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☆ How a Pirate-Clad Pastor Helped Ignite Trump Media’s Market Frenzy
▼ + stars: | 2024-04-25 | by ( David Yaffe-Bellany | Matthew Goldstein | ) www.nytimes.com time to read: 1 min

One afternoon last month, Chad Nedohin, a part-time pastor and die-hard supporter of Donald J. Trump, put on a pirate costume, set up his microphone and recited a prayer. Mr. Nedohin was opening his latest livestream on the right-wing video site Rumble, where he has about 1,400 followers who share a devotion to Trump Media & Technology Group, the former president’s social media company. “Faith comes from hearing — that is, hearing the good news about Christ,” said Mr. Nedohin, 40, his face framed by fake dreadlocks under a pirate-style hat. Mr. Nedohin and his viewers were waiting for the results of a merger vote that would determine whether Mr. Trump’s company could start selling stock on Wall Street. Soon the news about Trump Media arrived via an audio feed: It was going public.

Persons: Chad Nedohin, Donald J, Trump, Nedohin, Faith, ” Organizations: Trump Media & Technology Group, Trump Media

☆ Legal Fight Over Trump Media’s Ownership Adds to Its Woes
▼ + stars: | 2024-04-18 | by ( Matthew Goldstein | David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

In February, they sued the company, claiming that Trump Media — which made its trading debut last month at an $8 billion valuation — was trying to deprive them of the full value of their shares. Now they also claim the company is trying to prevent them from selling those shares. In a separate lawsuit that followed, Trump Media claimed that Mr. Moss and Mr. Litinsky should forfeit their shares because their poor decision-making had contributed to a yearslong delay in its merger with Digital World Acquisition Corporation. Trump Media agreed to merge with Digital World, a cash-rich shell company, in 2021 as a way to go public, but the deal closed only in March. The pair’s stake is worth more than $220 million based on the current $26 share price of Trump Media, compared with $2 billion for Mr. Trump.

Persons: Wes Moss, Andy Litinsky, Donald J, Trump, Moss, Litinsky Organizations: Trump Media & Technology Group, Truth, Trump Media, Acquisition Corporation

☆ Truth Social Has an Edge as Rival Right-Wing Apps Falter
▼ + stars: | 2024-04-18 | by ( David Yaffe-Bellany | Matthew Goldstein | ) www.nytimes.com time to read: 1 min

After former President Donald J. Trump was kicked off Twitter in 2021, conservative entrepreneurs rushed to promote social media alternatives tailored to him and his supporters. There were Parler and Gab, Twitter-like sites popular among the people who stormed the U.S. Capitol on Jan. 6. Then came Gettr, a social media app created by one of Mr. Trump’s former advisers. That crowded field has now narrowed, giving an edge to Truth Social, the platform that Mr. Trump’s company owns and where he is the main attraction.

Persons: Donald J, Trump, Trump’s Organizations: Twitter, U.S, Capitol

☆ Lawmakers Question Bank of America About Leon Black’s Payments to Epstein
▼ + stars: | 2024-04-16 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

A U.S. Senate committee investigating the tax avoidance work that Jeffrey Epstein, the registered sex offender, did for the private equity mogul Leon Black has questioned Bank of America over Mr. Black’s hefty payments to Mr. Epstein, according to a letter viewed by The New York Times. They included fees paid to Mr. Epstein for advising on a sophisticated trust that saved Mr. Black more than $1 billion in taxes. Mr. Black’s decades-long business dealings and personal relationship with Mr. Epstein have dogged him ever since Mr. Epstein was arrested on federal sex trafficking charges in July 2019. (Mr. Epstein hanged himself in a federal jail a month after his arrest.) Mr. Black, a co-founder of Apollo Global Management, with a net worth of $13 billion, ultimately stepped down from all leadership posts because of the controversy.

