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Crypto Exchange Binance Seeks to Slash Size of $13 bln UK Lawsuit

An advertisement of Bitcoin, one of the cryptocurrencies, is displayed on a building in Hong Kong, on Nov. 18, 2021. (AP)
An advertisement of Bitcoin, one of the cryptocurrencies, is displayed on a building in Hong Kong, on Nov. 18, 2021. (AP)
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Crypto Exchange Binance Seeks to Slash Size of $13 bln UK Lawsuit

An advertisement of Bitcoin, one of the cryptocurrencies, is displayed on a building in Hong Kong, on Nov. 18, 2021. (AP)
An advertisement of Bitcoin, one of the cryptocurrencies, is displayed on a building in Hong Kong, on Nov. 18, 2021. (AP)

Crypto exchange Binance on Wednesday sought to throw out the vast majority of a London lawsuit worth up to 10 billion pounds ($12.8 billion) over claims it and other exchanges colluded to "delist" the Bitcoin Satoshi Vision (BSV) cryptocurrency.

Binance and exchanges including Kraken are being sued at London's Competition Appeal Tribunal (CAT) in a case brought on behalf of over 200,000 BSV owners.

Lawyers representing BSV Claims, a vehicle set up to pursue the case, say the exchanges engaged in anti-competitive behaviour to delist BSV in 2019.

They argue the move caused the value of BSV to plummet and prevented it becoming a "top tier" cryptocurrency, valuing that part of the claim at up to 9 billion pounds, Reuters reported.

BSV Claims' lawyers said the exchanges were not opposing the case being certified under the UK's collective proceedings regime, which is roughly equivalent to the US class action regime. Such certification would be just the first step in the lawsuit.

But Binance has asked the CAT to throw out the part of the case about BSV's alleged potential to become a major cryptocurrency, which is being brought on behalf of people who kept BSV after it was delisted.

Binance's lawyer Brian Kennelly said people who kept BSV had made "an entirely voluntary decision". They "could reasonably have sold it and reinvested it in comparable cryptocurrency", Kennelly added.

BSV Claims' lawyers argued in court documents that the issue should proceed to trial with the rest of the case.

Binance declined to comment on ongoing litigation.

Binance, Kraken and other exchanges delisted BSV in 2019, partly in response to claims by Australian computer scientist Craig Wright, who was associated with BSV, that he was the pseudonymous inventor of bitcoin known as "Satoshi Nakamoto".

Earlier this year, Wright was found in separate litigation to have lied and forged documents to support his false claim to be Satoshi. Wright has said he will appeal against that ruling.

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Technology

AMD Predicts Weaker First-Quarter Sales, Shares Plunge on Nvidia Comparisons

An AMD logo and a computer motherboard appear in this illustration created on August 25, 2025. (Reuters)
An AMD logo and a computer motherboard appear in this illustration created on August 25, 2025. (Reuters)
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AMD Predicts Weaker First-Quarter Sales, Shares Plunge on Nvidia Comparisons

An AMD logo and a computer motherboard appear in this illustration created on August 25, 2025. (Reuters)
An AMD logo and a computer motherboard appear in this illustration created on August 25, 2025. (Reuters)

Advanced Micro Devices on Tuesday forecast a slight decline in quarterly revenue, raising concerns about whether it ​can effectively challenge Nvidia in the booming AI market and sending its shares tumbling 8% in after-hours trade.

The lackluster prediction comes despite an unexpected boost from sales of certain artificial intelligence chips to China, which began in the last quarter after the Trump administration approved a license for orders that AMD received in early 2025.

And without those sales to China which generated $390 million, AMD's data-center segment would have missed estimates for the fourth quarter.

AMD said it expects revenue of about $9.8 billion this quarter, plus or minus $300 million. That's down from $10.27 billion in the fourth-quarter which was up 34% year-on-year and ahead of LSEG ‌estimates for $9.67 billion.

