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Changpeng Zhao pleaded guilty to money laundering chargesChangpeng Zhao, the founder of the world’s largest cryptocurrency exchange, will be sentenced on Tuesday after pleading guilty to money laundering charges, with US prosecutors seeking three years in prison for the tech tycoon.Zhao, 47, stepped down as chief executive of Binance in November after admitting to breaking US anti-money laundering laws. Last month, another fallen cryptocurrency...

National Audit Office reviews Bank’s actions to reduce non-financial risks since scandals but acknowledges ‘good progress’Dozens of “major” compliance breaches have been unearthed at the Bank of England, despite progress to fix shortcomings after misuse of the central bank’s audio feed by hedge funds four years ago.The report by the National Audit Office (NAO), the public spending watchdog, reviewed the Bank’s actions to improve...

Both banks deny helping Tehran-controlled oil firm PCC to move money in breach of sanctionsTwo of the UK’s largest lenders, Santander UK and Lloyds Banking Group, allegedly held bank accounts for front companies that helped Iranian entities evade US sanctions, according to reports.The news has rattled investors, who sold off shares in the two banks on Monday morning, amid fears that the lenders could...

Shadow chancellor says party aims to be champion of a thriving financial sector if it wins electionBusiness live – latest updatesLabour will not reinstate a cap on bankers’ bonuses if it wins the next election, the shadow chancellor has said.Rachel Reeves said she had “no intention” of bringing back the cap, saying she wanted to be the “champion of a thriving financial services industry”.The...