commodity exchange activities

Sam Bankman-Fried Won’t Face a Second Criminal Trial

30Dec

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World

Sam Bankman-Fried Won’t Face a Second Criminal Trial

Federal prosecutors said Friday that they wouldn’t try Sam Bankman-Fried on additional criminal charges that weren’t part of the fall trial that resulted in the FTX founder’s conviction for fraud related to the collapse of his crypto exchange.The move, announced in a letter to the presiding judge, clears the way for the FTX founder to be sentenced on March 28. A second trial would have delayed that sentencing, and Bankman-Fried already faces the possibility of decades in prison.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

The Crypto Queen Pulling the Strings at Binance

24Dec

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World

The Crypto Queen Pulling the Strings at Binance

Yi He, a former talk-show host, has sweeping control over the crypto giant’s marketing and investment divisions. She is also founder Changpeng Zhao’s longtime romantic partner.Yi He has assumed the mantle as Binance defender-in-chief, calling critics ‘mediocre and hopeless’ on X. Illustration by Alexandra Citrin-Safadi/WSJ; Photos: Natalie Naccache/Bloomberg

24Dec

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Money

The Crypto Queen Pulling the Strings at Binance

Yi He, a former talk-show host, has sweeping control over the crypto giant’s marketing and investment divisions. She is also founder Changpeng Zhao’s longtime romantic partner.Yi He has assumed the mantle as Binance defender-in-chief, calling critics ‘mediocre and hopeless’ on X. Illustration by Alexandra Citrin-Safadi/WSJ; Photos: Natalie Naccache/Bloomberg

How the Fintech Rally Could Fizzle in 2024

18Dec

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Money

How the Fintech Rally Could Fizzle in 2024

Financial-technology companies have rallied in 2023 even as rates rose. Some could now face risks from falling rates, as well as stepped-up competition.Higher rates did hit “fintech” stocks in many ways. Not only do growth stocks in general often trade at lower multiples during periods of rising rates, but fintechs in particular had benefited from near-zero rates for funding loans and encouraging risk-taking by trading customers.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Binance Copped a $4 Billion Plea but Is Still Fighting the SEC

4Dec

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Money

Binance Copped a $4 Billion Plea but Is Still Fighting the SEC

WASHINGTON—When top Biden administration officials gathered last month at the Justice Department to announce a $4.3 billion legal resolution with Binance, one powerful regulator was absent.Attorney General Merrick Garland was there. So was Treasury Secretary Janet Yellen. But Securities and Exchange Commission Chair Gary Gensler wasn’t, even though he has his own legal beef with Binance. The SEC sued the world’s largest cryptocurrency exchange in June and has been the regulatory scourge of the crypto world.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

How Rising Profits Could Prevent the Economy From Faltering

3Dec

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Money

How Rising Profits Could Prevent the Economy From Faltering

Profits have been making a comeback. That makes a comedown for the U.S. economy seem less likely.The Commerce Department on Wednesday reported that before-tax corporate profits rose 1.1% from a year earlier in the third quarter. This compares with a decline of 6% in the second quarter. Moreover, that profit figure includes the income of Federal Reserve banks, which have lately been losing money owing to the combination of their big holdings of Treasury and mortgage securities and the sharp increase in rates. Exclude the Fed, and corporate profits rose by 6.7% in the third quarter compared with a gain of 1.6% in the second.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

3Dec

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World

How Rising Profits Could Prevent the Economy From Faltering

Profits have been making a comeback. That makes a comedown for the U.S. economy seem less likely.The Commerce Department on Wednesday reported that before-tax corporate profits rose 1.1% from a year earlier in the third quarter. This compares with a decline of 6% in the second quarter. Moreover, that profit figure includes the income of Federal Reserve banks, which have lately been losing money owing to the combination of their big holdings of Treasury and mortgage securities and the sharp increase in rates. Exclude the Fed, and corporate profits rose by 6.7% in the third quarter compared with a gain of 1.6% in the second.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Hong Kong Exchange Starts Consultation to Allow Trading on Stormy Days

30Nov

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World

Hong Kong Exchange Starts Consultation to Allow Trading on Stormy Days

Hong Kong’s stock market, notorious for shutting down on typhoon days, is moving toward allowing trades in bad weather.Hong Kong Exchanges & Clearing, the exchange operator, said on Thursday that it is taking feedback from the public until Jan. 26 on the proposal to let securities and derivatives trades continue as usual during severe weather conditions. Unlike other major exchanges, storms and heavy rains have closed down the Hong Kong market.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Binance and the End of Crypto’s Dream to Escape From Government

24Nov

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World

Binance and the End of Crypto’s Dream to Escape From Government

On Nov. 21, Binance, the world’s largest cryptocurrency exchange, pleaded guilty to breaking U.S. anti-money-laundering laws. Its CEO has stepped down, and the company will pay $4.3 billion in penalties. While the eye-watering fine is getting the headlines, it’s the details of the agreement that really redefine the relationship between government and crypto.U.S. authorities describe this as a watershed moment for crypto’s compliance with American law. They’re right—and crypto only has itself to blame. Crypto’s creators aspired to create a decentralized money system, with no entry points for state oversight and surveillance. But the crypto economy has become increasingly centralized around exchanges like Binance and Coinbase. While these exchanges allow customers to store and convert money...

Why Stamping Out Crypto Bros Could Help Bitcoin

24Nov

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Money

Why Stamping Out Crypto Bros Could Help Bitcoin

Such is the wackiness of the crypto world that a regulatory crackdown might actually revive investor optimism.Earlier this week, Binance Chief Executive Changpeng Zhao pleaded guilty to money-laundering violations and agreed to pay a criminal fine of $50 million. Then, his company will pay $4.3 billion to, among other things, settle civil allegations related to sanctions evasion.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8