Yueqi Yang
@Yueqi_Yang
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Crypto reporter @theinformation. Ex-Bloomberg. [email protected]. Verify my X account from my official author page.
New York, USA
Joined September 2013
I am joining @theinformation as their crypto reporter. I've admired their work for a long time, and I am excited to join such a passionate & hungry team built by @Jessicalessin. My start date is April 15. I'd love to connect and talk crypto!.2/2.
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NEW: China requires American reporters at NYT, WSJ, WaPo - whose press passes are set to expire this year - to return the passes within 10 days; they will no longer be allowed to work as a journalist in mainland China, Hong Kong and Macau from now on.
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Coinbase on the ground, with pizza truck accepting USDC at Washington Square Park
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New: BlackRock shared the Circle funding news in memo with employees, saying digital assets are "increasingly relevant" for the firm and clients. Crypto asset, stablecoins, tokenization, blockchain are four areas BlackRock is working on. More @crypto .
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Exclusive: Crypto analytics firm @gauntletnetwork, founded by a former D.E. Shaw Research quant, hit $1 billion valuation after fundraising .
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Coinbase alumni are everywhere in crypto, and they've founded about 100 startups, including 40 backed by Coinbase Ventures. My story on the tight-knit network and why it benefits Coinbase's onchain ambitions: .
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Some personal news: after six years, I've decided to move on from Bloomberg and its incredible @crypto team. I said goodbye to my friends and colleagues at the newsroom this week. 1/2.
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NEW: US banks are slamming the door on many crypto clients, despite there's no blanket ban on serving the industry. Some exclusive details from our reporting with companies, banks, investors, etc. w/@PaigeSmithNews @kjspeakstruth @crypto (1/4).
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Hi, I've started with @theinformation this week! My new email is in bio. Say hi and grab coffee with me at Madison Square park while the weather is niceđ.
I am joining @theinformation as their crypto reporter. I've admired their work for a long time, and I am excited to join such a passionate & hungry team built by @Jessicalessin. My start date is April 15. I'd love to connect and talk crypto!.2/2.
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NEW: After Silvergate and Signature closed, I spent the past few months asking crypto firms where they'd open bank accounts. One name keeps coming up: Customers Bank ($CUBI) in Pennsylvania .@crypto 1/.
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This is the strongest countermeasure taken by China against the U.S. so far on restricting press freedom. Hong Kong, traditionally a reporting hub for foreign press and journalists who lost access to mainland, is not exempted this time.
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New: Goldman Sachs offered its first ever lending facility backed by Bitcoin, a significant step in Wall Streetâs embrace of cryptocurrencies. The deal was interesting to Goldman because of its structure and 24-hour risk management. More @crypto:.
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New: Binance CEO Changpeng Zhao joins Bloomberg Billionaires Index. His net worth is estimated to be $96 billion, making him the world's No.11 richest. His real fortune could be even larger as the estimate doesnât include his personal crypto holdings: .
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UPDATE: Goldman Sachs, JPMorgan, Citigroup all decided to suspend political contributions. @GoldmanSachs is still formulating measures that will likely curtail future donations to officials who objected vote result, per @sridinats .
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Audience: Who's the most interesting person u'vet met in ur life? . Yellen: I met him at the Fed cafeteria and found him extremely interesting w/ unusual mind. We ended up getting engaged after six weeks.
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NY senator John Liu, who ran for mayor unsuccessfully in 2013, told me at Andrew Yangâs party that he still believes there will be an Asian-American mayor of NYC one day. âOf course. We got young people right here.â
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Exclusive: JPMorgan starts to use blockchain for collateral settlements in trading & lending, its latest experimentation with the technology. The platform may eventually serve as a bridge to DeFi protocols, the bank told us (1/2).@crypto.
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Exclusive: TerraUSD (#UST) stablecoin is struggling to win support for a rescue and deal talks have stalled. Alameda, Celsius, Galaxy Digital, Jane Street, Jump Crypto were among those in talks, sources say .w/@KatLeighDoherty @MuyaoShen @crypto.
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NEW: Luckin Coffee plunged over 80% after disclosing it is investigating alleged fabricated sales of RMB2.2b (about $310m) last year by COO and staff. That figure would represent almost half of 2019 sales. Most 2019 financial results no longer reliable, $LK says
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Investment bankers from JPMorgan, Goldman and Morgan Stanley have been meeting with crypto companies, as the sector's IPO prospects brighten after the election. 1/
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The two co-signers of Sam Bankman-Friedâs $250 million bail package are revealed as Andreas Paepcke, a Stanford research scientists, and Larry Kramer, former dean of Stanford law school. @avabmorrison @crypto.
