Good morning. The U.S. has mounted an aggressive crackdown on imports over concerns about Chinese forced labor, reports Risk & Compliance Journal's Richard Vanderford, but the campaign is an opaque one, with little detailed data on which companies or sectors are being targeted.

• How big is the problem? U.S. Customs and Border Protection officials say they have blocked more than 2,300 shipments, using a new law intended to target forced-labor-linked goods from China’s Xinjiang region, home to the Uyghur people and other minority groups. January alone saw 282 shipments stopped over forced-labor concerns, according to Customs data.
   
• Why has it been so difficult? Though senior officials have likened their enforcement push to high-profile U.S. endeavors to combat foreign bribery, the effort so far remains relatively mysterious to observers both in academia and industry.
   
• Where to look? This opacity—a lack of detail on whose goods are being stopped or why—has made it difficult to discern where exactly Customs officials might be focusing their attention. The stakes for companies can be high, because the law instructs Customs to bar goods with any ties to Xinjiang at any stage in their production, a type of “guilty until proven innocent” regime in the eyes of some industry observers.

EU starts talks on new export bans and sanctions against Russia.

European Union member states started discussions on a new set of economic measures targeting Russia, including proposals for a ban on over $11 billion worth of Russian imports and sanctions against Iranian entities the bloc says is supplying drones to Russia, diplomats said.

New package goals: EU officials have said the new package seeks to avoid problems the EU has faced with some previous export bans on Russia. In particular, it seeks to target specific technologies and components that the Russian military or military-linked companies can purchase only from European and other Western suppliers. As in previous packages, the measures are being closely coordinated with Washington and the U.K.

Trader in alleged $110 million crypto manipulation scheme pleads not guilty.

Avraham Eisenberg, the 27-year-old trader charged in connection with what prosecutors said was manipulation of the decentralized cryptocurrency exchange Mango Markets, pleaded not guilty during his arraignment Tuesday at federal court in Manhattan, according to court records. He faces charges of commodities fraud, commodities market manipulation and wire fraud in connection with what prosecutors said was manipulation of Mango Markets.

Mr. Eisenberg, who was arrested on Dec. 26 in San Juan, Puerto Rico, will next be in court March 14.

In other crypto news: 

• Binance Expects to Pay Penalties to Resolve U.S. Investigations
• Banks Are Breaking Up With Crypto During Regulatory Crackdown
• Crypto Stocks Jump Despite Looming Regulatory Pressure
• Two Stanford Academics Helped Secure Sam Bankman-Fried’s Release on Bail
• Bankrupt Crypto Lender Celsius Selects NovaWulf in Deal to Restart Operations

• Wall Street’s regulator proposed a rule that could make it more difficult for many asset managers to invest customers’ money in cryptocurrencies, as policy makers push to rein in the sector following trading platform FTX’s collapse.
   
• The Justice Department has ramped up work in recent months on drafting a potential antitrust complaint against Apple Inc., according to people familiar with the matter.
   
• Adults have been starting improper relationships with minors online since the dawn of the internet. TikTok, the most downloaded social-media app in recent years, has emerged as the biggest, fastest-growing danger zone yet, according to law-enforcement officials and others who track child exploitation.
   
• China slapped fresh sanctions on the U.S.’s two largest defense contractors as tensions between the countries continued to escalate following the shooting down of a Chinese balloon. On Thursday, the Chinese Commerce Ministry said it blacklisted Lockheed Martin Corp. and an arm of Raytheon Technologies over the companies’ arms sales to Taiwan. Putting the companies on its “unreliable entities list” prohibits them from export and import activities related to China.

Former ASML employee in China misappropriated data, company says.

ASML Holding NV said it had experienced an unauthorized misappropriation of data relating to proprietary technology by a former employee in China, but that it believes it isn’t material to the business.

The Dutch semiconductor-equipment maker said in its annual report that it launched an internal review. As a result of the incident, certain export-control regulations might have been violated, it said.

Before joining Quantum, Ms. Beacco served as chief compliance officer for TGM Associates LP, a provider of real estate investment advisory services, and before that  worked at ACA Compliance Group and Deutsche Bank AG. The Houston private-equity firm is looking to raise more than $5 billion for its eighth energy-focused flagship strategy, according to WSJ Pro Private Equity.

• Jaime Rogozinski, founder of WallStreetBets, which sent untold numbers of individual investors piling into meme stocks two years ago, filed a lawsuit against Reddit, accusing the social-media platform of breaching contract by ousting him from his role as a WallStreetBets moderator in 2020.

• Elon Musk said the likely time to put in place a new Twitter Inc. chief executive could be toward the end of the year.
   
• House Judiciary Chairman Jim Jordan has sent subpoenas to the chief executives of five large U.S. tech companies, demanding information on how they moderate content on their online platforms.
   
• AMC Networks Inc. Chairman James Dolan parted ways with the company’s last chief executive only three months into her tenure. Now he has found the next one: his wife, Kristin Dolan.

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