Persons: Jeffrey Epstein, Leon Black, Epstein, Ron Wyden, Black, Banks Organizations: U.S, of America, Mr, The New York Times, Senate Finance Committee, Apollo Global Management Locations: Oregon

☆ Trump Media Stock Plunges, Extending Recent Losses
▼ + stars: | 2024-04-15 | by ( Matthew Goldstein | Joe Rennison | ) www.nytimes.com time to read: +1 min

Shares of former President Donald J. Trump’s social media company plunged on Monday after the company filed to register the potential sale of tens of millions of additional shares. Trump Media & Technology’s stock fell 18 percent, erasing hundreds of millions of dollars from the company’s market value — and putting a dent in Mr. Trump’s majority stake, worth more than $3 billion. Since a surge in its first days of trading as Trump Media, which lifted the value of the company to about $8 billion at one point last month, the company’s shares have dropped by more than 50 percent. Trump Media was expected to register the potential sale of new shares after the completion of its merger last month with Digital World Acquisition Corp., a cash-rich shell company known as a SPAC. When a SPAC goes public, it issues warrants to investors that can later be converted into shares.

Persons: Donald J Organizations: Trump Media, Companies, Truth

☆ Some of Trump’s Biggest Political Backers Also Threw Trump Media a Lifeline
▼ + stars: | 2024-04-05 | by ( Matthew Goldstein | Sharon Lafraniere | ) www.nytimes.com time to read: +1 min

Marty Davis, the wealthy Minnesota head of a kitchen countertop manufacturing company, is a steadfast supporter of former President Donald J. Trump. He contributed hundreds of thousands of dollars to help elect Mr. Trump in 2020, and encouraged him to fight to overturn the 2020 election results. Mr. Davis gave Trump Media & Technology Group a $5 million loan, according to documents reviewed by The New York Times. His loan was part of $40 million Trump Media raised from more than a dozen private investors, some of whom have helped finance efforts to elect Mr. Trump and are now likely shareholders of his social media company. It’s not uncommon for start-ups to seek out wealthy investors for financing, but the stock holdings raise questions about the potential for conflicts of interest and undue influence over Mr. Trump should he return to the White House.

Persons: Marty Davis, Donald J, Trump, Davis Organizations: Trump Media & Technology, The New York Times, Trump Media Locations: Minnesota

☆ 2 Brothers in Trump Media Insider-Trading Scheme Plead Guilty
▼ + stars: | 2024-04-03 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Two brothers from Miami pleaded guilty on Wednesday in federal court in Manhattan for their role in a nearly $23 million insider-trading scheme surrounding the 2021 announcement that former President Donald J. Trump’s social media company planned to merge with a cash-rich shell company. Michael and Gerald Shvartsman, who had pleaded not guilty to securities fraud charges last summer, were set to go on trial later this month. But the brothers decided this week to forgo a trial, instead entering their guilty pleas before Judge Lewis J. Liman of U.S. District Court for the Southern District of New York. Each man pleaded guilty to one count of securities fraud. Michael Shvartsman, who ran a venture investment firm called Rocket One, used some of the proceeds from the scheme to buy a $14 million luxury yacht that he named Provocateur.

Persons: Donald J, Michael, Gerald Shvartsman, Judge Lewis J, Liman, Michael Shvartsman Organizations: Southern, of, Trump Media & Technology Group, Acquisition Corporation Locations: Miami, Manhattan, U.S, of New York

☆ Trump Media Shares Slump as Early Fervor Fades
▼ + stars: | 2024-04-01 | by ( Joe Rennison | Matthew Goldstein | ) www.nytimes.com time to read: 1 min

Shares of former President Donald J. Trump’s social media company slumped more than 20 percent on Monday, as the fervor around the company’s debut on public markets last week appeared to subside. The sell-off cut the market value of Trump Media & Technology Group, which trades under the ticker “DJT,” by some $2 billion, to about $6.5 billion. The value of Mr. Trump’s majority stake in the company fell to about $3.7 billion, from over $6 billion at its peak last week. Still, shares of Trump Media were higher than they were immediately before the firm merged with a public shell company on Tuesday and began trading on the Nasdaq. Strong support for the merged company after it began trading pushed its market value as high as $10 billion at one point last week.