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Crypto exchange FTX US is expanding stock trading service to all US users, including non-crypto investors, a move to boost its customer base and assets under custody. It also plans to add options trading later, @Brett_FTX says.w/@KatLeighDoherty @crypto.
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Exclusive: Jump Trading, emerging from the Terra setback, is ready for more bets in crypto. "We are not suddenly stuck in a bunch of illiquid positions. For us, itâs just thinking about the right opportunities as the market turns" @KanavKariya says.(1/3).
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My first feature story @theinformation: an inside look at BlackRock's digital assets journey, and where it's exploring next .1/.
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Very curious about the decision-making process by regulators to close down crypto-friendly Signature Bank, which came as a surprise even to the bankâs management and was seen excessive by its board member . Via @MaxJReyes .
Signature Bank was closed by the NY financial regulator on Sunday. Barney Frank of Dodd-Frank fame is on the board. He spoke to us for our story:
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New: Genesis is suspending redemptions and new loan originations at its lending business. The decision came after it faced âabnormal withdrawal requests." Genesis hired adviser to explore all options, including raising funds via @TheTerminal @crypto.
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Bloomberg launched the documentary âRUINâ on SBF, featuring reflections from @zhusu @KyleLDavies @jespow @MarkDavidLamb @ASvanevik @TiffanyFong_ . Premiere tonight in NYC and watch online here: .@crypto
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My only contribution to the Credit Suisse conversation is it was where I had my first paid internship in the US, but also where I realized working at a bank was not for me đ. Here are some photos I took on the last day of my junior summer internship:
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New: Goldman Sachs starts to offer over-the-counter crypto options trading to institutional clients. It announced its first such trade with Galaxy Digital today. Confirming our earlier scoop: .
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Jane Street, the firm where Sam Bankman-Fried learned how to trade, emerges as broker of choice for Bitcoin-ETF Issuers.via @crypto @Reganonymous.
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BREAKING: Silvergate says it's suspending Silvergate Exchange Network (SEN), according to its website. News @TheTerminal
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The crypto industry has a plausible path to end its banking "chokepoint" under Trump. My story @theinformation on how banking access for crypto companies could ease, given upcoming leadership changes at FDIC and OCC .1/.
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At #Coinbase's crypto summit, BlackRock executive Joseph Chalom says the firm is spending time talking with clients on: .-tokenization .-stablecoin's role in money movement .-DeFi . He declined to talk about BlackRockâs pending Bitcoin ETF
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NEW: The decision to shut Signature Bank had "nothing to do with crypto," New York Dept. of Financial Services told @MaxJReyes. The bank failed to provide "reliable and consistent data," creating a "crisis of confidence" in its leadership. (1/2).
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I talked to the people running dim sum parlors, bakeries, restaurants & commercial buildings in Chinatown, NYC. They said surviving the pandemic is like starting a new business all over again. Story on the historic community, at another turning point: .
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Coinbase CEO Brian Armstrong won't rule out relocating company away from US, saying "anything is on the table" .via @emilyjnicolle @crypto.
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Scoop: Alameda's largest venture bet was a $1.15 billion investment on the Bitcoin mining company Genesis Digital Assets during the height of the crypto gold rush. w/@DavidPan_1 @crypto.
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Scoop: EDX Markets, the crypto exchange backed by Citadel Securities and Fidelity, is no longer in partnership with Paxos for custody. Instead, it is in final talks with Anchorage Digital, according to people familiar. w/@KatLeighDoherty @crypto .
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Some personal news: I've joined Bloomberg as a breaking news editor in New York, where I will report and edit flash headlines. Excited to be back after two great internships with DayBreak and @bpolitics' Congress team.
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I have an unpopular opinion on journalism programs. I thought it was a pretty good deal. @nyu_journalism gave me a generous scholarship + an extended post-grad work visa, which bought me time to crack into an industry notoriously hard for internationals. Plus, met my bf theređ.
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Stopping by HK for Web3 Festival & friends before heading back to NYC âïž
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New: Nasdaq created digital assets team, making its first major push into crypto. -Plans to offer crypto custody, pending NY DFS approval.-No immediate plan to launch crypto exchange.-Open to partnerships & M&A w/crypto firms .w/@KatLeighDoherty @crypto.
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Exclusive: Goldman is at an early stage of exploring offering over-the-counter bilateral crypto options, a sign of its deepening participation in the digital-currency space .
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Our story on the state of crypto banking: . A new banking system for crypto firms is slowly taking shape under the shadow of a US crackdown. It's more fragmented, less US-centric, and often, less advertised 1/.w/@Suvajourno @emilyjnicolle @crypto.
