Good morning. Here's what happened overnight and what you need to know today.
1.
Crypto crook: Changpeng Zhao, the billionaire founder of the world's largest cryptocurrency exchange Binance, has been sentenced to four months in US prison for allowing criminals to launder money through the platform. US officials accused Binance and Zhao of wilful violations that threatened the financial system and national security, enabling money flow to terrorists, cybercriminals, and child abusers. Seattle court judge Richard Jones stated that Zhao prioritised the company's growth and profits "over compliance with US laws and regulations". Binance was ordered to pay a USD4.3 billion ($6.6 billion) fine after a US investigation found it helped users bypass sanctions. Zhao's sentence was far below the three years prosecutors had sought. He had already paid a USD50 million fine and stepped down as CEO in November as part of a plea deal with the US government. (Bloomberg)(BBC)
2.
Future made: Treasurer Jim Chalmers will today deliver a speech defending the government's new Future Made in Australia industry policy as a necessary response to major global economic shifts since the 2008 financial crisis. He will argue that Australia must position itself as "indispensable" to the net-zero transition and emerging high-tech sectors like quantum computing by providing targeted, temporary support to attract private investment. In his speech, Chalmers will rejects criticism that this approach picks winners by saying public funding merely unlocks needed private capital while playing to Australia's strengths given its small population. He will argue the move is necessary to adapt to a fragmented world with weak growth, supply chain shocks, slowing productivity and a "stupendous increase" in industrial subsidies by nations like the US and China that Australia cannot match but must respond to. (Capital Brief)
