Binance's Founder to Jail

Changpeng Zha,former CEO of Binance, the world's largest cryptocurrency exchange, has been sentenced to four months in prison. He also has to pay a $50 million fine.

Zhao pleaded guilty to neglecting U.S. anti-money laundering laws, resulting in his sentencing by U.S. District Judge Richard Jones in Seattle.

Judge Jones decided on a lighter sentence than the three years requested by prosecutors. Binance failed to report over 100,000 suspicious transactions linked to terrorist groups and other criminal activities.

Binance operated in a "Wild West" style, which facilitated transactions involving child sexual abuse materials and ransomware proceeds. Leading to a $4.32 billion penalty for the company.

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Amazon’s Earnings: A Tale of Growth and Challenges

Amazon experienced a rise in sales in its cloud unit, Amazon Web Services (AWS), showing a 17% growth. Reaching $25 billion in revenue this quarter.

This surge is largely driven by the increasing demand for AI technologies.

Despite the booming cloud sector, Amazon forecasts that its second-quarter revenue may still fall short of Wall Street expectations.

Amazon is projecting between $144.0 billion and $149.0 billion against an anticipated $150.07 billion.

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America's Fastest Growing Cities

Despite the challenge of rising mortgage rates, home prices in the United States reached new heights in February.

Cities like San Diego, Detroit, and Chicago experienced the highest spikes. With San Diego leading at an 11.4% year-over-year increase.

The Northeast's large metropolitan areas, including Boston, New York, and Washington D.C., emerged as top performers, partly due to the resurgence of office commuting.

New listings, though up by 10.2% from last year, may not sustain as higher mortgage rates discourage current homeowners from selling. This trend, known as the lock-in effect, suggests that high housing costs will likely persist.

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New Marijuana Policy in the Making

The U.S. Drug Enforcement Administration (DEA) plans to reclassify marijuana as a less dangerous drug, marking a shift in American drug policy.

The movement comes after President Joe Biden called for a review of marijuana laws and granted pardons for federal convictions of simple possession.

If approved, marijuana will move from Schedule I, classified with heroin and LSD, to Schedule III, which includes ketamine and some steroids.

Despite the reform, marijuana remains a controlled substance under Schedule III, subject to federal rules and potential prosecution for unauthorized distribution.

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