Techmeme
February 13, 2023, 10:40 AM

Top News

Wall Street Journal:
Binance says the NYDFS ordered Paxos to stop issuing more of its BUSD stablecoin, which has 6.2M holders; Paxos will continue redemptions and cut Binance ties  —  Firm will continue to manage redemptions of the product  —  New York regulators directed a crypto company to stop issuing …
Wall Street Journal:
Sources: the SEC told Paxos the agency plans to sue the crypto firm, alleging the Paxos-issued and listed Binance USD stablecoin is an unregistered security  —  The agency has been intensifying its enforcement of major crypto players  —  The Securities and Exchange Commission …
Mark Gurman / Bloomberg:
Inside Apple's push to build new financial services, which have suffered from engineering and technical setbacks, leading to slow progress and missed deadlines  —  Apple's slate of new financial services — including “buy now, pay later” offerings, savings accounts and an iPhone subscription program — have hit delays.
Max Tani / Semafor:
A look back at Spotify betting hundreds of millions of dollars on podcasts, which CFO Paul Vogel says were a “big drag on our business in 2022”  —  By 2021, Spotify had paid to sign some of the biggest names in podcasting, and it was ready to start squeezing its competitors.
Tiffany Hsu / New York Times:
How a slowing digital ad market, Apple's ATT changes, tech companies' internal turmoil, weak content moderation, and more are contributing to a junk ad epidemic  —  Scrolling past ads has rarely been enjoyable.  But in recent months, people say the experience seems so much worse.
Jonathan Vanian / CNBC:
Ashley Capoot / CNBC:
Twilio plans to cut around 17% of its workforce, or roughly 1,500 jobs, after laying off 11% in September 2022 and will form two units to aide efficiency  —  - Twilio on Monday announced plans to cut about 1,500 employees, or around 17% of its workforce, according to a blog post shared on the company's website.
More: Twilio Blog and Reuters
Kat Tenbarge / NBC News:
Sex educators, adult stars, and sex workers complain about Instagram, saying Meta's moderation has gotten more punitive and less predictable since SESTA-FOSTA  —  Cherie DeVille lives in perpetual fear of losing her 3.7 million Instagram followers.  —  DeVille is a well-known porn star who also has an OnlyFans account.
Spencer Soper / Bloomberg:
Marketplace Pulse: in a first, Amazon's average cut of each sale reached 51.8% in 2022, up from 48% in 2021, 45.8% in 2020, 40% in 2017, and 35.2% in 2016  —  Grappling with slowing sales growth and rising costs, Amazon.com Inc. is squeezing more money from the nearly 2 million small businesses …

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