commodity exchange activities

Some of the biggest names in sports and entertainment have either invested in FTX or been brand ambassadors for the company. A number of them told their social media fans about FTX. The company’s struggles this week expose the problems of being associated with it. FTX paused customer withdrawals earlier this week after it was hit with roughly $5 billion worth of withdrawal requests on Sunday, according to a Thursday morning tweet from FTX Chief Executive Sam Bankman-Fried. The crisis forced FTX to scramble…

The Securities and Exchange Commission and Justice Department are investigating cryptocurrency platform FTX following its sudden implosion this week, a person familiar with the matter said.Staff at the two law-enforcement agencies were in close contact Wednesday, the person added. The Justice Department prosecutes criminal violations such as fraud, while the SEC enforces civil investor-protection laws. Spokesmen for the Justice Department and SEC declined to comment. FTX didn’t respond to requests for comment.…

Crypto exchange Binance reversed course on a rescue offer for FTX Wednesday, leaving the prominent digital firm with an uncertain future as it faces a shortfall of up to $8 billion, according to people familiar with the matter. Binance chose not to go ahead with the nonbinding offer following a review of the company’s finances, the exchange said. “In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,” Binance…

Cryptocurrency exchange FTX, months after looking like a shining survivor in a struggling industry, succumbed Tuesday to a sudden liquidity crunch of its own and agreed to be taken over by rival Binance.The deal signals a power shift in the crypto world, which has been hurt by rising interest rates and investors’ retreat from risk. The pact marks a victory for Binance founder Changpeng Zhao and a humbling comedown for Sam Bankman-Fried, the founder of FTX, which had been growing in size and recognition before a clash…

WASHINGTON—The cryptocurrency industry has significantly increased its political spending ahead of the midterm elections, betting that a friendlier Congress will help shield it from a regulatory crackdown.Crypto firms and their employees have poured $73 million into the 2022 elections, up from $13 million in the 2020 cycle, according to research group OpenSecrets, which tracks political donations. The industry also spent $15 million on lobbying in the first nine months of this year, more than in the previous eight years…

The market for bitcoin and other digital assets has swung wildly in 2022, pushing prominent crypto firms into bankruptcy—and leaving many investors poorer.For a look at the state of the industry, and where it might be heading next, The Wall Street Journal’s Jason Dean spoke with Ravi Mhatre, founding partner of Lightspeed Venture Partners, and Sam Bankman-Fried, founder and chief executive of cryptocurrency exchange FTX, at The Wall Street Journal’s annual Tech…

Revlon Inc. shares will be delisted from the New York Stock Exchange after a surge of market interest in the beauty-products supplier following its chapter 11 filing in June. Shares fell 5% on Thursday to close at $3.90 before the NYSE said it had denied Revlon’s appeal to stay listed on the Big Board. The stock is now expected to continue trading over the counter, according to the company, which was trading around $2 when it filed for bankruptcy but soared more than 400% the following week. It has…

Coinbase Global Inc. has been searching for new ways to make money. One business it flirted with was controversial: using its own money to speculate on cryptocurrencies.Last year, Coinbase—which operates a large cryptocurrency exchange that handles bitcoin and other digital coins—hired at least four senior Wall Street traders and launched a group to generate profit, in part, by using the company’s cash to trade and “stake,” or lock up, cryptocurrencies, according to people close to the matter. The activity was described…

SINGAPORE—China’s ByteDance Ltd. is offering to buy back shares from its investors, allowing them the chance to cash in after the TikTok owner ruled out plans for an initial public offering.The Beijing-based company will spend up to $3 billion in cash to repurchase shares from existing shareholders at a price of up to $176.94 a share, according to a memo sent to investors and viewed by The Wall Street Journal. The deal would value the company at around $300 billion, which is higher than most of the recent offers in the…

The battle for the stablecoin market is heating up as interest rates continue to rise and the largest players jostle for market share. Binance, the world’s largest crypto exchange, said it would automatically convert users’ deposits of several rival stablecoins into its own stablecoin, Binance USD, starting this month. Analysts say Binance’s decision could escalate the rivalries among the largest stablecoin players, such as Tether and Circle, and generate additional revenue for Binance as the market cap of its stablecoin…