Binance, the world’s largest cryptocurrency exchange, has announced that it is exiting its Russia business and selling it to the newly launched CommEx. This decision comes as the exchange is being investigated by the US Justice Department to determine if it was used illegally to help Russians evade sanctions and move money. Two executives in charge of the Russia business have already left Binance, joining a number of senior departures. Binance and its founder, Changpeng “CZ” Zhao, have faced increased regulatory scrutiny in recent months. Despite this, the exchange still has over 150 million registered users globally. While payments in cryptocurrency and digital-asset exchanges are prohibited in Russia, Russian citizens and companies can still use offshore cryptocurrency platforms for transferring and receiving funds internationally. Link
Hong Kong fintech unicorn, WeLab, plans to grow its user base from 60 million to 500 million in the next 10 years by expanding in mainland China and Southeast Asia. The company, co-founded by Simon Loong in 2013, provides online lending and virtual banking services in Hong Kong and makes loans on the mainland through partners. Backed by billionaire Li Ka-shing and other investors, WeLab has attracted early investment and currently serves 60 million individual customers and 700 corporate clients. Its goal is to tap into the growing demand for digital banking in Southeast Asia and mainland China and provide banking and wealth management services to a larger number of people. Link
China has released a list of 26 registered mobile app stores, but Apple’s app store is missing from the list. The regulation requiring app store operators to provide business details to the government has raised concerns among developers. The list includes stores run by Xiaomi, Oppo, Vivo, Huawei, and Samsung, among others. Apple, the fourth-largest smartphone brand in China, has not yet commented on its absence from the list. The regulation, introduced in August 2022, aims to ensure that app stores prevent the distribution of illegal or harmful apps. This rule has worried small app developers who fear that it may stifle innovation. Link
According to a report by Yonhap news agency, the US Commerce Department is expected to extend indefinitely a waiver granted to South Korean chip makers Samsung Electronics and SK Hynix. This waiver allows the chip makers to bring US chip equipment into China without needing additional licenses. The US Commerce Department has discussed details with the South Korean chip makers to determine which equipment can be used in China. The department will update its “validated end user” list to include Samsung and SK Hynix, allowing them to continue receiving certain US chip-making tools without seeking separate export permission. Link
According to a study conducted by the European Union, Twitter, now called X, is identified as the largest source of fake news, mainly originating from Russia. European Commission Vice-President Vera Jourova described Russia’s disinformation campaign as a “weapon of mass manipulation” that targets not only the Russian population, but also Europeans and the global community. Jourova urged the owner of X, Elon Musk, to adhere to the EU’s regulations against disinformation. Jourova also mentioned that other major online platforms such as Google, TikTok, Microsoft, and Meta need to take more action to combat disinformation, particularly from Russia, which is using social media to undermine democracy. With upcoming elections in Slovakia, Poland, and across the EU, Jourova emphasized the urgency for online platforms to address the risks of online meddling. A press briefing was held in Brussels to discuss these concerns. Link
Alibaba’s Cainiao and AliExpress have launched a ‘5-day global delivery‘ service in the UK, Spain, the Netherlands, Belgium, and South Korea. The service aims to deliver parcels within five working days of placing an order on AliExpress. Cainiao and AliExpress plan to expand this service to more countries in the near future. In the previous financial year, Cainiao handled over 4 million cross-border parcels daily. The initiative was tested in South Korea and saw a significant increase in AliExpress orders. Link
Getty Images Holdings is launching an artificial intelligence (AI) tool that will generate images using its extensive content library. The aim is to create AI-generated content without infringing copyrights and ownership issues. Getty previously sued Stability AI, the company behind the image generator Stable Diffusion, for unauthorized use of images. The new tool, developed with chipmaker Nvidia, will only use Getty’s creative images, excluding its news photo collection, to prevent the creation of deepfakes. The image generator will also not allow users to incorporate trademarked material or assets they don’t own. Source
Elon Musk’s company, X, has removed a feature that allowed users to report misinformation about elections, according to researchers. Reset.Tech Australia expressed concern about the move, especially ahead of a key Australian referendum and the 2024 US presidential elections. The tool had been available in the US, Australia, and South Korea since 2021, but now it has been disabled, except in the European Union (EU). In a recent study, the EU found that X had the largest amount of disinformation compared to other social media platforms. The EU’s Values and Transparency Commissioner, Vera Jourova, warned X to comply with regulations. Since Musk took over the company in 2022, X has faced criticism for allowing hate speech and misinformation. Musk argues that the platform’s “Community Notes” feature is a better way to fact check. Source
