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Am I being censored? Some US TikTok users say app feels different after ban was lifted

STOCK PHOTO | Image by antonbe from Pixabay

NEW YORK — US TikTok users who once saw the app as a haven for free speech say they see signs of censorship after the platform, which is owned by China’s ByteDance, was revived by an executive order from President Donald Trump.

TikTok users are noting a difference in the short-video app following its revival after going dark on Saturday under a new law — enacted over national security concerns during the Biden administration with bipartisan support — that requires it to be sold to a US buyer. Trump has vowed to find a solution to the ban, with several bidders in the mix, including people with close relationships to the new Republican president.

Users say they are seeing fewer livestreams, and some activity is being removed or flagged at higher rates for violating community guidelines, including for behavior that was previously permitted.

“Our policies and algorithms did not change over the weekend,” TikTok said in a statement to Reuters. “We are working hard to restore our US operations back to normal and expect some temporary instability as we restore our services, which could impact TikTok features or users’ access to the app.”

But some users said they now see more content moderation, like limited search results, as well as warnings about misinformation and prompts for users to check their sources.

Some claimed TikTok was striking comments that used phrases like “Free Palestine” and “Free Luigi,” a reference to Luigi Mangione, who is accused of killing a UnitedHealth executive, which had been previously allowed.

TikTok said it does not allow content that promotes violent or hateful individuals on the platform.

On Monday, Trump signed an executive order that he said aims to restore freedom of speech and end censorship, referring specifically to social media platforms.

Content creator, comedian and veteran Pat Loller, 36, said a satirical video he created in response to billionaire Elon Musk’s hand gesture at an inauguration event that appeared to some as a Nazi salute was first tagged as misinformation. Mr. Loller was then limited in how widely he could share the video, which garnered over a million views.

“I’ve never seen this before, and it is still there. It says ‘sharing is limited to one chat at a time,’” said Mr. Loller, who has 1.3 million followers.

Mr. Trump on Tuesday said that he was open to Mr. Musk, who is a close ally of the president and helping oversee his new initiative on government efficiency, buying TikTok, if he wanted to do so.

TikTok user Lisa Cline said on Meta’s Threads that she was having issues posting a video to TikTok criticizing Trump.

“I tried to post this six times to TikTok and it wouldn’t let me because of censorship, here’s (to) hoping it works here,” Ms. Cline said. The video referenced Trump’s response to Episcopal Bishop Mariann Edgar Budde after she asked him, at an inaugural prayer service at Washington’s National Cathedral, to show mercy on people who are “scared.”

Danisha Carter, 27, said her account, which has 2 million followers, was permanently suspended shortly after TikTok went dark on Saturday. She was told it was due to “multiple policy violations” when she tried to log in after the ban was lifted.

“This has been very politically targeted,” said Carter, a political and social commentator, who said TikTok won’t explain its decision, which it said was final. Her final livestream called out wealthy tech executives for their influence over the American presidential campaign and US businesses.

Others say they are getting flagged for comments unrelated to politics, sparking concerns that users are being targeted based on other criteria including identity or previous content.

Ada “Mila” Ortiz, a data analyst and content creator, said she received strikes after leaving innocuous comments on other videos, with a warning that another violation would prevent her from accessing some features.

“It was just so sudden and so random I thought they are trying to get me out of here,” she said. Ortiz has since deleted about 15 videos that were pro-Vice President Kamala Harris and anti-Trump. — Reuters

North Korea fires strategic cruise missiles

SEOUL — North Korea conducted a strategic cruise missile test on Saturday, state media KCNA reported on Sunday.

The country’s leader Kim Jong Un oversaw the test, according to the report, which described it as a test-fire of an “important weapon system.”

The underwater-to-surface strategic cruise missiles traveled 1,500 kilometers and flew between 7,507 and 7,511 seconds before hitting their targets, KCNA reported.

In a separate KCNA report on Sunday, North Korea’s foreign ministry vowed the “toughest counteraction” against the United States as long as Washington “refuses” Pyongyang’s sovereignty.

The military alliance and joint drills between South Korea and the US were to blame for the growing tensions in the region, the ministry said in a statement carried by KCNA.

The statement came as US President Donald Trump said during an interview on Thursday that he would reach out to Mr. Kim again after the two developed a working relationship in Mr. Trump’s first term.

