Going finite: The fall of another crypto kingpin

11/21/23 7:00PM

Another blow for crypto‍

‍Binance, the world’s largest cryptocurrency exchange, yesterday admitted to violating anti-money laundering regulations and breaking US sanctions, less than 3 weeks after 31-year-old crypto kingpin Sam Bankman-Fried was convicted of fraud and conspiracy.

Treasury officials reported that nearly $900 million was transferred between American and Iranian users on the exchange, with other customers using Binance to funnel money to illicit actors involved in terrorism, cybercrime and child abuse.

As part of the settlement, Binance is set to pay a staggering $4.3 billion fine, while the company’s talisman and CEO Chengpeng Zhao, widely known as CZ, will pay a $50 million personal fine and step down from the company he founded.

Going finite

Established in 2017, Binance thrived in the crypto industry's regulatory vacuum, leading CZ to quickly become one of, if not the, most important figures in crypto. As the fuse burned down on FTX’s implosion, CZ announced that Binance was dumping its FTX tokens, though 2 days later he revealed a hastily put-together plan to rescue FTX. But upon closer inspection, Binance pulled out, FTX went down, and CZ and co. lived to fight another day.

In the wake of the chaos, Binance won more market share, with data from The Block revealing that it had more than 60% of all exchange-based crypto trading in February of this year.

The deal leaves CZ facing a potential 18-month stretch in prison, and crypto enthusiasts facing an increasingly hostile regulatory environment — Kraken, another top 5 exchange, was hit by the SEC with a lawsuit on Monday.

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.

JetBlue Airways raises bag fees as fuel prices soar

As CNBC reported, when one airline raises fees, others tend to follow.

JetBlue did not immediately respond to a request for comment.

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Netflix is hiking its prices again

Netflix is raising its subscription prices for the fourth time in four years, a move first spotted by Android Authority.

Per Netflix’s US pricing page, the cost of an ad-supported plan is climbing $1 to $8.99 per month, while the cost of a standard ad-free plan is going up $2 to $19.99 per month. The premium tier has also risen $2 to $26.99 per month.

The streamer last raised its subscription costs more than a year ago in January 2025. It also hiked prices in 2023, 2022, 2020, and 2019. Netflix shares climbed about 2% on the news.

“Our approach remains the same: we continue offering a range of prices and plans to meet a variety of needs, and as we deliver more value to our members we are updating our prices to enable us to reinvest in quality entertainment and improve their experience by updating our prices,” said a Netflix spokesperson, in a statement to Sherwood News.

Netflix is hiking your prices yet again: Standard, premium, and ad-supported all going up