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The market reaction reflects an expectation that a $4 billion payment would be manageable for Binance, four crypto investors and market participants said. Its status has for years left investors wary of risks to the wider market from a string of regulatory and legal headaches facing Binance. Any resolution of the DOJ probe would remove the risk to the crypto market of Binance's sudden collapse, said Sui Chung, CEO of crypto index provider CF Benchmarks. "Binance disappearing overnight remains a potential systemic risk to the crypto market," Chung said. Other investors cited the personal wealth of Zhao as being sufficient to cover any settlement with the DOJ.
Persons: Dado Ruvic, Bitcoin, Binance, Anatoly Crachilov, Crachilov, Changpeng Zhao, Zhao, Sui Chung, Chung, Tom Wilson, Elizabeth Howcroft, Susan Fenton Organizations: REUTERS, U.S . Justice Department, Bloomberg, Reuters, London, Asset Management, DOJ, U.S . Securities, Exchange Commission, Assets Fund, Thomson Locations: Binance, London
The recent crypto platform bankruptcies trapped customer assets now worth around $34 billion, according to Xclaim, which allows creditors to trade such claims. To protect themselves, institutional crypto investors are switching to exchanges that offer stronger asset protection, boosting due diligence on trading partners, and executing trades in smaller chunks, among other new risk management measures, according to executives and industry data. European crypto asset manager CoinShares ramped up its counterparty due diligence after losing 26 million pounds ($32.65 million) in the collapse of FTX. Financial regulators like the SEC say many crypto companies flout applicable rules, meaning risk management still lags the traditional financial sector. "This is inevitably risk we're all carrying in crypto - we have uncomfortable concentration risk on one large exchange called Binance," said Nickel's Crachilov.
Persons: Samed Bouaynaya, Coinbase, Altana, Binance, Anatoly Crachilov, Martin Lee, Nansen, Stephen Richardson, CoinShares ramped, cybersecurity, Jean, Marie Mognetti, Changpeng Zhao, Nickel's Crachilov, Wes Hansen, Hansen, Elizabeth Howcroft, Michelle Price, David Gregorio Our Organizations: Voyager, London, Coinbase, U.S . Securities, Exchange Commission, SEC, Asset Management, Arca, Thomson
With the end of another earnings season in sight, Wall Street's attention has turned to Washington and the debt ceiling deadline. Republican negotiators on Friday walked out of talks on raising the debt limit , abruptly ending a positive week of discussions that appeared to be leading toward a deal. Democrats and the White House have been pushing for a "clean" hike to the debt limit that would push the next deadline past the 2024 presidential election, while Republicans are pressing for spending cuts. Many investors believe this ongoing game of chicken over the debt limit is largely for show, since the U.S. has never defaulted on its debt obligations. U.S. President Joe Biden hosts debt limit talks with House Speaker Kevin McCarthy (R-CA) and other congressional leaders in the Oval Office at the White House in Washington, U.S., May 9, 2023.
Altana Technologies is mapping global supply chains as Google Maps does the world. Altana CEO Evan Smith is building a new version of "Google Maps," but his 5-year-old startup has nothing to do with routes or directions. It's all about global supply chains. Smith told Insider. There, they sold supply-chain data but didn't translate it into any deeper meaning, Smith told Insider last year.
Dave Clark, CEO of FlexportFlexport's incoming CEO Dave Clark. AmazonWhen Dave Clark left his job as the CEO of global consumers at Amazon to run the logistics startup Flexport this summer, he caused quite a stir. Flexport is the senior classman of logistics startups, with $2.3 million capital raised and a valuation of $8 billion. Clark's job is to supercharge its growth. "What draws me to supply-chain issues is the complexity; these are hard problems to solve, with thousands of moving parts that don't always connect or communicate with one another," Clark told Insider.
As 2022 fades, the question is what lessons supply chain pros will take with them into the future. As 2022 fades, the question has become: What will those supply chain professionals take with them into the future as stresses ease? See the full chainEarly in the pandemic, retailers desperate to fill the shelves quickly realized how little visibility they had into their supply chains. One place where the work of rethinking supply chains has already succeeded is Best Buy, according to Becca Meinz, the retailer's VP end-to-end supply chain strategy. Responsiveness is the aim of many supply chain innovators as we move past the worst pandemic shocks.
An office building in Williamsburg, Brooklyn, is slashing rents and offering flexible leases. At 25 Kent Ave., it's offering 50% off to lure tech and media firms that are attracted to Manhattan. In July 2019, Rubenstein opened an eight-story, 511,000-square-foot office building at 25 Kent Ave. in Williamsburg, Brooklyn. Bilyana DimitrovaTarget tenants include Google, Facebook, Amazon, and companies that have over 500,000 square feet of office space in Manhattan. People who work at 25 Kent have access to its fitness center.
Altana Technologies is mapping global supply chains as Google Maps does the world. Altana CEO Evan Smith is building a new version of "Google Maps," but his 5-year-old startup has nothing to do with routes or directions. It's all about global supply chains. Smith told Insider. There, they sold supply-chain data but didn't translate it into any deeper meaning, Smith told Insider last year.
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