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☆ Binance Is Trying to Calm Investors, but Its Finances Remain a Mystery
▼ + stars: | 2022-12-10 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

Binance’s “commitment to transparency” has just gotten started, but it has a long way to go before it discloses enough meaningful information to give investors confidence in its future, accounting and financial specialists say. The world’s largest cryptocurrency exchange is seeking to reassure customers about the safety of their holdings after the collapse of FTX. Binance’s position means its success or failure will weigh heavily on the entire crypto market.

☆ Rising Tether Loans Add Risk to Stablecoin, Crypto World
▼ + stars: | 2022-12-01 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

The company behind the tether stablecoin has increasingly been lending its own coins to customers rather than selling them for hard currency upfront. The shift adds to risks that the company may not have enough liquid assets to pay redemptions in a crisis. Tether Holdings Ltd. says it lends only to eligible customers and requires that borrowers post lots of “extremely liquid” collateral, which could be sold for dollars if borrowers default.

☆ FTX Disclosed Related-Party Transactions but Didn’t Name Names
▼ + stars: | 2022-11-18 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

The saga of Sam Bankman-Fried ‘s bankrupt crypto empire isn’t just about collapsing tokens, missing billions and sunny offshore tax havens. There were also red flags in its books. At the core of FTX Trading Ltd.’s financial statements was a series of related-party transactions. But the company didn’t say who those parties were.

☆ Rising Interest Rates Hit Banks’ Bond Holdings
▼ + stars: | 2022-11-11 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

Among big banks, Bank of America had the largest gap between the book value of the bonds it holds and their market value. The Federal Reserve’s rapid interest-rate increases have created an unusual and potentially worrisome gap between the value companies place on trillions of dollars of bonds they hold and the value those bonds fetch in the market. The difference between the bonds’ book values and market values poses unique risks for banks. They could face tighter liquidity and earnings pressure as rates they pay for deposits and other funding sources rise, while yields on the bonds they own stay low.

☆ What We Know—and Don’t Know—About Tether’s Books
▼ + stars: | 2022-11-11 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

Tether, the world’s largest stablecoin, has surged in popularity in the past two years. Now that tether has broken the buck again, questions are swirling about whether the stablecoin can maintain investor confidence in the midst of the meltdown in the cryptocurrency market. Tether fell as low as 97.7 cents Thursday, according to CoinDesk, after which it quickly rebounded to its intended $1 peg. Paolo Ardoino , chief technology officer of Tether Holdings Ltd., said on Twitter that it had been processing redemptions with “no issues” and “we keep going.”

☆ Jonathan Weil — Reporter at The Wall Street Journal
▼ + stars: | 2000-09-20 | by ( Jonathan Weil | ) www.wsj.com time to read: +1 min

Jonathan WeilJonathan Weil rejoined The Wall Street Journal in October 2022 as a reporter, covering finance. He previously was an analyst at the investment firms CPMG Inc. and Kynikos Associates, a columnist for Bloomberg News, and a managing director at proxy adviser Glass Lewis & Co.Jonathan started with the Journal in 1997 as a reporter for its Texas regional edition and moved to New York in 2000, where he covered the accounting beat for five years. He won Best in Business Journalism awards from the Society of American Business Editors and Writers in 2009 and 2010. He began his career at the Arkansas Democrat-Gazette in Little Rock. He is a graduate of the University of Colorado at Boulder and Southern Methodist University School of Law.

Persons: Jonathan Weil Jonathan Weil, Glass Lewis, Jonathan, ” Jonathan Organizations: Wall Street, CPMG Inc, Kynikos Associates, Bloomberg News, Texas, Columbia Journalism, New Yorker, New York State Society of Certified Public Accountants, Business, Society of American Business, Arkansas Democrat, Gazette, University of Colorado, Southern Methodist University School of Law Locations: New York, Little Rock, Boulder

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