North Korea’s war deterrence means were being “perfected more thoroughly,” Mr. Kim was quoted as saying, while the leader also vowed to continue efforts to strengthen the military.

“Kim Jong Un affirmed that the DPRK will always make strenuous efforts … to perform its important mission and duty for defending sustainable and lasting peace and stability on the basis of more powerfully developed military muscle in the future.”

The DPRK stands for North Korea’s official name, the Democratic People’s Republic of Korea.

In a statement later in the day, South Korea’s Joint Chiefs of Staff said North Korea fired multiple cruise missiles from inland areas towards waters off the west coast at around 4 p.m. (0700 GMT) on Saturday.

The report said the missile test was part of plans to build national defense capabilities against potential enemies in line with changing regional safety circumstances.

Earlier this month, North Korean state media also reported that Kim oversaw a successful test of a new intermediate-range hypersonic ballistic missile (IRBM). — Reuters

Ben & Jerry’s accuses Unilever of muzzling it because of Trump

Ice cream brand Ben & Jerry’s — COURTESY OF BEN & JERRY’S WEB

NEW YORK — Ben & Jerry’s ratcheted up its censorship lawsuit against Unilever on Friday, accusing its parent company of suppressing a social policy statement the US ice cream maker wanted to release because it mentioned President Donald Trump.

The allegation came in an amended complaint filed in Manhattan federal court, where Ben & Jerry’s in November accused Unilever of silencing its attempts to express support for Palestinian refugees and end military aid to Israel, and threatening to dismantle its independent board.

Ben & Jerry’s wants a court order freeing the board to continue oversight of its social mission, and requiring Unilever to honor its commitment to make $25 million of payments to groups chosen by the ice cream company.

Unilever and Ben & Jerry’s did not immediately respond to requests for comment.

Both companies have been publicly at odds since 2021 when Ben & Jerry’s decided to stop selling Cherry Garcia, Chubby Hubby and other ice cream flavors in the Israeli-occupied West Bank because it was inconsistent with the company’s values.

That led some investors to divest Unilever shares, and Ben & Jerry’s to sue its parent for selling its Israeli business to a local licensee.

A settlement in 2022 required Unilever to respect Ben & Jerry’s independent board and social mission, as well as make the $25 million of payments.

London-based Unilever since then announced plans to spin out its ice cream business, including Ben & Jerry’s, to simplify its product portfolio and cut costs. The lawsuit, however, could complicate those plans.

“It doesn’t help it, because anytime you have a cloud over it, it makes it harder to either sell it or spin it out. It affects folks’ interpretation of its value,” said Charles Elson, a retired University of Delaware law professor and a corporate governance expert.

In the amended complaint, Ben & Jerry’s said its management and board, with input from Unilever’s global head of litigation, worked after Trump’s election on a post to be released on Inauguration Day, discussing hot-button issues such as abortion, climate change, minimum wages and universal healthcare.

But on Jan. 18, two days before Trump’s inauguration, Unilever ice cream chief Peter ter Kulve “unilaterally barred Ben & Jerry’s from issuing the post because it specifically mentioned ‘Donald Trump,’” the complaint said.

Ben & Jerry’s said ter Kulve appeared to base his decision on intuition, while ignoring the company’s history of challenging the Trump administration.

It also said ter Kulve soon held a town hall meeting where he touted how Unilever board member and activist investor Nelson Peltz, a Trump supporter, had introduced the president to Elon Musk, the Tesla TSLA.O founder and close Trump adviser.

The complaint said that according to ter Kulve, “despite four decades of progressive social activism—and years of challenging the Trump administration’s policies specifically—criticizing Trump was now too taboo for the brand synonymous with ‘Peace, Love, and Ice Cream.’”

Many companies in retail, banking and other sectors have curtailed support this month for programs whose perceived social impact has drawn opposition from Trump and his supporters.

RESISTANCE TO PAYMENTS
Ben & Jerry’s was founded by Ben Cohen and Jerry Greenfield in a renovated gas station in 1978, and kept its socially conscious mission after Unilever bought it in 2000.

According to the amended complaint, Ben & Jerry’s planned to direct $5 million from Unilever to human rights groups, and $20 million over 10 years to support Palestinian almond farmers and a fair trade almond supplier it had long used.