Persons: Donald J Organizations: Trump Media & Technology Group, Trump Media, Nasdaq

☆ Many People and Companies Have Made Millions on Trump Media’s Stock
▼ + stars: | 2024-03-27 | by ( Matthew Goldstein | Jason Karaian | ) www.nytimes.com time to read: 1 min

Shares of former President Donald J. Trump’s social media company continued to surge on Wednesday, extending the gains on its first official trading session on the Nasdaq the day before. After another double-digit percentage gain, the parent of Truth Social approached $9 billion in market value, a windfall for insiders awarded shares in the company. The biggest beneficiary is Mr. Trump, the company’s largest shareholder, whose stake is worth more than $5 billion, on paper. No other shareholder comes close, according to regulatory filings, but many of Trump Media’s executives have seen their net worth swell this week, in some cases by many millions of dollars. Devin NunesTrump Media stake: More than $7 million

Persons: Donald J, Trump, Devin Nunes Organizations: Nasdaq, Truth Social, Trump Media’s, Devin Nunes Trump Media

☆ What to Know About Trump’s High-Flying Stock Debut
▼ + stars: | 2024-03-26 | by ( Vivian Giang | Matthew Goldstein | ) www.nytimes.com time to read: +1 min

On its first day on the Nasdaq stock exchange on Tuesday, Trump Media & Technology Group became such a high-flying stock that trading in its shares, under the ticker DJT, had to be briefly halted because of extreme volatility. The huge public debut for the company is especially important for its biggest shareholder, former President Donald J. Trump, whose 60 percent stake is now worth about $4.6 billion on paper. Wait, Trump Media is worth how much? After Tuesday’s trading, Trump Media had a market value of nearly $8 billion. Trump Media’s valuation is disproportionately high compared with other social media companies.

Persons: Donald J, Trump Organizations: Nasdaq, Trump Media & Technology Group, Trump Media, Mattel, Alaska Airlines, Western, Trump Locations: Western Union

☆ Trump’s Media Company Gets Lofty Valuation on First Trading Day
▼ + stars: | 2024-03-26 | by ( Matthew Goldstein | Joe Rennison | ) www.nytimes.com time to read: 1 min

There’s a new high-flying stock on Wall Street that some investors are eagerly piling into. His social media company, Trump Media & Technology Group, began trading on the Nasdaq on Tuesday, under the ticker DJT, and immediately surged in value, gaining 40 percent in early trading. Trump Media — the parent of Truth Social, the online platform that is Mr. Trump’s main megaphone for reaching supporters and going after critics — closed its merger with a cash-rich public shell company on Monday. The shell company’s stock had jumped higher ahead of the deal, in a frenzied trade that has fueled the company since it proposed the merger with Mr. Trump’s firm in 2021. Trump Media has an estimated market value well over $6 billion, more than established corporations like Alaska Airlines, Western Union and American Eagle Outfitters.

Persons: Donald J, Trump, —, Trump’s Organizations: Trump Media & Technology Group, Nasdaq, Trump Media, Truth, Mr, Alaska Airlines, Western Union, American Eagle Outfitters

☆ Lofty Valuation Carries Trump’s Social Media Company Into First Trading Day
▼ + stars: | 2024-03-26 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

His social media company, Trump Media & Technology Group, will start trading on the Nasdaq on Tuesday, under the ticker DJT. Trump Media — the parent of Truth Social, the online platform that is Mr. Trump’s main megaphone for reaching supporters and going after critics — closed its merger with a cash-rich public shell company on Monday. The shell company’s stock surged ahead of the deal, in a frenzied trade that has fueled the company since it proposed the merger with Mr. Trump’s firm in 2021. The biggest beneficiary of the market action is Mr. Trump, who owns about 60 percent of Trump Media’s shares. At the close of trading on Monday, his stake was worth nearly $4 billion.

Persons: Donald J, Trump, —, Trump’s Organizations: Trump Media & Technology Group, Nasdaq, Trump Media, Truth, Mr, Alaska Airlines, Western Union, American Eagle Outfitters, Trump Media’s

☆ Trump’s Multibillion-Dollar Social Media Company Will Start Trading on Tuesday
▼ + stars: | 2024-03-25 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Former President Donald J. Trump’s social media company officially became a public company on Monday morning, and in the process the former president’s net worth has jumped by billions of dollars. A lawyer for Trump Media & Technology Group filed papers on Monday with the Delaware Division of Corporations, which said the company’s merger with a cash-rich shell company had formally closed. On Friday, shareholders of Digital World Acquisition Corp. approved the long-delayed merger with Trump Media by an overwhelming majority. Trump Media announced in a regulatory filing with the Securities and Exchange Commission that shares of the company would begin trading on the Nasdaq on Tuesday, under the stock symbol “DJT.”After the announcement, that stock jumped 24 percent to $45.60 a share. Trump Media is now valued at more than $5 billion — even though its flagship Truth Social digital platform took in just $3.3 million in revenue during the first nine months of 2023.

