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   DealBook: Inside the N.B.A.
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   Also, the ad that blew up U.S.-Canada trade talks.
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             October 24, 2025
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         <span style="font-style:italic">
          Good morning. Andrew here. We have a dizzying amount of news today, including President Trump’s pardon of the crypto mogul Changpeng Zhao — whose Binance struck a deal with a Trump family crypto venture — and Trump’s abruptly cutting off trade talks with Canada.
         </span>
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         <span style="font-style:italic">
          And then there’s “Operation Nothing but Bet,” the investigation into insider trading in the N.B.A. that raises new questions about sports leagues’ effort to tap into the billion-dollar gambling business. We dive into all that, as well as share personal A.I. hacks from the C.E.O. of Zoom. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             The arrests of Terry Rozier of the Miami Heat and other N.B.A. figures raises questions about the league’s ties to sports gambling.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Terrance Williams/Associated Press
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          ‘Nothing but Bet’
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The N.B.A. was supposed to be celebrating a lot this week: the start of its new season, the comeback of the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          superstar Victor Wembanyama
         </a>
         <span>
          and the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          highest ratings
         </a>
         <span>
          of an opening game in 15 years. (Also, the return of perhaps the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          best theme music
         </a>
         <span>
          in pro sports broadcasts.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Then came the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          insider-trading arrests
         </a>
         <span>
          tied to “Operation Nothing but Bet,” which cast a cloud over the N.B.A. — and sports leagues’ embrace of legalized gambling.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          “This is the insider-trading saga for the N.B.A.,”
         </span>
         <span>
          Kash Patel, the F.B.I. director, said yesterday in announcing criminal charges against six people. Among the defendants are Damon Jones, an assistant coach who leaked player information to bettors, and Terry Rozier, who plays for the Miami Heat.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’re not even getting into a separate set of charges tied to illegal poker games, with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          allegations of involvement by the Mafia
         </a>
         <span>
          . But the two cases share a link with Chauncey Billups, the Hall of Fame guard who now coaches the Portland Trail Blazers: He was indicted in the poker scheme and appears to match the description of a co-conspirator in the gambling case.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bettors made hundreds of thousands on wagers placed via the scheme,
         </span>
         <span>
          enabled by tipoffs from Jones, Rozier and others. So-called prop bets, which are tied to specific outcomes like a player’s performance, made the plot possible.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Such wagers have exploded in popularity amid the rise of online sports books like DraftKings and FanDuel, which authorities said were victims of the scheme. A FanDuel representative called the indictments “deeply disturbing.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But the bigger cost may be paid by the N.B.A.,
         </span>
         <span>
          which was an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          early proponent
         </a>
         <span>
          of legalizing sports gambling and now counts DraftKings and FanDuel as official partners.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Skepticism of leagues
         </a>
         <span>
          working with gambling outfits dates back decades, buttressed by
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          scandals
         </a>
         <span>
          including one tied to an N.B.A. referee.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Adam Silver, the N.B.A. commissioner, has himself called for restrictions on prop wagers, citing concerns about game integrity and player harassment. (A data point worth noting: A recent poll showed that 43 percent of U.S. adults believe the rise of legal sports betting
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          is bad for society
         </a>
         <span>
          .)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What will other leagues do?
         </span>
         <span>
          Sports gambling
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          drew $10 billion in revenue
         </a>
         <span>
          this year through August, a significant portion of which now flows to the N.B.A. and other leagues. This week, the N.H.L. struck partnerships
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          with the prediction markets Kalshi and Polymarket
         </a>
         <span>
          , which are challenging traditional sports books.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But will yesterday’s revelations change the calculations by team owners that gambling-related profits outweigh the costs of a scandal? Or will they invite
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          further scrutiny from Washington
         </a>
         <span>
          ?
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mayor Eric Adams endorses Andrew Cuomo in the New York City mayoral race.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The move
         </a>
         <span>
          is meant to help Cuomo’s chances of beating Zohran Mamdani, the Democratic Party candidate, in the election early next month. Adams told The Times that he would campaign with Cuomo. His endorsement could help shore up support from some Black and ultra-Orthodox Jewish voters. That said,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          most recent polls
         </a>
         <span>
          still show Mamdani with a double-digit lead.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump backs off a threat to send National Guard troops to San Francisco.
         </span>
         <span>
          Trump
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          credited two tech leaders
         </a>
         <span>
          , Jensen Huang of Nvidia and Marc Benioff of Salesforce, with persuading him that Mayor Daniel Lurie was making “substantial progress” in fighting crime in the city. Benioff, who had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          publicly called for
         </a>
         <span>
          a National Guard surge earlier this month,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          backed off
         </a>
         <span>
          after fierce pushback from business allies and local officials.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Banks reportedly prepare another mega-deal to finance data centers.
