What’s in the tech news today: 💰 Binance commingled customer funds with the company’s own revenue in 2020 and 2021, three sources familiar with the matter told Reuters. This was a breach of U.S. financial rules that require customer money to be kept separate. One of the sources, who had direct knowledge of Binance’s finances, said that the commingling happened almost daily, in accounts held with Silvergate Bank, and ran into the billions of dollars. NOTE, Reuters found no evidence that Binance client money was lost or taken during this period, and Binance denied mixing customer deposits and company funds. 📑 Since FTX’s alleged commingling of client and company funds was noted by IOSCO, the global securities regulator unveiled its proposed rules for the crypto asset sector on Tuesday. It recommended eighteen measures, covering areas including conflicts of interest, market manipulation, cross-border regulatory cooperation, custody of crypto assets, operational risks, and treatment of retail customers. IOSCO plans to finalize these standards by the end of the year and expects its 130 members, which includes most global securities regulators, to use them to plug gaps in their rulebooks. 🐦 Ron DeSantis will announce he’s running for president on Twitter Spaces. True story. Tonight at 6pm ET, the Florida governor, a Republican, will launch his White House run in a conversation with Twitter CEO Elon Musk on the platform’s live audio feature. The chat will be moderated by David Sacks, a tech entrepreneur who supports DeSantis and is pals with Musk. 🥜 Meta offloads Giphy for peanuts. The tech giant sold the GIF platform it had recently bought at a steep loss after the UK’s competition regulator demanded it unwinds its acquisition over antitrust concerns. Meta had acquired Giphy in 2020 for $400 million, and yesterday it sold the company to Shutterstock for nearly $350 million less than that—$53 million. 🧐 Ledger rolled out a seed phrase backup product this week called Ledger Recover. If you give the company your ID and personal information, you can pay for a service that takes your seed phrase within your device, encrypts it into three “shards” and then shares them with various custodians. Introducing a third party inherently centralizes control, creating a single point of failure that could be exploited by hackers or be subject to regulatory actions.