It said Unilever opposed the $5 million of payments because it believed they would support “Palestinian human rights,” and has not made the second $2.5 million installment.

Ben & Jerry’s also said ter Kulve resisted the $20 million payment because he disliked the 2022 settlement and had not heard of the almond supplier.

Unilever’s dozens of other products include Dove soap, Hellmann’s mayonnaise, Knorr bouillon cubes, Surf detergent and Vaseline petroleum jelly. — Reuters

Primeworld Land Holdings breaks ground on new housing development in Bamban, Tarlac

Primeworld Land Holdings, Inc, as one of the country’s premier real-estate companies, has once again marked a significant milestone as the firm celebrated the groundbreaking ceremony for its latest housing development in Barangay Anupul, Bamban, Tarlac on Jan. 21.

This new development signifies Primeworld Land’s ambitious entry into Tarlac, a highly strategic and rapidly growing location. Just 20 minutes from the emerging New Clark City and Clark International Airport, this new development offers unparalleled accessibility and potential. Designed to meet the standards of PD 957 (Medium Cost Housing), it promises an exceptional blend of convenience, affordability, and quality—making it the ideal choice for discerning homebuyers.

The Bamban housing project will be a gated subdivision with a proposed development area for the first phase spanning 48,298 sqm with more than 400 houses, and will offer a vibrant and secure community complete with modern amenities. Planned features include a clubhouse, parks and playgrounds, a basketball court, a swimming pool, and round-the-clock security. Additionally, two-story housing options such as townhouses and duplexes are in the development stages, providing diverse choices tailored to meet the needs of singles and growing families alike. This development provides a much-needed housing option in a highly developed area with a promising future.

The momentous occasion was attended by key figures within the company and its partners, including CEO Sherwin Uy, Business Development Lead Celine Co, Engineering Head Er. Manny Manuel, Greater Manila Sales and Marketing Head Charry Policarpio, the Greater Manila Sales and Marketing and Engineering Teams, the North Luzon Team, esteemed sales partners and brokers, local government representatives, and other valued stakeholders.

To mark a positive beginning, a mass was held, and the property was blessed by Rev. Fr. Louis Mon during the event. Additionally, a brief plan for the development was shared among the attendees, providing an exciting preview of what’s to come.

Primeworld Land remains optimistic that this project will fulfill the aspirations of an underserved segment of homebuyers.

“This development is a testament to Primeworld’s commitment to delivering quality homes in prime locations. With its proximity to Metro Manila and New Clark City, we are confident this community will meet the evolving needs of Filipino families,” Mr. Uy said.

Similarly, Ms. Co emphasized the strategic importance of this new venture.

“Our entry into Bamban, Tarlac, signals our readiness to expand our reach and provide accessible housing solutions in key growth areas across the country,” she said.

The project’s launch is expected in the coming months, and Primeworld Land is excited to open the doors to this promising new community. With its convenient location, modern amenities, and focus on affordability, the development is set to redefine the housing landscape in Tarlac and beyond.

To learn more about Primeworld Land and its family-oriented housing communities in Metro Manila Bulacan, Quirino Province, Nueva Vizcaya, Isabela, Cebu, Butuan City and General Santos City, visit www.primeworldland.com.

 

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Philippine military says US missile deployment to boost readiness, support regional security

MANILA, Jan 24 (Reuters) – The deployment of the U.S. military’s Typhon missile launchers in the Philippines was in line with Washington’s longstanding defence ties with the country, the Philippine armed forces said on Friday.

“The primary objective of this deployment is to strengthen Philippine military readiness, improve our familiarization and interoperability with advanced weapon systems, and support regional security,” armed forces spokesperson Francel Margareth Padilla said in a statement.

Her remarks came after a Reuters report that the U.S. military has moved the launchers, which have mid-range capability (MRC), to another location in the Philippines.

The weapon’s presence on Philippine territory drew sharp rebukes from China when it was first deployed in April 2024 during military exercises. Beijing accused the Philippines on Thursday of creating tension and confrontation in the region, urging it to “correct its wrong practices”.

Treaty allies the United States and the Philippines “coordinate closely on all aspects of the MRC deployment, including its positioning”, Ms. Padilla said.