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Coinbase is fighting an "existential" battle with the SEC, not just for itself, but also for the entire crypto industry. Our feature story: .w/@olgakharif @allyversprille @crypto.
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Exclusive: Chicago-based trading giant DRW becomes the first traditional firm to offer over-the-counter bilateral crypto options, a market so far dominated by crypto-native firms like Genesis. âWe feel like thatâs where the market is heading.".
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Exclusive: Goldman Sachs is planning to offer over-the-counter Ether options trading and has seen growing interest from clients in the second-largest digital currency .w/@DavidPan_1 @crypto.
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Ukrainian government received #CryptoPunk, other NFT donations but hasn't had time to figure out how to convert them into fiat. "Maybe once things settle down weâll figure this out," official told @olgakharif in exclusive call from undisclosed location.
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First time talking crypto on TV đș gotta send this to mom.
Goldman Sachs used Mike Novogratz's Galaxy Digital Holdings to execute its first over-the-counter crypto options trade. Bloomberg Crypto's @Yueqi_Yang explains:
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Exclusive: Circle has over $1 billion in cash on balance sheet as of end of June. âThatâs significantly more than we had expected, and allows us to have a lot of staying power as a company to invest," CEO @jerallaire told us. 1/.@crypto.
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FTX USÂ is expanding into zero-fee equities trading. Unlike Robinhood, it will not take payment for order flow, thus not making a profit initially. Retail investors can opt to buy stocks with stablecoins such as USD Coin:. w/@KatLeighDoherty @crypto (1/2).
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New: Voyager Digital is planning to launch a feature that will allow customers to buy traditional stocks using the stablecoin #USDC.
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My first ever Businessweek magazine story, on the cover this week chronicling the biggest surprise in crypto in 2022. With @olgakharif @hgmiller29 & sharp edits by @patregnier.
NEW COVER: FTX promised a legitimate future for crypto. Now the frightening scope of this fiasco is becoming clear to everyday investors
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Exclusive: FTX has abruptly halted the sale of one of its most sought-after assets: a stake in the AI startup Anthropic . W/@paulasambo @JeremyHtweets @hgmiller29 @crypto.
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Kim Kardashian agreed not to promote any digital assets for three years as part of the settlement .via @crypto @ElleBeyoud @allyversprille.
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Exclusive: Binance is considering ending relationships with US business partners. It's reassessing VC investments in the US and considering de-listing tokens from US-based projects, including USDC. Binance. US has no plans to exit country.via @crypto.
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BlackRock's spot bitcoin private trust seeks to track the performance of bitcoin, less expenses and liabilities of the trust .via @crypto.
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My first Big Read piece for @theinformation: . Another crypto revolution is here - and it's unlike any from the past. Featuring interviews with crypto CEOs and investors @jerallaire @zcabrams @katie_haun @BarrySilbert @HadickM @jprichardson and more. Link to story:
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.@bulge_bracket is arguably the first TV show with an Asian-American perspective that portrays the experience of junior bankers. I chatted with director Chris Au @auchie_ for his Amazon Prime debut, a story partly inspired by his wife's early career.
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Dramatic newsroom leadership overhaul after CoinDesk owner Bullish allegedly pressured the publication to remove an article. Great reporting from @leomschwartz.
CoinDesk owners Bullish fired the publication's three top editors, including EIC Kevin Reynolds, this morning following newsroom controversy over the removal of an article about billionaire Justin Sun:.
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SCOOP: FTXâs potential plan to reboot its crypto exchange has attracted interest from Tribe Capital. The VC firm is considering leading a $250 million fund-raising, anchored by $100 million from itself and its limited partners. w/@JeremyHtweets @crypto.
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New: Binance has received licenses to be a crypto service provider in #Dubai and #Bahrain, a key milestone as it sets up the stage for a major push in the Middle East.w/@BenBartenstein.
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New: FTX has won the auction for the assets of bankrupt crypto brokerage Voyager, according to people familiar with the matter .w/@olgakharif @crypto.
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SBF found guilty on all counts in criminal trial. He was standing, holding his hands in front of him and looking at jurors, as he listened to the verdict. He had a serious look, but otherwise no obvious expression. After verdict, he sat down and stared down at his empty desk.
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My feature story on Wall Street firms' latest efforts in crypto, and how they are destined to play catch-up. A thread đ.(1/6).
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NEW: After BlockFi, Sam Bankman-Fried is exploring buying distressed crypto miners next. âThere might come along a really compelling opportunity for us -- I definitely donât want to discount that possibility," he told @sonalibasak .w/@DavidPan_1 @crypto.