Persons: Donald J, ” Organizations: Trump Media & Technology Group, Delaware Division, Corporations, Digital, Trump Media, Securities and Exchange Commission, Nasdaq

☆ Big Republican Donor Jeff Yass Owned Shares in Trump Media Merger Partner
▼ + stars: | 2024-03-24 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Jeff Yass, the billionaire Wall Street financier and Republican megadonor who is a major investor in the parent company of TikTok, was also the biggest institutional shareholder of the shell company that recently merged with former President Donald J. Trump’s social media company. A December regulatory filing showed that Mr. Yass’s trading firm, Susquehanna International Group, owned about 2 percent of Digital World Acquisition Corp., which merged with Trump Media & Technology Group on Friday. It’s unclear if Susquehanna still owns those shares, because big investors disclose their holdings to regulators only periodically. But if it did retain its stake, Mr. Yass’s firm would become one of Trump Media’s larger institutional shareholders when it begins trading this week following the merger. Shares of Digital World have surged about 140 percent this year as the merger with the parent company of Truth Social, Mr. Trump’s social media platform, drew closer and Mr. Trump became the presumptive Republican nominee for president.

Persons: Jeff Yass, Republican megadonor, Donald J, Trump Organizations: Wall Street, Republican, Susquehanna International Group, Trump Media & Technology Group, Susquehanna, Trump, Truth

☆ Student Housing Pioneer Faces Angry Investors, Irate Judges and a $115 Million Bill
▼ + stars: | 2024-03-18 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Patrick S. Nelson is a man under siege. An early player in the off-campus student housing business, Mr. Nelson built his property management company by raising money from big lenders and hundreds of wealthy individuals. But his business has soured in recent years, and Mr. Nelson — who has so far reneged on promises to pay back some of those partners — now faces more than a dozen lawsuits and a dogfight with a private equity firm. Mr. Nelson is on the hook for at least $115 million, which he has not paid despite escalating fines and interest and twice being held in civil contempt by judges over the alleged misuse of company money. His defiance has frustrated investors and lenders, and irritated some of the judges hearing those disputes.

Persons: Patrick S, Nelson, Nelson —, —, “, Melissa Crane, Justice Crane Organizations: Fortress Investment Group Locations: New York County, Utah, California

☆ Sam Bankman-Fried Should Get 40 to 50 Years in Prison, Prosecutors Say
▼ + stars: | 2024-03-15 | by ( Matthew Goldstein | David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

Federal prosecutors said on Friday that Sam Bankman-Fried, the cryptocurrency mogul who was convicted of masterminding a multibillion-dollar fraud, should receive a prison sentence of 40 to 50 years. The prosecutors outlined the recommendation in a filing in U.S. District Court in Manhattan. Mr. Bankman-Fried’s sentencing hearing is scheduled for March 28, when Judge Lewis A. Kaplan will decide his fate. “Justice requires that he receive a prison sentence commensurate with the extraordinary dimensions of his crimes,” the prosecutors said in a 116-page sentencing memo to the judge. The federal probation department separately recommended a 100-year sentence for Mr. Bankman-Fried, 32, effectively a life sentence.

Persons: Sam Bankman, Bankman, Judge Lewis A, Kaplan Organizations: “ Locations: Manhattan

☆ Potential Obstacle to Trump Media’s Merger Appears to Have Been Cleared
▼ + stars: | 2024-03-09 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

The threat of a last-minute obstacle to the merger of former President Donald J. Trump’s social media company and a cash-rich shell company appears to have subsided. Two early founders of Trump Media & Technology Group reached a temporary truce with Mr. Trump’s company at a hearing on Saturday morning in Delaware Court of Chancery. The lawsuit, filed on Feb. 28 by a company controlled by Wes Moss and Andy Litinsky, had the potential to delay a scheduled March 22 vote by shareholders of Digital World Acquisition Corp. on the long-delayed merger with Trump Media. If shareholders approve the merger, it would give Trump Media more than $300 million in badly needed cash to keep operating. The deal would also boost Mr. Trump’s net worth by more than $3 billion, based on Digital World’s current stock price.