         </span>
         <span>
          JPMorgan Chase and Mitsubishi UFJ Financial Group are among those leading the planned sale of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $38 billion in debt
         </a>
         <span>
          to support the construction of computing facilities tied to Oracle and OpenAI, according to Bloomberg. The deal follows a complicated $27 billion transaction to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          finance data centers for Meta
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Target plans a big round of layoffs.
         </span>
         <span>
          The embattled retail chain will cut about 1,000 corporate jobs and eliminate about 800 open positions — together accounting for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          8 percent of its white-collar work force
         </a>
         <span>
          — to eliminate what its incoming C.E.O., Michael Fiddelke, called “too many layers and overlapping work.” It’s another effort to help turn around Target, which has suffered from slowing sales.
         </span>
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             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
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                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251024%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjEzMDc4MjQuMzMwMTQ2M30:1vCGci:eEMW8q_xIfcPIXsXdjSGdDsOvUKqZU3QbJrBLwUS7fc" style="display:block;width:100%;max-width:600px" width="600"/>
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               </tr>
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                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251024%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjEzMDc4MjQuMzMwMjUyMn0:1vCGci:ELcwIuGIlW8v5EbHTPINGECztMN1iSBxa78dhC9udqo" style="display:block;width:100%;max-width:480px" width="480"/>
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                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Reagan enters the trade fight
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Markets are weighing in on the latest turns in President Trump’s global trade war, with the Canadian dollar tumbling against the dollar overnight and the Shanghai Composite rallying.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump’s latest moves, a blow against Canada and rapprochement with China, come as Wall Street awaits the release of inflation data that had been delayed because of the government shutdown.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          On Canada:
         </span>
         <span>
          Trump called off “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          ALL TRADE NEGOTIATIONS WITH CANADA
         </a>
         <span>
          ” late last night, citing a new $53.5 million ad campaign paid for by the province of Ontario. His beef: It features
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          comments by Ronald Reagan
         </a>
         <span>
          in 1987 that criticize tariffs as “trade barriers” that “hurt every American worker and consumer.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump, who has used
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          A.I.-created propaganda videos
         </a>
         <span>
          as political attacks,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          called the ad a “FAKE”
         </a>
         <span>
          meant to interfere with the U.S. Supreme Court case on the legality of many of his tariffs. (Oral arguments are set for next month.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trade talks between Washington and Ottawa have largely stalled
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          after Trump imposed stiff tariffs on many Canadian imports. Mark Carney, Canada’s prime minister, has repeatedly called for his country, a major exporter of timber and fuel, to reduce its economic dependence on the U.S.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          On China:
         </span>
         <span>
          The White House yesterday confirmed that Trump would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          meet with President Xi Jinping next week
         </a>
         <span>
          on the sidelines of an economic summit in South Korea. That seemed unlikely just days ago after Trump had threatened to impose 100 percent tariffs on Chinese goods from Nov. 1 in retaliation for Beijing’s export controls on rare earths.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Also worth watching are Treasury Secretary Scott Bessent and the U.S. trade representative, Jamieson Greer, who will soon
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          kick off another round of trade talks
         </a>
         <span>
          in Malaysia with their Chinese counterparts.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Investors are waiting for a reading on the trade war’s economic impact today.
         </span>
         <span>
          The Bureau of Labor Statistics will publish the September update of the Consumer Price Index at 8:30 a.m. Eastern, a reprieve from the shutdown-related blackout of government economic data.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The report is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expected to show that inflation ticked up again
         </a>
         <span>
          in September, with economists ready to study how much of any increase is tied to tariffs.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In other trade news, an E.U. plan to use frozen Russian assets
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                as collateral for a loan of 140 billion euros ($163 billion)
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to Kyiv has stalled again.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A man wearing a bright yellow T-shirt is walking while holding a microphone in his right hand." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F10%252F24%252Fmultimedia%252F24db-cz-wgct%252F24db-cz-wgct-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjEzMDc4MjQuMzMwNDAxfQ:1vCGci:6LUgkrYcwJ7zBQznG45zO4-jhBS4Xe2J-YN4c4nqceU" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              President Trump’s pardon of Changpeng Zhao, the founder of the crypto exchange Binance, has generated criticism and excitement.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Katarina Premfors for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Binance’s founder walks free
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Many crypto investors cheered President
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Trump’s pardon of Changpeng Zhao
         </a>
         <span>
          , also known as C.Z., one the most powerful executives in the industry.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Two digital tokens backed by Binance, the company he founded, jumped in trading this morning, Grady McGregor writes. The big question now: Does this clear the way for Binance, the world’s largest crypto exchange, to reopen its platform to American traders?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Karoline Leavitt, White House press secretary, suggested as much. “The Biden Administration’s war on crypto is over,” she said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The politics around the pardon could hound Trump.
