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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

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/a-crypto-side-door-buying-a-digital-residency-in-palau-for-248-1cd40643

Persons: Dow Jones Locations: palau

☆ Prince Harry and Meghan's deal with Spotify ends as they agree to 'part ways'
▼ + stars: | 2023-06-16 | by ( Chantal Da Silva | Diana Dasrath | ) www.cnbc.com time to read: +3 min

Prince Harry, Duke of Sussex, and Meghan, Duchess of Sussex, leave Canada House on January 7, 2020, in London, England. (Photo by Samir Hussein/WireImage)Prince Harry and Meghan, the Duchess of Sussex, have announced another high-profile split. The couple's lucrative deal to produce podcasts for Spotify has come to an end, both parties revealed Thursday. The royals' deal with Spotify was reported to have been made in 2020 for a reported $20 million. The Spotify spokesperson did not confirm the cost of the deal, but said that recent layoffs at the company had "no relation" to the decision to end the deal with Harry and Meghan.

Persons: Prince Harry, Duke of Sussex, Meghan, Duchess of, Samir Hussein, Harry, Serena Williams, Mariah Carey, Mindy Kaling, Constance Wu, Jameela Jamil, Paris, Duke, Dawn Ostroff, Duchess, Ostroff Organizations: Spotify, Wall Street, NBC, Paris Hilton Locations: Duchess of Sussex, Canada, London, England, Los Angeles, California

☆ 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

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/binance-emergency-fund-dwindles-as-sec-takes-aim-at-the-crypto-exchange-71a0613b

Persons: Dow Jones

☆ Wildfire Smoke Poses Health Risks: Here’s How to Protect Yourself
▼ + stars: | 2023-06-08 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

SEC Sues Binance and Coinbase: What the Charges Mean for Crypto 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: Binance, WSJ’s Caitlin Ostroff, Adam Adada, Shen Organizations: SEC, Crypto The Securities, Exchange Commission

☆ Binance.US Was Deeply Unprofitable in 2022, Documents Show
▼ + stars: | 2023-06-08 | by ( Vicky Ge Huang | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/binance-us-was-deeply-unprofitable-in-2022-documents-show-9c9c95a6

Persons: Dow Jones

☆ 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

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/how-the-binance-ceo-operates-weigh-the-risk-calculate-the-reward-fa427f7f

Persons: Dow Jones

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/sec-sues-crypto-exchange-binance-over-u-s-rule-violations-6918ed0f

Persons: Dow Jones

☆ Spotify to lay off 200 workers in podcast division
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

June 5 (Reuters) - Spotify Technology SA (SPOT.N) said on Monday it would cut 200 jobs from its podcast unit in its second round of layoffs, as the company restructures the business after years of heavy investment. Spotify had spent aggressively to build up its podcast business in recent years, hoping the higher engagement levels offered by the format will bring in more advertisers. In response, Spotify cut 6% of its workforce earlier in 2023 and announced the departure of Dawn Ostroff, who helped shape its podcast business and guided it through controversies such as the backlash around Joe Rogan's show for allegedly spreading misinformation about COVID-19. Sahar Elhabashi, who heads the podcast business, said on Monday that the company has "made the difficult but necessary decision to make a strategic realignment." Spotify also said it will merge its Parcast and Gimlet studios into a single Spotify Studios division, which will produce Spotify originals.

Persons: Dawn Ostroff, Joe Rogan's, Sahar Elhabashi, Elhabashi, Tiyashi Datta, Vinay Dwivedi, Shweta Agarwal Organizations: Spotify Technology SA, Spotify, Spotify Studios, Thomson Locations: Sweden, Bengaluru

☆ At Bitcoin Conference, ‘No Bears Allowed’
▼ + stars: | 2023-05-22 | by ( Caitlin Ostroff | Deborah Acosta | ) www.wsj.com time to read: 1 min

☆ Bitcoin Believers Tone Down the Miami Party
▼ + stars: | 2023-05-21 | by ( Caitlin Ostroff | ) www.wsj.com time to read: 1 min