The Typhon launchers can fire multi-purpose missiles up to thousands of kilometers such as Tomahawk cruise missiles, capable of hitting targets in both China and Russia from the Philippines. The SM-6 missiles it also carries can strike air or sea targets more than 200 km (165 miles) away.

“These arrangements reflect shared operational considerations and mutual consultations between our two nations,” Ms. Padilla said. – Reuters

Trade gap widens to $54.2 billion in 2024

DPWORLD.COM

The Philippines’ trade-in-goods deficit widened in 2024, the largest trade gap in over two years as imports picked up while exports continued to decline, the Philippine Statistics Authority (PSA) reported on Friday.

Preliminary data from the PSA showed the country’s full-year trade balance — the difference between the values of exports and imports — grew by 3.1% year on year to $54.21-billion deficit in 2024 from the $52.59-billion gap a year earlier.

The latest figures marked the lowest trade gap since the $57.65-billion deficit in 2022.

Philippine Merchandise Trade Performance

Merchandise exports in 2024 declined by 0.5% to $73.21 billion, below the 4% growth projection set by the Development Budget and Coordination Committee (DBCC) for 2024.

A year earlier, exports fell by 7.5%.

Meanwhile, imports rose by 1% year on year to $127.43 billion in 2024, picking up from the 8% contraction in 2023. Imports growth missed the DBCC’s 2% growth target.

In December, the country’s trade-in-goods deficit narrowed to $4.14 billion from the $4.85 billion deficit in November.

This was the smallest trade gap in nine months or since the $3.35 billion deficit in March 2024.

Merchandise exports for the month fell by 2.2% to $5.66 billion, slower than the 8.6% contraction in November.

By value, export haul in December was the lowest in six months or since the $5.57 billion in June 2024.

Likewise, imports contracted by 1.7% to $9.79 billion, slower than the 4.1% drop a month earlier.

Import value was the lowest in nine months or since $9.57 billion in March 2024.

“For the last few years, both exports and imports were quite weak and hardly drivers of economic growth,” said Diwa C. Guinigundo, country analyst at GlobalSource Partners.

Mr. Guinigundo added that on a net basis, external trade contributes minimal impact on the economy.

“Weak exports are overshadowed by higher imports even as they have been quite sluggish recently, [while] modest imports are also indicative of weak manufacturing and business activities,”Mr. Guinigundo said in a Viber message.

Additionally, he noted that over the last two years, the Philippine economy saw some slowdown, falling behind the lower end of the growth targets.

In 2023, the Philippine economy grew by 5.5%, significantly slower than the 7.6% expansion in 2022.

This was the weakest growth in three years since the 9.5% slump in 2020.

The PSA will be reporting the fourth quarter and full-year gross domestic product on Jan. 30, Thursday.

Manufactured goods, accounting for more than three-fourths of exports, went down by 2.6% to $58.34 billion last year.

Electronic products, making up most manufactured goods and more than half of all exports, slumped by 6.7% to $39.08 billion. Semiconductors also fell by 13.5% to $29.16 billion.

The United States remained the top destination for Philippine-made goods in 2024, with exports valued at $12.12 billion or 16.6% of total export sales.

It was followed by Japan with $10.33 billion (14.1% share), Hong Kong with $9.6 billion (13.1%), China with $9.44 billion (12.9%), and South Korea with $3.57 billion (4.9%).

Imports of capital goods inched down by 0.1% to $35.7 billion.

On the other hand, imports of raw materials and intermediate goods rose by 2% to $46.35 billion.

Imports of consumer goods also climbed by 5.6% to $25.81 billion, while imports of mineral fuels, lubricants and related materials declined by 5.2% to $19.06 billion.

By commodity group, electronic products had the highest import value at $27.37 billion in 2024, up 2.7% from $26.64 billion a year ago.

China was the biggest source of imports for the year with $32.81 billion worth of goods, accounting for 25.8% of the total import bill.

It was followed by Indonesia with $10.55 billion (8.3% share), Japan with $10.07 billion (7.9%), South Korea with $9.63 billion (7.6%) and United States with $8.17 billion (6.4%).

Jesus L. Arranza, chairman of Federation of Philippine Industries, said in a phone call that illicit trade and imports for consumer goods like rice and sugar contributed to the widening of the gap for the year.

He added that the increase in smuggling in the country has led to the decline in domestic manufacturing.

