Sunday, December 22

Tag: Virtual Currencies/Cryptocurrencies

Binance and the End of Crypto’s Dream to Escape From Government
24Nov By adminNo Comments
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...
Read More
Why Stamping Out Crypto Bros Could Help Bitcoin
24Nov By adminNo Comments
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
Read More
Binance Guilty Plea Shows What Crypto’s Really About
23Nov By adminNo Comments
Money

Binance Guilty Plea Shows What Crypto’s Really About

Nov. 22, 2023 12:27 pm ETSo it turns out that of the two largest crypto exchanges, one was a fraud and the other was a money launderer. Whoever could have guessed?Skeptics of bitcoin and other cryptocurrencies have had their prejudices reinforced. The two main use cases—fraud and crime—have been exposed to the public in dramatic fashion, so now all we have to do is sit back and wait for the inevitable collapse in value.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
Inside Binance’s Guilty Plea and the Biggest Fine in Crypto History
22Nov By adminNo Comments
World

Inside Binance’s Guilty Plea and the Biggest Fine in Crypto History

Updated Nov. 22, 2023 4:18 pm ETThe king of crypto’s largest outlaw empire told employees for years that he would never turn himself in. But on Tuesday, a jittery Changpeng Zhao showed up in a Seattle federal court to plead guilty to violating U.S. money-laundering rules.“I’ve not caused problems before, I’ve never been a criminal. And I’ve never been into a courthouse before. So this is new to me,” Zhao told a judge.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
Inside Binance’s Guilty Plea and the Biggest Fine in Crypto History
22Nov By adminNo Comments
Money

Inside Binance’s Guilty Plea and the Biggest Fine in Crypto History

Updated Nov. 22, 2023 1:19 pm ETThe king of crypto’s largest outlaw empire told employees for years that he would never turn himself in. But on Tuesday, a jittery Changpeng Zhao showed up in a Seattle federal court to plead guilty to violating U.S. money-laundering rules.“I’ve not caused problems before, I’ve never been a criminal. And I’ve never been into a courthouse before. So this is new to me,” Zhao told a judge.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
Binance Founder Changpeng Zhao Steps Down, Pleads Guilty
22Nov By adminNo Comments
World

Binance Founder Changpeng Zhao Steps Down, Pleads Guilty

The chief executive of Binance, the largest global cryptocurrency exchange, stepped down and pleaded guilty to violating criminal U.S. anti-money-laundering requirements, in a deal that might preserve the company’s ability to continue operating, according to court documents.Changpeng Zhao appeared in Seattle federal court Tuesday and entered his plea, according to court records. Prosecutors accused Binance, which Zhao owns, of facilitating transactions with sanctioned groups. Binance encouraged U.S. users to obscure their location so the firm could avoid complying with U.S. anti-money-laundering laws, prosecutors said.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
Binance Founder Changpeng Zhao Steps Down, Pleads Guilty
22Nov By adminNo Comments
World

Binance Founder Changpeng Zhao Steps Down, Pleads Guilty

The chief executive of Binance, the largest global cryptocurrency exchange, stepped down and pleaded guilty to violating criminal U.S. anti-money-laundering requirements, in a deal that might preserve the company’s ability to continue operating, according to court documents.Changpeng Zhao appeared in Seattle federal court Tuesday and entered his plea, according to court records. Prosecutors accused Binance, which Zhao owns, of facilitating transactions with sanctioned groups. Binance encouraged U.S. users to obscure their location so the firm could avoid complying with U.S. anti-money-laundering laws, prosecutors said.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
Binance CEO Changpeng Zhao Agrees to Step Down, Plead Guilty
21Nov By adminNo Comments
Money

Binance CEO Changpeng Zhao Agrees to Step Down, Plead Guilty

The chief executive of Binance, the largest global cryptocurrency exchange, plans to step down and plead guilty to violating criminal U.S. anti-money-laundering requirements, in a deal that may preserve the company’s ability to continue operating, according to people familiar with the matter. Changpeng Zhao is scheduled to appear in Seattle federal court Tuesday afternoon and enter his plea, the people said. Binance, which Zhao owns, will also plead guilty to a criminal charge and agree to pay fines totaling $4.3 billion, which includes amounts to settle civil allegations made by regulators, the people said.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
Cathie Wood Urges Investors to Heed the Risks of a Deflationary World
15Nov By adminNo Comments
Money

Cathie Wood Urges Investors to Heed the Risks of a Deflationary World

Cathie Wood still expects the price of bitcoin to hit $1 million someday. The founder of ARK Investment Management built the firm into an investor darling during the Covid-19 pandemic with successful bets on largely unprofitable, “disruptive” technology companies. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
Hamas Needed a New Way to Get Money From Iran. It Turned to Crypto.
12Nov By adminNo Comments
Money

Hamas Needed a New Way to Get Money From Iran. It Turned to Crypto.

Updated Nov. 12, 2023 12:04 am ETIn mid-2019, Israel’s military used a precision strike on a narrow street to kill a Hamas commander whom it called Iran’s money man in Gaza.The commander ran an off-the-books system of remittances in which trusted agents shuttled physical cash and goods across borders to settle customers’ balances. This so-called hawala network, as it is known in the Middle East, funneled tens of millions of dollars in financing from Iran to Hamas’s military wing.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More