinbase instead asks the Court to conclude that crypto asset transactions on its platform can never involve ‘investment contracts.’”
To this end, Coinbase intends to argue that investment contracts necessarily include common law contractual agreements — something that it does not rely on.
The SEC said that this is not a requirement. It said that courts have used the Howey test to apply securities laws to investments made outside of formal contracts, but acknowledged that courts sometimes take contractual undertakings into consideration.
The SEC otherwise complained that Coinbase is attempting to blame it for its current situation through alleged shortcomings in the regulatory process. The regulator countered that the lawsuit “cannot really come as a surprise,” writing:
“[Coinbase] has known all along that a crypto asset bought and sold on its trading platform is a security if it meets the Howey test—as it recognized on its website as far back as 2016 and in its filings with the SEC, as well as in … efforts to analyze assets it was considering listing … using the Howey test.”
The SEC contested Coinbase’s attempts to invoke the major questions doctrine. Coinbase intends to argue through this doctrine that Congress has not explicitly delegated authority to the SEC on the matters at hand. The SEC said in its filing that it has not assumed any new powers and is working within existing federal securities law.
The agency also suggested that Coinbase’s attempts to cite a recent ruling in favor of Ripple’s token sales do not apply in the current circumstances. It also contested Coinbase’s attempts to distinguish itself from past cases against LBRY, Kik, and Telegram, each of which saw the SEC win a settlement against the targeted company.
The SEC originally filed its case against Coinbase on June 6. Coinbase is one of just a few crypto companies that have chosen to fight the SEC rather than settle.
The post SEC hits back at Coinbase’s request to dismiss case appeared first on CryptoSlate.
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