Corporate debt recently passed the $1 trillion mark in a continuing sign of global financial displacement.Marketsread more
"Federal debt, which is already high by historical standards, is on an unsustainable course," CBO director Phillip Swagel said in the report.Politicsread more
The president's remark followed a string of criticisms aimed at his predecessors, whom he claimed had ignored China's alleged malpractice on trade.Politicsread more
President Trump liked Germany's sale of no-interest, 30-year bonds Wednesday, but investors weren't so eager to buy them.Market Insiderread more
SunTrust Robinson Humphrey analysts said in a research note the "Off-Facebook Activity" feature "appears to fall somewhat short of the original pledge by CEO Zuckerberg of...Technologyread more
"If you look at the market over the past week, stocks don't need any help. They are roaring ahead, without the Fed doing anything," says the longtime market strategist.Marketsread more
Target CEO Brian Cornell still thinks the U.S. consumer is strong and spending. Target's latest quarterly results showed the big-box retailer is benefiting from that.Retailread more
Stocks rose on Wednesday as strong quarterly results from retailers such as Target and Lowe's lifted investor sentiment.US Marketsread more
President Trump insists the economy is healthy and says the only thing holding U.S. growth back is the Federal Reserve.Marketsread more
GOP donor John Childs has given over $330,000 to Republican fundraising committees since being charged with soliciting prostituion.Politicsread more
Trading volumes this week are well below recent averages, and that means this comeback may be suspect.Marketsread more
President Donald Trump might not be a fan of cryptocurrencies, but Binance CEO Changpeng Zhao doesn't seem worried.
"Trump so far has not done anything positive or negative, he's just said he's not a fan," Zhao told CNBC in an interview last week. "The fact that he tweeted about it, and the president of the United States is talking about cryptocurrency, it's a good thing."
Trump said in a series of tweets earlier this month that he was "not a fan" of cryptocurrencies like bitcoin, claiming they're "not money." He also directed his ire at Facebook's plans to create a cryptocurrency, saying the firm should be subject to federal banking regulations.
Subsequently, Facebook's blockchain chief David Marcus was grilled on Capitol Hill over libra, while bitcoin's price has been subdued over the last week amid heightened regulatory concerns.
But CZ said that even if the U.S. made it illegal to own cryptocurrency — which he describes as the "worst case scenario" — it wouldn't shatter the industry.
"Cryptocurrency will survive regardless of any one country," he said. "Most countries that try to ban bitcoin cause their citizens to want cryptocurrency more."
Authorities have frequently sounded the alarm over cryptocurrencies, worried about their potential use in illicit activities like fraud and money laundering. Massive cyberattacks have also shaken the industry, and Binance hasn't been immune to that trend.
In May, the trading venue notified its users that it was hit with a major breach that saw hackers run off with around 7,000 bitcoins, which today equates to over $70 million. The firm said it would cover the incident "in full" and no user funds would be affected.
While CZ described the incident as "unfortunate," he added it was "totally manageable" given the size of Binance's revenues. The company made around $400 million in profits in 2018, and its boss said it expects to make even more this year.
If anything, he said, the heist — and Binance's response to it — shows the industry brings a "new level of transparency" when it comes to finance. Binance is one of the biggest cryptocurrency exchanges in the world by trading volume.
"Banks get hacked but they're not transparent with the numbers. You see billions of dollars in fines for banks," he said. "Whereas with cryptocurrency there's more transparency, which is actually good for the users because now they know what's going on."
Correction: This article has been amended to correct the spelling of Binance CEO Changpeng Zhao's last name.