BREAKDOWN: Are the WSJ Articles on Binance and Tether ‘Trial by Press’?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 6 March 2023
⏱️ 13 minutes
🧾️ Download transcript
Summary
An indication that regulators are more constrained than they think.
Today, NLW discusses recent Wall Street Journal articles about Tether using fraudulent bank accounts to access banking services and private chat threads from former Binance employees arguing that Binance and Binance.US were closely aligned.
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“The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Mutz Ishizawa/EyeEm/ Getty Images, modified by CoinDesk.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.2 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.3 | The breakdown is produced and distributed by CoinDes. |
| 0:20.4 | What's going on, guys? |
| 0:21.6 | It is Monday, March 6th. |
| 0:24.0 | And today, we are catching up on so much fud from the end of last week. |
| 0:28.4 | One quick note before we dive in, there are two ways to listen to the breakdown. |
| 0:31.5 | You can hear us on the Coin Desk podcast network feed, which comes out every afternoon |
| 0:34.8 | and sits alongside other great Coin Des desk shows, or you can listen |
| 0:37.8 | in the evening on the breakdown only feed. Wherever you listen, if you were enjoying the breakdown, |
| 0:41.7 | I would so appreciate it if you would take the time to leave a rating or review. All right, guys, |
| 0:46.0 | it was a very busy Friday and weekend. A lot of fud, a little more clarity on some stories from |
| 0:51.2 | last week. So let's dive in and let's kick off with some good, |
| 0:54.8 | old-fashioned tether fud. On Friday, the Wall Street Journal reported that Tether had used |
| 0:59.8 | falsified documents and shell companies to obtain bank accounts, citing emails leaked to the newspaper |
| 1:04.9 | they discussed some of the tactics used by Tether and their intermediaries back in 2018. |
| 1:08.8 | The article claimed that an email from Stephen Moore, |
| 1:14.5 | one of the owners of Tether Holdings Limited, said that a major Chinese counterparty was trying to, quote, circumvent the banking system by providing fake sales invoices and contracts for |
| 1:18.9 | each deposit and withdrawal. He wrote that it was too risky to continue with this method, |
| 1:22.7 | considering his signature was on the fake invoices, and recommended that the counterparty abandoned |
| 1:26.6 | its attempts to open the accounts, saying, quote, I would not want to argue any of the above in a potential |
| 1:31.0 | fraud slash money laundering case. In March 17, according to the Wall Street Journal, Wells Fargo |
... |
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