OpenAI, the creator of ChatGPT, has announced that the chatbot can now browse the internet to provide users with current information. Previously, the AI-powered system was only trained using data up to September 2021. This update means that some premium users will be able to ask the chatbot questions about current affairs and access news. OpenAI plans to make this feature available to all users soon. Additionally, ChatGPT will soon be able to have voice conversations with users. This technology uses large amounts of data to create human-like responses to user queries and is expected to change the way people search for information online. However, ChatGPT’s inability to consider recent events has discouraged some potential users. OpenAI hopes that by incorporating browsing capabilities, the chatbot can become a source of the latest news and events. However, there are concerns about the accuracy and reliability of the information provided. OpenAI has faced scrutiny from regulators regarding the risk of ChatGPT generating false information. The company has acknowledged the need to address these concerns and has committed to working with regulators. The delay in enabling the chatbot to access up-to-date information was due to several factors, such as the time and resources required for language model development, potential inaccuracies in real-time data, and privacy and ethical concerns. This development highlights the challenge of striking a balance between usefulness and the potential dangers and misuse of AI technology. Source
Reddit has announced plans to pay its top contributors for popular posts, starting in the US. The social media site will split its revenue with users who are awarded “gold” by other users, who have to pay a fee. Gold awards will range in price from $1.99 to $49, with users receiving up to half of that amount. This move comes after a backlash in June, when much of Reddit became inaccessible due to protests against its senior management. Some Reddit users are concerned that this change may lead to a decline in the quality of content on the platform. Source
UK Deputy Prime Minister Oliver Dowden is expected to warn the United Nations that artificial intelligence (AI) could destabilize the world if governments do not take action to regulate it. Dowden plans to emphasize that the pace of AI development is surpassing governments’ ability to ensure its safety, and that global regulation is currently falling behind. He will call for regulations to be made in parallel with AI development to mitigate risks such as job displacement, misinformation, and discrimination. Dowden will also caution against getting caught up in debates over the potential positive or negative impacts of AI, noting that it will be both. The UK plans to host a global summit on AI regulation in November. According to experts, the rapid advancement of AI technologies, particularly general AI, have created a need for regulation. However, reaching an international agreement on AI regulation may be challenging due to the complexity of the technology and the diverse stakeholders involved. The UK government, led by Prime Minister Rishi Sunak, aims to take a leading role in AI regulation and safety, but the rapid introduction of laws is necessary to avoid the European Union’s AI Act becoming the global standard. Investing in technology and safety measures is seen as a practical approach to ensuring the safe development of AI. Source
The text discusses the recent unveiling of the Quest 3 virtual reality headset by Mark Zuckerberg, which is set to ship on October 10. The Quest 3 has a unique feature that allows users to see the real world while interacting with virtual elements, a concept known as “mixed reality.” This development has implications for privacy, governance, and policy debates surrounding the metaverse. The article also mentions the Federal Trade Commission’s Chair Lina Khan speaking at POLITICO’s AI and Tech Summit, where she emphasized the commission’s focus on competition in the AI industry. Additionally, Meta is launching AI watermarking stickers and other AI players are introducing new consumer-facing AI products. The policy discussions around these developments are expected to intensify, particularly in light of the Biden administration’s approach to regulating Big Tech. Source
The former Republican congressman from Texas, Will Hurd, has become the first 2024 presidential candidate to release an official policy document about AI. Hurd’s statement aligns with the concerns and discussions happening in Washington, calling for trade controls, strict permitting, and investment in education to ensure the US remains at the forefront of AI while protecting against potential harms. Other leading Republicans, including former President Donald Trump, Florida Governor Ron DeSantis, entrepreneur Vivek Ramaswamy, Senator Tim Scott, and former Vice President Mike Pence, have not released detailed policy statements on AI but have expressed their thoughts on the topic in public statements and interviews. Republicans are generally cautious about the risks associated with AI and emphasize the need for competition while balancing regulations. Source
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