THE HASH: Senators Reportedly Claim Binance Is a 'Hotbed of Illegal Financial Activity'; Silvergate's Stock Plunges

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4.7 • 698 Ratings

🗓️ 2 March 2023

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

The most valuable crypto stories for Thursday, March 2, 2023. Three U.S. senators have written to Binance, the world's largest crypto exchange by trading volume, asking for details about its money-laundering controls and accusing Binance of being a "hotbed of illegal financial activity," according to a Wall Street Journal report. Plus, a closer look at why shares of crypto-friendly lender Silvergate Capital are plunging. See also: Before Silvergate and After Silvergate Binance a 'Hotbed of Illegal Financial Activity,' U.S. Senators Claim - This episode has been edited by Ryan Huntington. The senior producer is Michele Musso and the executive producer is Jared Schwartz. Our theme song is “Neon Beach.” - Are you building the next big thing in Web3? Apply to pitch your project live on stage at the CoinDesk Pitchfest Powered by Google Cloud at Consensus, the industry’s most influential event happening April 26-28 in Austin, Texas. Apply by March 31 for a chance to be among the twelve finalists selected to pitch. Visit consensus.coindesk.com/pitchfest for more information. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This is the hash podcast. Stay informed with the latest on Bitcoin, Eith, the Metaverse, Web3, and more.
0:15.2	All on the hash for your ears. You're listening to the Coindesk Podcast Network.
0:23.1	Hello and welcome to the hash on CoinDest TV.
0:27.3	I'm Zach Sourd.
0:27.9	I'm coming to you live from Colorado on the sidelines of the Heath Denver Conference.
0:32.0	I'm joined today by Christy Harkin and David Morris.
0:35.0	We've got a lot to get to, so let's do this thing. David, you're going to take
0:38.5	us into a couple of items from Binance. Take it away. Yeah, and Binance has been kind of an
0:45.0	ongoing article of interest for the past couple of months, kind of in the wake of the FTX
0:50.3	collapse and a lot of skepticism around centralized exchanges. The first part of this two-part
0:55.5	story is kind of the less interesting, which is just that three U.S. senators have sent a public
1:01.0	letter to Binance asking for a lot of information that, frankly, they're probably not going to get,
1:07.8	but alleging with some cause that Binance has enabled a lot of
1:12.8	criminal activity and also concealed financial information from customers, which we're going to
1:18.6	talk about more in the second part of our first half here. I'm not going to unpack it entirely,
1:23.7	but we did get a response from a finance spokesperson to that letter, which frankly echoes some of
1:29.3	the issues that we have seen in communications from finance recently, which is that they are
1:33.9	fairly vague, hand-wavy. I think that the funny part about this statement is that it says,
1:40.6	we look forward to correcting the record. We're not going to do it now, but we look
1:44.8	forward to correcting the record at some point. And that has been, in general, finances, attitude,
1:50.9	and we'll see more of that in a bit. The one thing I would note is that of the three senators,
1:55.2	one of them is Elizabeth Warren, who, frankly, whatever you feel about her in other realms,
	...

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