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Persons: Dow Jones

Binance skirted regulation to become the world’s largest cryptocurrency exchange by trading volume. Now, the company will plead guilty to violating anti-money-laundering requirements in the U.S. and agree to pay $4.3 billion in fines. Photo: Benoit Tessier/ReutersThe 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. So this is new to me,” Zhao told a judge.

Persons: Benoit Tessier, Zhao, “ I’ve, I’ve, ” Zhao Locations: U.S, Seattle

Here’s how the strategy behind Binance’s rise under Changpeng Zhao brought it crashing down. Photo: Benoit Tessier/ReutersThe 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.

Persons: Changpeng Zhao, Benoit Tessier, Binance, Zhao Organizations: Binance, Prosecutors Locations: Seattle

Binance skirted regulation to become the world’s largest cryptocurrency exchange by trading volume. Now, the company will plead guilty to a criminal charge in the U.S. and agree to pay $4.3 billion in fines. Changpeng Zhao is scheduled to appear in Seattle federal court Tuesday afternoon and enter his plea, according to court records unsealed Tuesday. Prosecutors also unsealed a document charging Binance, which Zhao owns, with anti-money-laundering and sanctions crimes. Binance will also plead guilty and agree to pay fines totaling $4.3 billion, which includes amounts to settle civil allegations made by regulators, the people said.

Persons: Benoit Tessier, Zhao, Binance Organizations: Binance, Prosecutors Locations: U.S, Seattle

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Persons: Dow Jones

☆ Binance Drops Sanctioned Russian Banks From Peer-to-Peer Service
▼ + stars: | 2023-08-25 | by ( Angus Berwick | Patricia Kowsmann | ) www.wsj.com time to read: 1 min

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☆ The Biggest Player in Crypto Is Facing a Risk Over Russia
▼ + stars: | 2023-08-22 | by ( Angus Berwick | Patricia Kowsmann | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, ddb948c3 Locations: russia

☆ Patricia Kowsmann — Reporter at The Wall Street Journal
▼ + stars: | 2023-08-17 | by ( Patricia Kowsmann | ) www.wsj.com time to read: +1 min

Patricia KowsmannPatricia Kowsmann is a Europe finance reporter for The Wall Street Journal. She covers all things touching money, including banks, financial scandals, economic sanctions and crypto. She was a finalist in the 2014 Sabew Awards and the British Press Awards for uncovering a financial scandal at Portuguese lender Banco Espírito Santo, which ended up collapsing. She previously covered the eurozone crisis from Portugal, banks in London and the financial and real-estate sectors in Singapore. She started her career at the Journal covering corporate filings in Washington.

Persons: Patricia Kowsmann Patricia Kowsmann Organizations: Wall Street, Society for, Overseas Press Club of America, British, Banco Espírito Santo Locations: Europe, Brazil, Portugal, London, Singapore, Washington

☆ Italy Treads Fine Line as It Tries to Introduce Windfall Bank Tax
▼ + stars: | 2023-08-09 | by ( Eric Sylvers | Patricia Kowsmann | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Locations: italy

☆ Crypto Is Illegal in China. Binance Does $90 Billion of Business There Anyway.
▼ + stars: | 2023-08-02 | by ( Patricia Kowsmann | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

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☆ Some Binance.US Crypto Trading Was a Mirage, the SEC Alleges
▼ + stars: | 2023-07-24 | by ( Patricia Kowsmann | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, 55a6e321

☆ Binance Cuts Back Employee Benefits, Citing Decline in Profit
▼ + stars: | 2023-07-17 | by ( Caitlin Ostroff | Patricia Kowsmann | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Binance Lays Off Over 1,000 Employees
▼ + stars: | 2023-07-15 | by ( Patricia Kowsmann | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Crypto Giant Binance Struggles in Europe
▼ + stars: | 2023-07-04 | by ( Patricia Kowsmann | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

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☆ A Crypto Side Door: Buying a ‘Digital Residency’ in Palau for $248
▼ + stars: | 2023-06-23 | by ( Patricia Kowsmann | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Locations: palau

☆ Binance Emergency Fund Dwindles as SEC Takes Aim at the Crypto Exchange
▼ + stars: | 2023-06-13 | by ( Caitlin Ostroff | Patricia Kowsmann | ) www.wsj.com time to read: 1 min

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☆ How the Binance CEO Operates: Weigh the Risk, Calculate the Reward
▼ + stars: | 2023-06-07 | by ( Patricia Kowsmann | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

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☆ Zoltan Pozsar’s Writing Is Dense, Esoteric—and a Hit. Now He’s Left Credit Suisse.
▼ + stars: | 2023-05-08 | by ( Matt Grossman | Margot Patrick | ) www.wsj.com time to read: 1 min

WSJ’s Patricia Kowsmann explains how the UBS-Credit Suisse deal unfolded. Photo: Hannah McKay/ReutersZoltan Pozsar , a widely followed Credit Suisse markets guru, has left the bank, part of an exodus of staff that started in the months before the lender’s shotgun takeover by rival UBS. The Hungarian-born economist became a financial-world rock star for his analysis of mysterious market dynamics and behind-the-scenes accounts of how money flows through the plumbing of the global financial system.

☆ Deutsche Bank Reports Higher Profit in Tumultuous Quarter
▼ + stars: | 2023-04-27 | by ( Patricia Kowsmann | ) www.wsj.com time to read: 1 min

A Deutsche Bank branch in Berlin in March. Photo: Michael Kuenne/Zuma PressDeutsche Bank AG said its business held up well during March’s banking turmoil, with first-quarter profit rising 8% as it continued to benefit from rising interest rates. The performance of its bread-and-butter lending and deposit-taking business offset a weaker performance for its investment-banking operation, which continued to be hit by a drought in deal-making and capital raising by clients.

☆ Credit Suisse Chairman: ‘I Am Truly Sorry’
▼ + stars: | 2023-04-04 | by ( Patricia Kowsmann | ) www.wsj.com time to read: 1 min

Credit Suisse Group AG’s annual shareholder meeting Tuesday was supposed to be the launchpad for its recovery. Instead, it became the final chapter of its nearly 167-year-old history. Security was tight and check-in was slow for some 1,750 shareholders who showed up at the hockey stadium in the north of Zurich, normally home to concerts and comedians. It was the first Credit Suisse annual meeting held in person since the Covid-19 pandemic took hold in early 2020.

☆ Swiss Prosecutors Probe State-Backed Credit Suisse Takeover by UBS
▼ + stars: | 2023-04-02 | by ( Patricia Kowsmann | ) www.wsj.com time to read: 1 min

UBS is paying more than $3 billion for Credit Suisse. Switzerland’s prosecutors are probing the government-orchestrated takeover of Credit Suisse Group AG by rival UBS Group AG. The federal prosecutor has reached out to national and local authorities and “issued investigation orders” to analyze and identify if any criminal offenses took place under the deal, which also involved the government, the financial regulator, Finma, and Switzerland’s central bank, a spokeswoman said in a statement.

☆ Four Bankers Convicted in Case of Putin’s Cellist Friend
▼ + stars: | 2023-03-30 | by ( Patricia Kowsmann | Margot Patrick | ) www.wsj.com time to read: 1 min

Switzerland has for decades provided shelter for the money and assets of Russian oligarchs. A Zurich court found four Gazprombank bankers guilty of not conducting proper checks when opening accounts linked to a close friend of Russian President Vladimir Putin years ago. The four men face fines ranging from 48,000 Swiss francs to 540,000 francs, the equivalent of $52,000 and $590,000, respectively, and two years of probation, the court said Thursday. If they behave in that period, they don’t have to pay the fines.

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