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Coinbase earnings has one bright spot: interest income jumped 211% from 1Q. With the Fed raising rates, it gets higher interests on customers' fiat custodial funds. Its USDC activity also helped. via @crypto
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A lot happened in #crypto land this week, including some major discoveries about the industry's biggest players. A thread đ1/.
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I wrote about what happens to crypto when Wall Street quants like Jane Street & Jump are retreating. In short, the market is quickly becoming less liquid, less mainstream, and less attractive to institutional investors. A thread: . @crypto 1/.
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The bankruptcy filing by crypto broker #Voyager provides a road map of its relationships, including borrowers, lenders and investors. It turns out @AlamedaResearch, the trading firm co-founded by Sam Bankman-Fried, is all three (1/2)đ via @crypto.
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Ex- CEO Brian Brooks says there's still hope for crypto, despite 90% of crypto products are at best useless, at worst "outright fraud.". Jefferies banker says crypto startups are advised to have enough cash on hand for 5 years .
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New: US regulators, through public & private actions in recent weeks, are working to push crypto to the fringes of finance. They privately reminded banks of their legal obligations when working with crypto clients .w/@kjspeakstruth @austwein.
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NEW: raised over $200 million at $4.5 billion valuation, the first external funding since its inception about two years ago. Investors include Circle Ventures, VanEck, Foundation Capital. More @crypto.
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Sam Bankman-Fried was charged with bribing Chinese officials with $40 million to unfreeze accounts at Alameda. It apparently worked and the accounts were unfrozen, according to the indictment
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Galaxy Digital said itâs terminating its acquisition of BitGo in a $1.2 billion deal via @technology @crypto.
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Galaxy Digital expects Goldman's trade to âopen the door" for other banks considering OTC as a way trading digital assets. Story link: .
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The SEC vastly expanded the list of major tokens deemed as securities, which now spans over $120 billion of crypto, after its lawsuits against Binance and Coinbase. âŠ@cryptoâ©
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Scoop: Tether doesnât have direct access to the US banking system, but for a while it found at least one pathway -- through Signature Bank. It instructed clients to send dollars to Capital Union Bank via Signet network.w/@eva_szalay @olgakharif @crypto.
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Former FTX executive Ryan Salame is planning to plead guilty to criminal charges today. That will make him the 4th senior FTX executive entering a plea, after Gary Wang, Caroline Ellison and Nishad Singh. via @avabmorrison.
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Archblock, TrueUSD stablecoin operator, tried to open accounts with big banks including HSBC and JPMorgan. Here's their experience: .
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Reunited with my high school teacher @xueqinjiang, who inspired us to love reading English and set so many of us up to study abroad, on my first trip back home since 2019.
So happy to see former student @yueqi_yang in Beijing today. I taught her way back in 2009 -- proud of her for achieving three of my failed ambitions: 1.) She's working as a journalist. 2.) She's living in NYC. 3.) She has a dog.
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New: A pair of former Citadel Securities employees are making public a crypto market-making firm they founded after trading billions of dollars in stealth mode . w/@IvanLevingston @crypto.
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Exclusive: Franklin Templeton, $1.6 trillion asset manager giant, is exploring launching a new crypto fund that will invest in a range of tokens beyond bitcoin & ether. It shows how TradFi firms could go deeper into the crypto universe of altcoins .1/.
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As Canada tightens its crypto rules, Coinbase and Binance are among companies planning to pursue registrations, while others are looking for the exit via W/@allyversprille @crypto.
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1/The crypto winter that has dogged Coinbase for nearly nine months might finally be showing signs of thawing. COIN surged as much as 44% today, the most intraday since going public in 2021 .w/@Matt_Turnerr @crypto.
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NYC mayor-elect @ericadamsfornyc was asked on CNN if he could explain #Bitcoin. He laughed, saying thatâs a challenge even for experts. Then he said, we must "open our schools" to teach #crypto and this "new way of thinking.".
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NEW: Trump suspends issuance of new work visas through Dec.31, senior official told reporters . Pause affects H-1B, H4, some H-2B, J and L visas . Also to require H-1B visa applicants to receive higher salaries . Earlier report:
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Circle's revenue also surged, helped by rising interest rates, despite a decline in market share against Tether. It had $779 million in revenue in 1H23, already surpassing the $772 million for all of 2022. 2/ @crypto.
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2/For Coinbase investors, the partnership with BlackRock is a much-needed signal that the crypto exchange's status as a giant in the sector remains rock solid.
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