PALES ‌NEXT TO NVIDIA

Though AMD is seen as one of the ‌few ⁠contenders ​that can seriously ‌challenge Nvidia, investors noted the stark contrast between the two companies' performances. AMD expects an adjusted gross margin of 55% this quarter. Nvidia has said it expects adjusted gross margin in the mid-70% range during its fiscal 2027.

"The expectations for large blowout quarters for AI-related hardware companies have skewed what the market is looking for," said Bob O'Donnell, president of TECHnalysis Research.

The forecast for the current first quarter includes $100 million from sales to China, where the situation remains "dynamic," AMD CEO Lisa Su said on a conference call with investors.

The US government ⁠has placed restrictions on the exports of advanced chips to China, but AMD received licenses to sell modified versions of its MI300 series ‌of AI chips there. Its MI308 chip competes with Nvidia's H20 ‍chip in China.

OPENAI SALES

AMD has accelerated its ‍product launches and is moving into selling full AI systems to better compete against Nvidia, which now ‍provides "rack-scale" systems that combine GPUs, CPUs and networking gear.

Last year, it entered into a multi-year deal to supply AI chips to ChatGPT-owner OpenAI, which would bring in tens of billions of dollars in annual revenue and give the startup the option to buy up to roughly 10% of the chipmaker.

Su reiterated on Tuesday that the company ​expects sales of a new flagship AI server to OpenAI and others to rise rapidly in the second half of this year, saying a global memory-chip crunch will not ⁠slow its plans.

"I do not believe that we will be supply-limited in terms of the ramp that we put in place," Su said.

BEYOND OPENAI

As Big Tech and governments across the globe double down on investing in AI hardware, shares in Santa Clara, California-based AMD have doubled since the start of 2025, outperforming a 60% bump in the broader chip index.

But analysts remain concerned that AMD's success remains tied to a handful of customers that rivals such as Nvidia could try to poach. Reuters reported this week that Nvidia made a $20 billion move to hire most of chip startup Groq's founders after OpenAI held chip supply discussions with the startup.

"Growth appears concentrated in large deployments and specific regions, and China shipments are significant enough to influence a quarter," said eMarketer analyst Gadjo Sevilla.

Revenue in AMD's key data-center segment grew 39% to $5.38 billion in the ‌fourth quarter. But excluding sales of the MI308, which is a data-center chip, that revenue would have been $4.99 billion, below estimates of $5.07 billion.

Technology

Switch 2 Sales Boost Nintendo Results but Chip Shortage Looms

This photo taken on November 4, 2025 shows a woman taking photos of a Super Mario figure at the Nintendo Tokyo store in Tokyo. (AFP)
This photo taken on November 4, 2025 shows a woman taking photos of a Super Mario figure at the Nintendo Tokyo store in Tokyo. (AFP)
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Switch 2 Sales Boost Nintendo Results but Chip Shortage Looms

This photo taken on November 4, 2025 shows a woman taking photos of a Super Mario figure at the Nintendo Tokyo store in Tokyo. (AFP)
This photo taken on November 4, 2025 shows a woman taking photos of a Super Mario figure at the Nintendo Tokyo store in Tokyo. (AFP)

The runaway success of the Switch 2 console drove up Nintendo's net profit by more than 50 percent in the nine months to December, the Japanese video game giant said Tuesday.

But a global memory chip shortage, created by frenzied demand for artificial intelligence hardware, could push up manufacturing costs.

The Switch 2 became the world's fastest-selling games console after launching to a fan frenzy last summer.

It is the successor to the original Switch, which soared in popularity during the pandemic when games such as "Animal Crossing" struck a chord during long lockdowns.

Both are hybrid devices that can be connected to a TV or used on-the-go.

In April-December, net profit jumped 51.3 percent year-on-year to 358.9 billion yen ($2.3 billion), and revenue nearly doubled on-year to 1.9 trillion yen, Nintendo said.