“The president would like to stabilize the price of rice, the price of sugar… There is our desire, also, to bring down prices for the consumers. Because the consumers have already made noise,” he said in a mix of Tagalog and English.

Mr. Arranza also said that the narrowing of the gap in December was due to goods already being delivered during the October-November period, anticipating the end of the season.

Mr. Guinigundo said that while it is good that US tariff increases will not be applied on Philippine exports, they could affect Philippine exports to China, which participates in the Southeast Asian country’s semiconductor market.

“This would require a rethink of Philippine exporters on their market focus,” Mr. Guinigundo said. — Pierce Oel A. Montalvo

Philippines to ‘respond favorably’ if ICC seeks Interpol arrest warrants over drugs crackdown

PHILIPPINE STAR/ JOVEN CAGANDE

MANILA – The Philippines will respond favorably if Interpol is asked by the International Criminal Court to issue arrest warrants related to its probe into the former president’s bloody “war on drugs”, a top official said on Friday.

Thousands of people were killed in ex-President Rodrigo Duterte’s anti-drugs crackdown launched in 2016, many in mysterious circumstances, prompting the ICC to launch an investigation into possible crimes against humanity.

Mr. Duterte and police have denied activists’ allegations of systematic executions and cover-ups and say drug suspects were killed in self defense.

“If the ICC makes a move, and courses the move through the Interpol, and the Interpol makes the request to us for the arrest of delivery of the custody of a person subject to ICC jurisdiction, we will respond favorably or positively to the Interpol request,” said Lucas P. Bersamin, the executive secretary of President Ferdinand Marcos Jr.

He was speaking in a media briefing following remarks by the justice minister in a Reuters interview on Thursday on the extent of the Philippines’ cooperation with the ICC, with which he said talks would start soon.

The “war on drugs” was the key policy plank that swept Duterte to power in 2016 as a maverick, crime-busting mayor, who delivered on promises he made during vitriolic speeches to kill thousands of narcotics dealers.

Mr. Duterte unilaterally withdrew the Philippines from the ICC’s founding treaty in 2019 when it started looking into the killings and the Philippines has until recently refused to cooperate with the ICC investigation.

Mr. Duterte in a legislative hearing late last year urged the ICC to “hurry up” on its probe and defended his anti-drugs campaign.

According to police, 6,200 suspects were killed during anti-drug operations that they say ended in shootouts. But activists say the death toll was far greater, with thousands of drug users also slain. Police deny involvement in those killings. – Reuters

Philippines unlikely to hit 2024 growth target after typhoons disruption, minister says

ARSENIO M. BALISACAN — PHILSTAR FILE PHOTO

MANILA – The Philippines may have likely missed its growth target last year due to economic disruption from a spate of typhoons in the last three months of 2024, its economic planning minister said on Friday.

Arsenio Balisacan said the country may have difficulty hitting even the low end of its 6% to 6.5% gross domestic product goal.

Mr. Balisacan said farm output last month may have contracted by at least 2% in 2024 due to losses from adverse weather during the year, but inflation is expected to remain within the 2% to 4% target this year.

GDP growth slowed to 5.2% in the third quarter, its weakest in more than a year, as typhoons disrupted government spending and dampened farm output during the period. Growth in the first nine months of 2024 was 5.8%.

The Philippine statistics agency will release growth figures on Jan. 30. – Reuters

Philippines raises $3.3 bln through sale of U.S. and euro bonds

MANILA – The Philippines raised $3.29 billion from the sale of U.S. dollar and euro bonds, including sustainability-focused offerings, to help finance its budget, its treasury bureau said on Friday.

The Philippines, among Asia’s most active issuers of sovereign debt, raised $2.25 billion from the sale of 10-year bonds and 25-year sustainability bonds, and 1 billion euros ($1.04 billion) from the sale of a seven-year sustainability bond, National Treasurer Sharon Almanza said in a phone message.

Fixed-income news service IFR reported on Friday that $1.25 billion of 10-year bonds were sold at 90 basis points above comparable U.S. Treasury bonds, reflecting strong investor demand, while the $1 billion 25-year sustainability bond was priced at 101.1 basis points over the same benchmark.

The euro tranche was sold at 125 basis points above the mid-swaps rate.

On Thursday, the Bureau of the Treasury said the proceeds would be used for general budget financing, with the two sustainability tranches also used to refinance assets in line with the Philippines’ sustainable finance framework.