The crypto collapse started soon after last year’s conference. Between then and the 2023 gathering, bitcoin shed 37% of its value. That price crash meant a less splashy expo floor and fewer parties. Melody Timothee for WSJ

☆ Bitcoin Miner Bit Digital Adds Machines in Iceland Before Possible U.S. Tax Crackdown
▼ + stars: | 2023-05-18 | by ( Caitlin Ostroff | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/bitcoin-miner-bit-digital-adds-machines-in-iceland-before-possible-u-s-tax-crackdown-9e645b31

The Securities and Exchange Commission has been waging a campaign to regulate cryptocurrencies since 2017, arguing it has the authority to oversee many digital coins and the platforms that trade them. The SEC can only regulate digital coins that are classified as securities, a category that includes assets such as stocks and bonds. SEC Chair Gary Gensler has said most crypto tokens fall within that category. That means many were distributed illegally, because securities can only be sold to the public if they are registered with the SEC and the issuers provide financial and risk disclosures.

☆ Crypto Firms Find a Way to Bank Without Banks
▼ + stars: | 2023-05-04 | by ( Caitlin Ostroff | ) www.wsj.com time to read: 1 min

Crypto imploded in 2022 but largely avoided rippling into other markets. WSJ explains how crypto became so interconnected. Illustration: Mallory BranganRegulators’ warnings and a series of bank failures have caused some banks to step away from crypto clients. Intermediary firms store cash on behalf of their clients in their own bank accounts or coordinate with banking partners to get accounts in clients’ names. While indirect banking isn’t unique to crypto, its importance has become more pronounced owing to the limited number of banks willing to work with digital-asset firms.

☆ World Press Freedom Day Is Marked by Rising Threats Against Reporters
▼ + stars: | 2023-05-03 | by ( Caitlin Ostroff | ) www.wsj.com time to read: 1 min

Illustration: Todd JohnsonOn the 30th World Press Freedom Day, journalists are set to discuss solutions on how to report in countries where press freedoms are eroding. The number of journalists imprisoned worldwide has reached a 30-year high as of the end of last year, according to the Committee to Protect Journalists.

☆ Blinken Says U.S. Remains ‘Intensely Engaged’ in Efforts to Free Reporter Evan Gershkovich
▼ + stars: | 2023-05-03 | by ( Caitlin Ostroff | Alexandra Bruell | ) www.wsj.com time to read: 1 min

Illustration: Todd JohnsonSecretary of State Antony Blinken said the U.S. is “intensely engaged” in seeking the release of Wall Street Journal reporter Evan Gershkovich, who was wrongfully detained by Russia more than a month ago. Mr. Blinken said he has spoken to Russia’s foreign minister about the matter and noted that President Biden and Russian President Vladimir Putin have a channel to discuss such cases.

☆ Global Risks to Journalists Increase, Say Press Advocates
▼ + stars: | 2023-05-02 | by ( Caitlin Ostroff | ) www.wsj.com time to read: 1 min

Wall Street Journal reporter Evan Gershkovich was detained in Russia on March 29 while on a reporting trip and accused of spying. Illustration: Todd JohnsonUNITED NATIONS—Press freedom advocates highlighted a growing number of risks to journalists on Tuesday as a record number have been imprisoned, including Wall Street Journal reporter Evan Gershkovich . The United Nations hosted a series of speakers ahead of its 30th World Press Freedom Day on Wednesday. That date will also mark the fifth week of Mr. Gershkovich’s detention by Russia. As of December, 363 journalists were imprisoned in more than 30 countries, according to the Committee to Protect Journalists.

☆ Stocks Muted Amid Rush of Earnings
▼ + stars: | 2023-04-19 | by ( Caitlin Ostroff | Chelsey Dulaney | ) www.wsj.com time to read: 1 min

Stocks were muted Wednesday as another heavy day of corporate earnings got under way, with companies broadly posting results that have beaten analysts’ expectations. The S&P 500 and the tech-heavy Nasdaq Composite ended the day flat while the Dow Jones Industrial Average ticked down 0.2%, or 79.62 points.