But the firm kept its annual unit sales target for the Switch 2 steady at 19 million, and also held its full-year net profit forecast of 350 billion yen.

"Nintendo Switch 2 got off to a good start following its launch on June 5 and unit sales continued to grow through the holiday season," the company said.

Nearly 17.4 million Switch 2 devices were sold in the nine-month period, it added.

"Maintaining momentum is certainly a big focus for Nintendo," Krysta Yang of the Nintendo-focused Kit and Krysta Podcast told AFP.

A lack of heavy-hitting first-party new games for the Switch 2 in coming months risks hindering growth, although third-party titles such as "Resident Evil Requiem" should help fill the gap, she said.

Nintendo said Tuesday it planned to release "Mario Tennis Fever" this month and "Pokemon Pokopia" in March.

While the firm is diversifying into hit movies and theme parks, consoles remain the core of its business.

The Switch 1 has now sold 155.37 million units -- overtaking the Nintendo DS console to be its best-selling hardware of all time.

But soaring prices for memory chips, used in gaming consoles as well as phones, laptops and other electronics, will likely be a headwind for the company.

Their prices have been pushed up as chipmakers focus on producing the advanced memory chips in huge demand to power AI data centers.

"Nintendo and other console manufacturers are publicly keeping quiet about the impact of the shortage," gaming industry consultant Serkan Toto told AFP.

But "users can forget the past when consoles always became cheaper in tandem with component costs falling over time", with price hikes potentially on the way in 2026, he said.

Yang said she thought a price increase for the Switch 2 "is not out of the question" but added that Nintendo "would likely exhaust all other options" before doing so.

Technology

Snapchat Blocks 415,000 Underage Accounts in Australia

Snapchat says teens may be skirting a social media ban in Australia (Kirill KUDRYAVTSEV)
Snapchat says teens may be skirting a social media ban in Australia (Kirill KUDRYAVTSEV)
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Snapchat Blocks 415,000 Underage Accounts in Australia

Snapchat says teens may be skirting a social media ban in Australia (Kirill KUDRYAVTSEV)
Snapchat says teens may be skirting a social media ban in Australia (Kirill KUDRYAVTSEV)

Snapchat has blocked 415,000 accounts under Australia's social media ban for under-16s, the company said Monday, but warned some youngsters may be bypassing age verification technology.

The platform urged the Australian authorities to oblige app stores to check users' ages as an "additional safeguard" for the world-first crackdown, AFP said.

Platforms including Snapchat, Meta, TikTok and YouTube must stop underage users from holding accounts under the legislation, which came into effect on December 10.

Companies face fines of Aus$49.5 million (US$34 million) if they fail to take "reasonable steps" to comply.

Australia's eSafety online regulator reported last month that tech giants had already blocked 4.7 million accounts, delivering "significant outcomes".

As of the end of January, Snapchat said it had blocked or disabled 415,000 Snapchat accounts in Australia belonging to under-16s.

"We continue to lock more accounts daily," it said in an online statement.

But the law leaves "significant gaps", Snapchat said, arguing that age estimation technology was only accurate to within two to three years.

"In practice, this means some young people under 16 may be able to bypass protections, potentially leaving them with reduced safeguards, while others over 16 may incorrectly lose access."

Snapchat joined billionaire Mark Zuckerberg's Meta in calling on Australia to require app stores to check users' ages before allowing downloads.

"Creating a centralized verification system at the app-store level would allow for more consistent protection and higher barriers to circumventing the law," Snapchat said.

The platform said it did not believe an outright ban was the right approach.

Snapchat said it understood Australia's objectives and wanted to protect people online, but did not agree its platform should be covered by the social media ban.

"In the case of Snapchat -- which is primarily a messaging app used by young people to stay connected with close friends and family -- we do not believe that cutting teens off from these relationships makes them safer, happier, or otherwise better off," it said.