Citigroup, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Standard Chartered and UBS were joint lead managers and joint bookrunners for the transaction, the bureau said. – Reuters

Billionaire McCourt says he is open to teaming up on a TikTok bid

A TikTok logo is displayed on a smartphone in this illustration taken Jan. 6, 2020. — REUTERS

DAVOS, Switzerland – U.S. businessman Frank McCourt is open to teaming up with other buyers on a bid to take over the U.S. operations of TikTok as long as he can maintain control of the asset, he told Reuters at the Davos event on Thursday.

The billionaire declined to share details on his sources of financing, but said private equity firms and family offices have reached out to provide options.

“Capital is not the issue here. The issue here is waiting for (TikTok parent) ByteDance, or the Chinese government to make a decision about the future of U.S. TikTok,” said Mr. McCourt, who spoke on the sidelines of the World Economic Forum in Davos, Switzerland.

The flexibility in his much-publicized bid came shortly after U.S. President Donald Trump signed an executive order on Monday delaying the enforcement of a ban on the Chinese-owned popular short-video app by 75 days.

Mr. Trump also said this week he “would like the United States to have a 50% ownership position in a joint venture” in TikTok, and that he was open to billionaires Elon Musk or Larry Ellison, chairman of Oracle, buying the social media app.

McCourt’s Project Liberty advocacy group submitted a bid to buy the U.S. assets of TikTok in early January with plans to run the app on the group’s technology which aims to let users choose how their data will be used and shared. TikTok has sued to block the U.S. ban but the Supreme Court upheld it in a decision last week.

 

BIDDERS

The prospect of gaining ownership over one of the world’s most recognized video sharing platforms, or at least its U.S. audience, has drawn an increasingly long list of people and entities ranging from the world of finance, technology and entertainment.

Many in Mr. Trump’s orbit, or with close ties to the president, have been linked with TikTok ever since the U.S. ban became a possibility under the administration of President Joe Biden. Former Treasury Secretary Steven Mnuchin said in March he was building a consortium of investors to bid on TikTok.

Others who have expressed interest range from the CEO of Kingdom Holding, the investment firm of Saudi Arabia’s Prince Alwaleed Bin Talal which was previously a large investor in what was then called Twitter, to a consortium of U.S. investors including Jimmy Donaldson, better known by his online persona “MrBeast.”

But what they are actually competing to buy remains a mystery, and that is before potential bidders start to answer questions around how they will finance a deal.

Existing investors in TikTok have shown support by expressing interest to roll over partial or all stakes in a deal, according to McCourt, which potentially reduces the capital needed to pull off the purchase that could cost $20 billion without the inclusion of TikTok’s algorithm.

 

SUPPORT

In a meeting with the U.S. House of Representatives’ select committee on China earlier this week, McCourt and his co-bidder Kevin O’Leary received assurances that lawmakers on both sides of the U.S. political aisle are committed to ensuring a qualified divestiture.

“I came away with a very clear impression that the (U.S.) Congress was quite unified on enforcing the legislation and causing either a ban or sale of U.S. TikTok,” said Mr. McCourt.

To Mr. McCourt, who said he has never used TikTok, the most appealing assets of the app are the users, data and the brand. His bid for TikTok does not include buying the algorithm for TikTok’s recommendation system, which is at the heart of the app’s popularity.

He wants to move TikTok’s 170 million U.S. users to his own Project Liberty platform with digital infrastructure in the U.S., and expects that the migration could be completed within a year if a deal happens.

Mr. McCourt said he was flexible on financial arrangements of ownership as long as he can maintain control and move TikTok users to digital infrastructure developed by Project Liberty.

“This is not just about who will pay the most money,” he said. “This is about who can meet the very strict criteria laid out in the legislation and reaffirmed by the Supreme Court.” – Reuters

TD Bank global anti-money laundering officer stepping down

TORONTO – TD Bank said on Thursday Chief Global Anti-Money Laundering Officer Herbert Mazariegos is stepping down immediately, as the bank takes remediation actions after it was fined by U.S. regulators for compliance failures.

Mr. Mazariegos joined TD in November 2023 from Bank of Montreal, where he served as the chief anti-money laundering officer for over four years. He was hired as part of TD’s push to revamp its risk and compliance team.

