UK Regulator Ofcom Investigates 4chan and Others for Possible Online Safety Breaches

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Britain’s media regulator Ofcom launched nine investigations on Tuesday targeting potential violations of the country’s Online Safety Act, including probes into the internet messageboard 4chan and several file-sharing platforms.

The Online Safety Act, enacted in 2023, imposes stringent requirements on digital platforms to curb criminal activity, with a strong focus on protecting children and eliminating illegal content.

Ofcom received complaints regarding potentially illegal material on 4chan, and separately concerning the sharing of child sexual abuse content on seven file-sharing services. The regulator is examining whether these platforms failed to implement adequate safety measures, properly respond to statutory information requests, and maintain accurate risk assessment records.

Attempts to contact 4chan for comment were unsuccessful.

Under the law, Ofcom can mandate platforms to take corrective actions or impose fines up to £18 million (about $24.28 million) or 10% of their qualifying global revenue, whichever is higher.

In a related investigation, Ofcom is also assessing whether adult content provider First Time Videos has sufficient age verification controls to protect minors.

OpenAI’s Annualized Revenue Doubles to $10 Billion Amid AI Boom

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OpenAI announced on Monday that its annualized revenue run rate surged to $10 billion as of June 2025, nearly doubling from about $5.5 billion in December 2024. This strong growth positions the company on track to meet its previously shared full-year revenue target of $12.7 billion.

The reported figure excludes licensing revenue from major backer Microsoft and large one-time deals, underscoring the core strength of OpenAI’s subscription and usage-based income from its AI models, including the widely popular ChatGPT.

Despite posting a loss of roughly $5 billion last year, OpenAI’s rapid revenue scale sets it well ahead of competitors. For comparison, Anthropic, another leading AI firm, recently surpassed $3 billion in annualized revenue fueled by demand from startups using its code-generation models.

OpenAI is also preparing for a major funding round of up to $40 billion led by SoftBank Group, valuing the company at $300 billion. Since launching ChatGPT over two years ago, OpenAI has expanded its offerings to include a variety of subscription plans for both consumers and businesses.

As of March 2025, OpenAI reported 500 million weekly active users, reflecting the broad and growing adoption of its artificial intelligence technology worldwide.

UK Regulator Greenlights Private Share Trading Platform PISCES to Launch This Year

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Britain’s Financial Conduct Authority (FCA) has finalized rules for a new private share trading platform called the Private Intermittent Securities and Capital Exchange System (PISCES), with trading expected to start later this year through a regulatory “sandbox.” The platform aims to facilitate trading of shares in private companies, helping early investors and employees to sell shares and new investors to fund growing businesses.

PISCES will operate by enabling intermittent trading events where private company owners can offer shares at set prices to new investors. This model is designed to bridge the gap for small and early-stage firms that may not be ready for a full initial public offering (IPO) but want to access capital markets and gain investor visibility.

Simon Walls, FCA’s executive director of markets, highlighted that PISCES will give investors greater access and confidence to invest in promising companies, while also allowing early backers and employees liquidity options. The UK Treasury’s Economic Secretary Emma Reynolds welcomed the initiative, emphasizing its role in strengthening capital markets and supporting economic growth.

Operators interested in running PISCES platforms, such as the London Stock Exchange, must apply for FCA approval. The regulator has adapted final rules based on market feedback, including a 25% threshold for major shareholder identification, eased disclosure requirements, and increased control for companies over their investor base.

While some industry players, including bankers, have expressed concerns about potential revenue impacts and competition with existing markets like the Main Market and AIM, legal experts view PISCES as an innovative step to invigorate UK capital markets.

The FCA will continue testing the platform under the sandbox regime before establishing a permanent regulatory framework by 2030.