Persons: Donald J, ’, Wes Moss, Andy Litinsky Organizations: Trump Media & Technology Group, Truth, Digital, Trump Media Locations: Delaware Court

☆ Lawsuits Threaten to Delay Trump Media’s Merger
▼ + stars: | 2024-03-01 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

A rash of lawsuits are threatening to stall a shareholder vote on the long-delayed merger of former President Donald J. Trump’s social media company and a cash-rich shell company. Two early founders of Trump Media & Technology Group have filed suit to preserve their ownership stake in the business, the parent company of the Truth Social online posting platform. The lawsuit, filed Wednesday under seal in Delaware Chancery Court by a partnership led by Wes Moss and Andy Litinsky, claims that Trump Media is trying to dilute its ownership stake in the company, of which Mr. Trump is a majority shareholder. The lawsuit seeks an expedited hearing in Delaware state court ahead of a March 22 vote by shareholders of Digital World Acquisition Corp. on its merger with Trump Media. Mr. Moss and Mr. Litinsky were contestants on Mr. Trump’s realty television show, “The Apprentice,” and went to him in January 2021 with the idea of creating a social media company.

Persons: Donald J, Wes Moss, Andy Litinsky, Trump, . Moss, Litinsky, ” Organizations: Trump Media & Technology Group, Trump Media, Digital, Trump’s realty Locations: Delaware Chancery, Delaware

☆ Sam Bankman-Fried Makes His Last Stand
▼ + stars: | 2024-02-27 | by ( David Yaffe-Bellany | Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Since Sam Bankman-Fried was convicted of fraud last year, he has hired a new lawyer known for courtroom showmanship. A group of sympathetic law professors has pushed for a reappraisal of his actions. And his parents have turned for help to former employees of FTX, the collapsed cryptocurrency exchange he founded. From a federal detention center in Brooklyn, Mr. Bankman-Fried, 31, has continued to fight his case behind the scenes, as he argues for a lenient sentence and prepares to appeal his conviction. Since last year’s trial, Mr. Bankman-Fried has hired Marc Mukasey, who once represented former President Donald J. Trump, to oversee his sentencing, as well as a separate lawyer at the law firm Shapiro Arato Bach to handle the appeal.

Persons: Sam Bankman, Fried, Bankman, Lewis A, Kaplan, Marc Mukasey, Donald J, Trump, Shapiro Arato Bach, Joe Bankman, Barbara Fried Organizations: FTX, Stanford University Locations: Brooklyn, U.S, Manhattan, FTX

☆ Two of Epstein’s Closest Advisers Are Sued by His Victims
▼ + stars: | 2024-02-16 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Lawyers representing victims of Jeffrey Epstein sued two of the disgraced financier’s closest advisers on Friday, accusing them of “aiding, abetting and facilitating” his sex trafficking of young women and teenage girls. The civil suit, filed in federal court in Manhattan, seeks class action status on behalf of Mr. Epstein’s many victims. It comes just a few months after two big banks agreed to pay hundreds of millions dollars to Mr. Epstein’s victims to settle lawsuits that claimed the banks had enabled his activities. The newest lawsuit seeks money damages from Mr. Epstein’s longtime personal lawyer, Darren Indyke, and his longtime accountant, Richard Kahn. The complaint was filed on behalf of one unidentified female victim of Mr. Epstein and a woman, Danielle Bensky, who said she was an aspiring dancer in 2004 when Mr. Epstein sexually abused her.

