Binance lawsuit, bank failures and oil drilling

The Indicator from Planet Money

NPR

Business

4.7 • 9.2K Ratings

🗓️ 31 March 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

We cover some of this week's top economic stories: Cryptocurrency company Binance's legal issues, patching a hole in the banking system's rainy day fund, and newly approved waters for oil and gas drilling in the Gulf of Mexico.

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Transcript

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0:00.0	Hey everyone, Weyland Wong here. We are working hard on an upcoming series about the business
0:05.6	of social media influencers. Before that rolls out, we want to hear your questions about
0:11.1	this relatively new profession, and we'll address as many as we can in our final episode
0:16.5	of the series. You can email us at indicator at mpr.org, again that's indicator at mpr.org.
0:24.6	We cannot wait to share this with you. Now enjoy the show.
0:28.4	npr.
0:39.6	This is the indicator from Planet Money. I'm Darian Woods.
0:42.5	I'm Weyland Wong and this is Indicators of the Week.
0:49.5	That's right. And today on the show, we've got our Planet Money colleague,
0:52.4	Erica Beres. Welcome to the show. Hey Erica.
0:55.5	Hi, thanks for having me. Hello, hello. So good to have you.
0:59.0	To day on the show, we thought crypto giant finances, legal troubles,
1:03.0	the multi-billion dollar hole in bank deposit insurance, and an Italy-sized oil drilling
1:09.0	zone in the Gulf of Mexico. And we'll have all of that after the break.
1:15.4	Indicators of the week first up, Darian Woods, what is your indicator?
1:19.7	So my indicator is 16%, which is the share of American customers that the
1:24.7	cryptocurrency exchange Binance had in 2020. And that 16% is a problem for the company,
1:31.1	because this week, top US regulators charged it with breaking the law because of what Binance
1:37.8	allowed its American customers to do. Okay, good. I saw these headlines. I need to know what's
1:42.2	going on. What's the deal here? So Binance is the top crypto exchange in the world. And
1:47.3	along with matching buyers and sellers of cryptocurrencies and giving them a place to store them.
1:52.2	It also offers customers cryptocurrency derivatives. And a derivative is this umbrella term
	...

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