Facebook’s Libra cryptocurrency faces EU antitrust scrutiny

The US Justice Department announced its "largest financial seizure ever" and the arrest of a New York couple for allegedly laundering money stolen through a 2016 hacking.

Here are a few reasons to pick up a copy of The Guardian on Wednesday⁣.⁣

Facebook and Instagram's parent company, Meta, has been designated as an "extremist" organization by a Russian court. But Meta's WhatsApp is excluded from the ban.

Find these stories and much more when you grab a copy of The Guardian on Thursday.⁣

The European Union agreed on new regulations that require social media companies and online marketplaces to remove illegal content. Advertisement targeting minors will also be banned.

Cryptocurrency has become a global phenomenon in recent years. More mainstream financial institutions are now embracing crypto assets, while two countries have adopted Bitcoin as legal tender. But there are many concerns around the technology and its capacity to disrupt traditional financial systems, even as Russia's war in Ukraine has highlighted its potential as a geopolitical tool. Sean Lee, senior advisor at the Crypto Council for Innovation joins Kate Moody to talk about the future of cryptocurrencies.

Sandberg helped transform the company into an over $100-billion-a-year powerhouse. She will continue to serve on the board of directors.

Meta, which owns Facebook, Instagram and WhatsApp, among others, is facing several economic constraints. Mark Zuckerberg said he will "get more done with fewer resources."

Amnesty International accuses Facebook of exacerbating human rights violations in Myanmar. It claims the social network proactively "amplified" anti-Rohingya content back in 2017, when the country's military launched a deadly crackdown on the ethnic minority.

Kim Kardashian is to pay $1.26 million for "unlawfully touting" cryptocurrency and breaking the rules set out by the Securities and Exchange Commission.

Meta Platforms Inc META.O said on Wednesday it will let go of 13% of its workforce, or more than 11,000 employees, in one of the biggest layoffs this year as the Facebook parent battles soaring costs and a weak advertising market.

The EU's competition watchdog has accused tech giant Meta, which owns Facebook and Instagram, of breaching antitrust rules. An early analysis says the firm distorted competition in the online classified ads business.