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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

☆ Spotify plans to split with its longtime ad agency as it looks beyond music streaming for growth
▼ + stars: | 2023-11-17 | by ( Lucia Moses | ) www.businessinsider.com time to read: +2 min

Spotify is quietly looking for a new ad agency to handle its media planning and buying as it takes steps to broaden its business beyond music and podcasts and push further into performance marketing. The audio streaming company is planning to part with its global agency of record since 2017 , ad holding company IPG Mediabrands' UM, according to two knowledgeable sources. Spotify shared a statement saying: "Today, UM is Spotify's agency of record. In October, Spotify posted an operating profit, its first since 2021, as user and advertising growth along with price hikes boosted results. Spotify has since pivoted away from heavy spending on podcasts and made some of its shows available on other platforms to spur audience growth.

Persons: Daniel Ek, Publicis, Joe Rogan, Michelle Obama, Dawn Ostroff Organizations: Spotify, UM, Business Locations: North America

The nearly monthlong trial, in courtroom 26A in downtown Manhattan, of one-time crypto billionaire Sam Bankman-Fried was courtroom drama. The line to get into the courthouse could start as early as 11:30 p.m. the night before, and, on some days, courtroom slots were claimed by 4:30 a.m. Anyone who didn’t make it into the courtroom could watch the action on TV screens in overflow rooms. There, it could get rowdy, with laughing or heckling in response to witness testimony.

Persons: Sam Bankman, Fried Locations: Manhattan

“The longer-form videos on YouTube are actually in decline year over year,” Mr. Lynch said. Some invested heavily in building in-house studios or bought them, as Vox Media did when it acquired the film and TV producer Epic in 2019. Perhaps the most ambitious of these studios was Condé Nast Entertainment, a prominent division within Condé Nast in charge of developing articles from publications such as The New Yorker, Wired and Vanity Fair — intellectual property, in Hollywood parlance — into major motion pictures and TV shows. “Cat Person,” a film based on a viral New Yorker short story that explores uncomfortable relationship dynamics, premiered at the Sundance Film Festival this year. And online viewership is increasingly shifting to platforms like TikTok and YouTube, where shorter content is king and monetization elusive.

Persons: ” Mr, Lynch, Condé Nast, Dawn Ostroff, Agnes Chu, David Grann, Robert Redford Organizations: YouTube, Hollywood, Vox Media, Condé Nast Entertainment, Yorker, Wired, CW, Spotify, Disney, Sundance, Globe Locations: ”, Condé, Hollywood

Persons: Dow Jones

☆ FTX Founder Sam Bankman-Fried’s Trial: How Did We Get Here?
▼ + stars: | 2023-10-02 | by ( Caitlin Ostroff | Corinne Ramey | ) www.wsj.com time to read: 1 min

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☆ Treasury Yields Retreat, Sending Stocks Higher
▼ + stars: | 2023-09-29 | by ( Caitlin Ostroff | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Organizations: dow

☆ Stock Market Selloff Pauses, Nasdaq Edges Up
▼ + stars: | 2023-09-27 | by ( Caitlin Ostroff | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Binance.US CEO Leaves Embattled Crypto Exchange
▼ + stars: | 2023-09-13 | by ( Vicky Ge Huang | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

Brian Shroder’s departure marks the first major executive to leave the U.S. arm of Binance. Photo: Gary He for The Wall Street Journal

Persons: Brian Shroder’s, Gary He Organizations: Wall Street Locations: U.S

☆ Stocks Close Higher After a Bumpy Week
▼ + stars: | 2023-08-26 | by ( Caitlin Ostroff | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Organizations: dow

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

Caitlin OstroffCaitlin Ostroff is a reporter for The Wall Street Journal in New York, where she covers cryptocurrencies and crypto companies. The crypto universe is wide-ranging. Prior to moving to New York, she covered crypto and European financial markets out of the Journal's London bureau. Her reporting on the latter led to her co-authoring the book “The Grifter's Club: Trump, Mar-a-Lago, and the Selling of the Presidency” and being named a finalist for the Livingston Award for national reporting. She is a graduate of the University of Florida, where she majored in journalism and political science.

Persons: Caitlin, Caitlin Ostroff, Trump Organizations: Wall Street, Miami Herald, Mar, Trump, Livingston, University of Florida Locations: New York, London, Florida

☆ Crypto Custodian Prime Trust Files for Bankruptcy Protection
▼ + stars: | 2023-08-14 | by ( Caitlin Ostroff | Vicky Ge Huang | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ 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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Persons: Dow Jones

☆ 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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☆ 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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☆ 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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☆ 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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☆ What the SEC's Lawsuits Against Binance and Coinbase Mean for Crypto
▼ + stars: | 2023-07-01 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

What the SEC's Lawsuits Against Binance and Coinbase Mean for Crypto The lawsuits are another significant move toward regulating the entire crypto industryBy Wall Street Journal Jun 07, 2023 9:50 am The Securities and Exchange Commission is separately suing two major cryptocurrency platforms, Binance and Coinbase. WSJ’s Caitlin Ostroff breaks down the lawsuits and their potential impact on the crypto industry. Photo illustration: Adam Adada/Xingpei Shen

Persons: WSJ’s Caitlin Ostroff, Adam Adada, Shen Organizations: Wall Street, Securities, Exchange Commission

☆ Nevada Files to Place Crypto Custodian Prime Trust Into Receivership
▼ + stars: | 2023-06-27 | by ( Vicky Ge Huang | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Locations: nevada

☆ Senior Attorney Helped FTX Founder Misuse Customer Funds, Report Says
▼ + stars: | 2023-06-27 | by ( Caitlin Ostroff | Alexander Osipovich | ) www.wsj.com time to read: 1 min

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