☆ At FTX, Multimillion-Dollar Expenses Were Approved by Emoji
▼ + stars: | 2023-04-10 | by ( Caitlin Ostroff | Vicky Ge Huang | ) www.wsj.com time to read: 1 min

FTX’s failures are rooted in “hubris, incompetence, and greed,” the crypto exchange’s new management team said in a report outlining scathing details about the lack of financial controls and record-keeping under founder Sam Bankman-Fried . Mr. Bankman-Fried’s crypto hedge fund Alameda Research often had difficulty understanding what its positions were, let alone hedging or accounting for them, the report said.

The crackdown on crypto banking is squeezing digital-asset businesses. The U.S. affiliate of global crypto exchange Binance has struggled to find a bank for its customers’ cash after the failure of Signature Bank left it without a key banking partner, people familiar with the matter said. Users’ dollar deposits were previously sent to either Signature Bank or Silvergate Capital Corp., according to Binance.US’s website. The failures of Signature and Silvergate, both seen as friendly to crypto companies, left many crypto firms rushing to find new banking partners.

☆ Bitcoin Booms in Wake of Bank Crisis
▼ + stars: | 2023-03-21 | by ( Vicky Ge Huang | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

Bitcoin was all but left for dead after the implosion of crypto exchange FTX, but its recent rally is proving naysayers wrong. The world’s largest cryptocurrency has risen 21% so far this month on the back of the banking crisis, bringing bitcoin’s rally to almost 70% so far this year. Bitcoin traded above $28,000 on Sunday for the first time since June.

☆ U.S. Stocks Gain; First Republic Keeps Falling
▼ + stars: | 2023-03-20 | by ( Caitlin Ostroff | Heather Gillers | ) www.wsj.com time to read: 1 min

U.S. stocks climbed Monday on hopes for stability in the banking sector after regulators engineered a deal for Swiss banking giant UBS to take over rival Credit Suisse . The Dow Jones Industrial Average added 382.60 points, or 1.2%, to 32244.58, its largest one-day percentage gain since Jan. 6. The S&P 500 rose 34.93 points, or 0.9%, to 3951.57. The tech-focused Nasdaq Composite climbed 45.02 points, or 0.4%, to 11675.54. The indexes declined Friday.

Credit Suisse Group AG said it would borrow up to 50 billion Swiss francs, equivalent to $53.7 billion, from the Swiss central bank to shore up its liquidity, capping a day in which fears about the health of global banks leapfrogged to Europe from North America and the giant lender’s shares dropped as much as 24%. The bank also said it would repurchase $3 billion worth of senior debt whose value has plunged along with the perceived health of banks on both sides of the Atlantic. The Zurich firm stressed in a press release issued in the evening in New York that it was intent on simplifying its structure and better serving customers.

Credit Suisse Group AG shares fell more than 25% Wednesday and hit a fresh record low, reflecting increasing concerns that troubles that hit regional U.S. banks have migrated across the Atlantic. Other major European banks took hits, with shares in France’s two major international banks, Société Générale SA and BNP Paribas SA, both down more than 10%. Shares in Germany’s Deutsche Bank AG slid 8%.

Swiss regulators said they would provide liquidity to Credit Suisse Group AG, if necessary, offering a lifeline to the lender hard hit by concerns over its financial health. Investor confidence in Credit Suisse crumbled Wednesday, unleashing worries that a banking crisis centered among U.S. regional banks had spread across the Atlantic and was poised to unleash substantial damage to markets and the economy.

☆ Tether Becomes Unlikely Crypto Winner in Banking Crisis
▼ + stars: | 2023-03-14 | by ( Vicky Ge Huang | Caitlin Ostroff | ) www.wsj.com time to read: 1 min

Turmoil in the dollar-backed cryptocurrency world has helped tether, the largest stablecoin, to increase its lead. So far this year, tether’s market cap has risen 10% to $73 billion while that of its chief rival, USD Coin, fell by more than 11% to $39 billion, according to CoinMarketCap data. Binance USD has fallen by almost half to just over $8 billion.

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