Good morning. The British government sanctioned crypto entrepreneur Justin Sun’s global crypto exchange HTX on suspicion of supporting the Russian government, placing a spotlight on a billionaire who until recently was a key backer of the Trump family’s cryptocurrency businesses.

• What’s being alleged? The U.K. Foreign Office said HTX provided financial services to two businesses strategically significant to authorities in Russia: a Kremlin-backed crypto network called A7, and a Moscow-based crypto exchange named Garantex. Both have been previously sanctioned by U.S. authorities.
   
• ‘Broader crackdown’ by U.K.: The measure was part of a broader crackdown on Russian illicit-finance networks that the U.K. government said were used as payment routes to fuel Russian President Vladimir Putin’s war effort against Ukraine. “If the Kremlin thinks it can evade our sanctions by hiding behind crypto networks and shadow financial systems, it is gravely mistaken,” Foreign Secretary Yvette Cooper said.
   
• What is HTX? Founded in China, HTX, previously known as Huobi, is one of the world’s largest crypto trading platforms, processing over $3 trillion in crypto transactions last year. Sun, Chinese-born and based in Hong Kong, owns the exchange and serves on its advisory board.
   
• Trump family connections: Sun became the largest buyer of President Trump’s $TRUMP memecoin last year. And until a public falling-out this year, Sun was a financial supporter of World Liberty Financial, the Trump family’s flagship crypto venture, spending $75 million on the company’s own token. 

BP removes chairman after concerns about bullying behavior.

BP has removed its chairman, Albert Manifold, after the oil major’s board was told that he was verbally abusive and bullying toward employees, and had mishandled company information, according to people familiar with the matter.

The London-based company said Tuesday that its board had unanimously decided that Manifold should no longer serve as chair, and that he would depart immediately.

Judge appoints receiver in first-ever Cfius enforcement case.

Suirui Group can no longer directly control a U.S. subsidiary, Risk Journal reports, after the U.S. Justice Department filed a first-of-its-kind lawsuit against the Chinese company over national security concerns.

The U.S. demonstrated national security concerns related to Suirui’s purchase of Jupiter Systems, a maker of video-wall technology, and a receiver to control Jupiter must be appointed, U.S. District Judge Amir Ali said Tuesday. (free link)

• The Spanish government is moving to block Polymarket and Kalshi, saying the two prediction-market platforms might be breaking the law by operating in the country without a gambling license.
   
• The lawyer for the former JPMorgan Chase investment banker who has alleged in a lawsuit that a female colleague sexually assaulted him has stepped away from the case shortly before a court hearing.
   
• Insurance entrepreneur Greg Lindberg was sentenced to 12 years in prison Tuesday, capping a seven-year legal saga involving the diversion of $2 billion of policyholders’ money from insurance companies he controlled and an attempt to bribe a state regulator that was caught on hidden camera.
   
• The European Union has clarified that its Russia sanctions framework includes an exemption allowing national authorities to license the purchase and scrapping of designated shadow fleet vessels, Risk Journal reports, providing for the first time a clear legal pathway for ship recyclers to take sanctioned ships off the water. (free link)
   
• Apple and Google warned Canadian lawmakers that they could put their citizens’ privacy and security at risk under a government proposal to give police access to information on their digital devices.
   
• SEC Commissioner Hester Peirce, a vocal crypto advocate, will depart the agency in November for a faculty position.
   
• The son of Mango’s late founder is relinquishing his duties at the Spanish fashion chain, days after he was arrested on suspicion of playing a role in the mysterious death of his billionaire father.
   
• The U.S. government has accused First Brands Group of tariff fraud, alleging the bankrupt auto-parts supplier undervalued imported goods from China to avoid paying higher duties.

Iran pursues deal that brings economic relief without handing Trump victory.

Iran is pursuing two intertwining goals in its negotiating strategy with the U.S., say Iranian officials and Arab mediators: securing financial relief for an economy that is under severe strain without giving enough ground on its nuclear program to allow President Trump to claim victory.

Iran mostly shook off an overnight skirmish with U.S. forces in which it lost several Islamic Revolutionary Guard Corps fighters, staying at the negotiating table on Tuesday. Tehran has been seeking economic relief by regaining control of some of the $100 billion in assets frozen by the West and regaining access to world oil markets, these officials say.

Balancing act: The exchange of fire followed mixed signals from Trump over the weekend. After saying on Saturday that a deal with Tehran was largely negotiated, the president appeared to change course amid criticism of the outline of the deal from some Senate Republicans.

• Consumer confidence edged downward in May as the inflationary effects of the war in the Middle East intensified, a monthly survey from The Conference Board said.
   
• Investors underestimate the degree of risk they face as a result of the conflict in the Middle East and rising government debts, the European Central Bank said Wednesday.
   
• French consumer confidence fell further in May as uncertainty and rising energy prices triggered by the war in Iran continued to dent household sentiment.
   
• Delta Air Lines’ domestic-flight cancellation rate has been higher than the industry average this year, a setback for an airline that nearly always tops rankings for reliability. Delta is accelerating pilot hiring and increasing crew-scheduler staffing, while its pilots union cites a chronic shortage of pilots.
   
• Airbus said delivery of the first of a batch of long-distance passenger jets to Australia’s Qantas Airways has been delayed as supply-chain issues buffet the plane maker. Qantas ordered 12 A350-1000s in 2022 for ultra-long-haul flights between Australian cities and London and New York.
   
• Rising mortgage rates aren’t the housing market’s only problem. Higher prices for building materials are boosting construction costs and busting renovation budgets.
   
• The fate of U.S., Mexico, and Canada’s trade pact is headed toward a critical deadline, and Mexico looks the most vulnerable to the expected outcome.
   
• Samsung Electronics’ unionized workers have approved a tentative bonus-pay deal reached last week with the company, averting a strike at the world’s largest memory-chip maker.
   
• Distrust of authorities and health workers, fueled by myths, is hampering Ebola response efforts and led to attacks on health facilities.
   
• Pope Leo XIV made an impassioned case against the harms of artificial intelligence and data centers in a widely followed letter, adding to the industry’s growing public-relations problem.

Big takeaways from the FBI’s report on internet crime.

AI, which makes so many things easier, is also helping criminals commit cybercrime. That’s one of several trends showing up in the Federal Bureau of Investigation’s latest report on internet crime complaints.

As cybercrime continues to soar, young people and crypto investors are being hit harder, and more scammers are impersonating government officials. Here are four big takeaways from the report.

• A federal court barred Alabama from using a Republican-favoring congressional map, citing intentional race discrimination. Meanwhile, South Carolina’s Senate rejected a plan to cancel a primary and use new maps, despite pressure from President Trump.
   
• The Trump administration is expected to deploy U.S. public health officers to Kenya to staff a potential quarantine facility there amid the Ebola outbreak in the Democratic Republic of Congo, according to people familiar with the matter.
   
• The Trump administration announced a new green card policy Friday that, if carried out as intended, would force most applicants for permanent residency to leave the country and apply from abroad. Here’s what to know.
   
• Venezuela hired Centerview in May to restructure its $150 billion in unpaid debts, likely to be one of the largest restructurings ever. Centerview banker Matthieu Pigasse secured the deal with support from Mauricio Claver-Carone, a former Trump special envoy.

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