Mr. Mazariegos, hired while outgoing CEO Bharat Masrani was in charge, will be replaced by Jacqueline Sanjuas, the head of U.S. financial crime risk management at TD, the bank said.

Toronto-based AML industry expert Sean Parker said TD cushioned the blow by hiring Sanjuas, who joined the bank in January 2024 and comes with two decades of experience in compliance and risk management.

Stephen Joyce, vice president of financial crime risk management transformation delivery and enablement, will take the role of interim head of financial crime risk management for TD’s Canadian and international operations, excluding the U.S.

Mr. Joyce will report to Sanjuas.

“I am confident that these changes will position Financial Crime Risk Management for success,” Chief Risk Officer Ajai Bambawale said in a memo to staff on Thursday, thanking Mazariegos for his “contributions … during a challenging time.”

Mr. Bambawale said in the memo Mazariegos’ departure was based on mutual agreement.

TD faces an asset cap and a $3-billion penalty by U.S. regulators following a probe by U.S. agencies into the lender’s anti-money laundering program that resulted in a rare quarterly loss and forced it to suspend its forecast.

The lender ran into problems with U.S. regulators for failures in its risk and compliance program that provided ground for a host of illicit activity, from fentanyl and narcotics trafficking to terrorist financing.

TD said last week that Masrani, who has taken full responsibility for the anti-money laundering failures, is stepping down in February, more than two months sooner than the previously planned date for his retirement. – Reuters

Trump orders crypto working group to draft new regulations, explore national stockpile

PIXABAY

U.S. President Donald Trump on Thursday ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a national cryptocurrency stockpile, making good on his promise to quickly overhaul U.S. crypto policy.

The much-anticipated action also ordered that banking services for crypto companies be protected, alluding to industry claims that U.S. regulators have directed lenders to cut crypto companies off from banking services – something regulators deny. The order also banned the creation of central bank digital currencies in the U.S. which could compete with existing cryptocurrencies.

On the campaign trail, Mr. Trump courted crypto cash by pledging to be a “crypto president” and promote the adoption of digital assets. That is in stark contrast to former President Joe Biden’s regulators which, in a bid to protect Americans from fraud and money laundering, cracked down on the industry, suing exchanges Coinbase, Binance and dozens more, alleging they were flouting U.S. laws. The companies deny the allegations.

Thursday’s order was cheered by the crypto industry, which had been pushing for the new administration to send a strong signal of support in Mr. Trump’s first few days in office.

“Today’s crypto executive order marks a sea change in U.S. digital asset policy,” said Nathan McCauley, CEO and co-founder of crypto company Anchorage Digital.

“By taking a whole-of-government approach to crypto, the Administration is making a significant first step toward writing clear, consistent rules of the road.”

If implemented by the relevant regulators, Mr. Trump’s order has the potential to push cryptocurrencies into the mainstream, regulatory and crypto experts said. It follows Tuesday’s U.S. Securities and Exchange Commission announcement that it was creating a taskforce to overhaul crypto policy.

Bitcoin hit a fresh record high of $109,071 on Monday amid investor excitement over the new crypto-friendly administration, although it was down to about $103,000 as of late Thursday afternoon.

“Just days into his administration, President Trump is delivering on his promises… to keep the United States a leader in digital assets innovation,” Senator Tim Scott, the Republican chair of the Senate Banking Committee, said in a statement.

The industry has for years argued existing U.S. regulations are inappropriate for cryptocurrencies and have called for Congress and regulators to write new ones clarifying when a crypto token is a security, commodity or falls into another category.

The working group, which will include the Treasury secretary, chairs of the SEC and Commodity Futures Trading Commission, along with other agency heads, is tasked with developing a regulatory framework for digital assets, according to the order. That includes stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar.

The group is also set to “evaluate the potential creation and maintenance of a national digital asset stockpile… potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.”

The order did not provide further details on how such a stockpile would be set up and analysts and legal experts are divided on whether an act of Congress will be necessary. Some have argued the reserve could be created via the U.S. Treasury’s Exchange Stabilization Fund, which can be used to purchase or sell foreign currencies, and to also hold bitcoin.

In December, Mr. Trump named venture capitalist and former PayPal executive David Sacks as the crypto and artificial intelligence czar. He will chair the group, the order said. – Reuters

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