Persons: Jeffrey Epstein, Epstein’s, Darren Indyke, Richard Kahn, Epstein, Danielle Bensky, Bensky “ Locations: Manhattan

☆ Epstein’s Longtime Accountant Sheds Light on Disgraced Financier’s Businesses
▼ + stars: | 2024-02-01 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

His accountant for 14 years, Richard Kahn, said in a confidential deposition that he had learned about the worst of Mr. Epstein’s activities only after his death. Richard Kahn, who was Mr. Epstein’s accountant for 14 years, said in a confidential deposition that he had learned about the worst of Mr. Epstein’s activities only after his death, the people said. Mr. Epstein killed himself while being held in a federal jail on sex trafficking charges after his July 2019 arrest. Why the Deposition Testimony MattersThe deposition was taken in connection with a class-action lawsuit that accused JPMorgan Chase of having facilitated Mr. Epstein’s sex trafficking during the years he was a customer. JPMorgan agreed last year to pay $290 million to nearly 200 victims in a settlement.

Persons: Jeffrey Epstein, Richard Kahn, Jeffrey Epstein’s, Epstein, JPMorgan Chase, Mr, Kahn, Kahn’s Organizations: Mr, . New York, Offender, Associated Press, JPMorgan Locations: .

For more than a decade, the pioneers of the cryptocurrency industry envisioned digital coins as an alternate branch of finance, a renegade sector that would operate outside the reach of big banks and government regulators. In recent years, regulators have seized on that legal precedent to argue that cryptocurrencies are just another security, like shares of Apple or General Motors. The crypto industry has fought back, leaving it in a legal gray zone with an uncertain future in the United States. Now the long-running dispute is edging closer to a resolution, as federal judges begin weighing in on a series of lawsuits by the nation’s top securities regulator against some of the largest crypto firms. This month, judges held hearings in two of the most consequential cases, which could dictate whether the multitrillion-dollar crypto industry can continue growing in the United States.

Organizations: Apple, General Motors Locations: United States

☆ Digital World Shares Surge as Republican Primary Field Narrows
▼ + stars: | 2024-01-22 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Shares of Digital World Acquisition Corporation, the cash-rich shell company that plans to merge with former President Donald J. Trump’s social media company, soared as much as 70 percent on Monday, a day after Gov. Ron DeSantis of Florida dropped out of the race for the Republican presidential nomination and brought Mr. Trump even closer to securing it. The jump reflected investors’ enthusiasm around Trump Media & Technology Group, the beleaguered company that has been trying since 2021 to merge with Digital World, a special purpose acquisition company. Digital World raised roughly $300 million in its September 2021 initial public offering — money that the Trump company needs to run its business. Digital World’s shares had already more than doubled since Mr. Trump won the Iowa caucuses on Jan. 15.

Persons: Donald J, Ron DeSantis, Trump, ”, Kristi Marvin Organizations: Acquisition Corporation, Gov, Republican, Trump Media & Technology Group Locations: Florida, Iowa

☆ Morgan Stanley to Pay $249 Million in Block Trading Investigation
▼ + stars: | 2024-01-12 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Morgan Stanley agreed to pay $249 million in penalties to resolve investigations by federal prosecutors and securities regulators into the firm’s practices in handling some large stock trades, authorities and the bank said on Friday. As part of the settlement, Morgan Stanley entered into a nonprosecution agreement with the government and will not be charged with any criminal wrongdoing. The conduct took place from 2018 to 2021, the authorities said. Federal prosecutors said in a statement that Morgan Stanley had not uncovered the deceptive trading on its own nor did it report it to the authorities. But prosecutors said they had decided not to file criminal charges against Morgan Stanley because the bank had cooperated with the investigation and because there was no evidence that the bank’s corporate management had knowledge of any wrongdoing.

Persons: Morgan Stanley Organizations: Securities and Exchange Commission Locations: Manhattan

Customers from Iran, Cuba and Syria — all of which face sanctions — were able to access the Binance platform. In addition to the outlawed foreign transactions, Binance did business with firms based in the United States even though it was not supposed to have any U.S. customers on its Binance.com platform. Instead, a different platform, Binance.US, which Mr. Zhao also owned, was required to handle the business and abide by U.S. anti-money laundering laws. But Mr. Zhao and other Binance employees believed it would be better for the main cryptocurrency exchange to handle big U.S. customers, the court filings state. At times, Binance has processed two-thirds of all digital currency trades, making it a vital power broker and intermediary in the crypto world.

Persons: Zhao, Binance, —, ” Locations: Iran, Cuba, Syria, United States

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