         </span>
         <span>
          Even some on the right — including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Laura Loomer
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Joe Lonsdale
         </a>
         <span>
          , a billionaire Trump backer — have criticized the move. The decision “makes it look like massive fraud is happening around him in this area,” Lonsdale wrote on X.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Senator Elizabeth Warren, Democrat of Massachusetts,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          argued that Zhao’s pardon
         </a>
         <span>
          amounted to “corruption,” pointing to the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          business ties
         </a>
         <span>
          between Binance and the Trump family’s crypto company, World Liberty Financial. (Zhao said today that Warren didn’t “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          get her facts right
         </a>
         <span>
          .”)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The industry is looking for a halo effect.
         </span>
         <span>
          Crypto leaders believe that closer relations among Binance, Zhao and the Trump administration could provide “some breathing room” for the rest of industry, Justin d’Anethan, the head of partnerships at Arctic Digital, a crypto advisory firm based in Hong Kong, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          (A widely held view is that Zhao’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          criminal case
         </a>
         <span>
          — which revolved around allegations that Binance violated so-called Know Your Customer rules and enabled illicit money flows — involved less egregious offenses than the outright fraud
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          at FTX
         </a>
         <span>
          .)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But some executives felt stung by what went down during a
         </span>
         <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;font-weight:700;font-family:arial,sans-serif;color:#000">
          recent market rout
         </a>
         <span>
          , DealBook hears.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Binance faced criticism from investors and rival exchanges this month when, amid heavy selling during a big crypto sell-off, trading on Binance’s platform
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          froze
         </a>
         <span>
          . That left some customers unable to access their accounts. Zhao later said that Binance would pay
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more than $700 million
         </a>
         <span>
          in compensation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Rival executives
         </a>
         <span>
          called for more extreme measures. One asked U.S. regulators to tighten trading protections in the wake of the market retreat.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The industry is also buzzing about a possible U.S. comeback for Binance
         </span>
         <span>
          after a two-year hiatus. That seemed far-fetched just a few weeks ago. At a major crypto industry summit in Singapore, Binance’s low profile there was a talking point.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide,” Zhao wrote in a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          post on X
         </a>
         <span>
          today.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251024%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjEzMDc4MjQuMzMwNTIxNn0:1vCGci:KWQbSFzYO3UZHp8hZXuzih2Qr-w67P-1u91oIW6E_9M" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251024%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjEzMDc4MjQuMzMwNjMyN30:1vCGci:aLtJVoX7Lk5tolBucwx5rsjo_iiWpdnsTZqiVTyAYQQ" style="display:block;width:100%;max-width:600px" width="600"/>
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                </td>
               </tr>
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                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20251024%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NjEzMDc4MjQuMzMwNzM4OH0:1vCGci:Zz6LCdbA3j6mkKvKd6Rr3ixGUzGAsYapadJN4Cwofio" style="display:block;width:100%;max-width:480px" width="480"/>
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             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Talking A.I. With the C.E.O. of Zoom
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Every week, we’re asking a chief executive how he or she uses generative artificial intelligence. Eric Yuan, who leads Zoom, told DealBook he’s using generative A.I. to deliver his earnings call scripts. His answers have been condensed and edited.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          How do you personally use A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For earnings calls, C.E.O.s need to record the audio or maybe read the script in a webinar. It is time-consuming. So I used our A.I. product to automatically generate an A.I. avatar. Our team can use the avatar with a script to generate a video.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I’m just joining the earnings call for the live Q&amp;A portion. I do not record any script, record any video anymore.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What directives have you given your employees on A.I.?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We are taking a top-down and bottom-up approach. As long as we have a very well-defined process, employees can leverage A.I. tools, they can figure out a way to automate the process.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Quite often, for some processes, we do not have documentation, and then it’s really hard to leverage A.I. We also need to streamline our process and make sure every process will be documented very well.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
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                The defense giants Airbus, Leonardo and Thales have agreed to
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                combine their space businesses
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                to create a European rival to SpaceX. (FT)
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                oppose a merger
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of Paramount and Warner Bros. Discovery, calling the possible combination “a disaster for writers, for consumers and for competition.” (Bloomberg)
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                Air traffic controllers’
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                next paycheck could be at risk
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                after a bill to pay them during the government shutdown failed in the Senate. (WSJ)
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                monitored risks to user privacy
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                as part of wider cuts to its A.I. division. (NYT)
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                The U.S. federal debt just
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                topped $38 trillion
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                . (PBS News)
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                “
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                Most-Wanted Fentanyl Producer
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                Is Extradited to the U.S. After Brazen Escape” (WSJ)
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                Some steakhouses have been serving diners
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                smaller portions at higher prices
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                as the cost of beef surges. (FT)
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