Bankruptcy & Restructuring News Headlines for Thursday Jun 1, 2023

Here's what we are reading this morning:

SDNY Prosecutors Urge Judge to Reject Sam Bankman-Fried's Motions to Dismiss in FTX Case | New York Law Journal: Bankman-Fried's "alleged misconduct falls within the heartland of what these statutes prohibit," prosecutors wrote.

Binance (BNB) Discloses Investigation by Canada’s Ontario Securities Commission - Bloomberg: Crypto exchange Binance Holdings Ltd. said it has received an order from one of Canada’s securities regulators to investigate whether the platform attempted to find a way around local regulations and compliance controls while seeking approvals in the country.

The Block: Crypto exchange volumes plummet to lowest monthly level since 2020: Monthly cryptocurrency exchange volumes are on track to hit their lowest monthly level since October 2020, with spot volumes across major trading venues just under $424 billion in May. That's a far cry from May 2022 and May 2021, which saw monthly volumes of $1.4 trillion and $4.25 trillion, respectively, according to The Block's data dashboard.

The Block: Binance lays off employees amid shrinking market share: Crypto exchange Binance has fired "non-performers" and "non-culturally fit people" two months after saying it has no plans to cut jobs.

What Are Manhattan’s Older Office Towers Worth? First Benchmark Prices in the New Era | Wolf Street: In Manhattan, sales of office buildings have collapsed from $5 billion in Q1 2022 to just $489 million in Q1 2023, the lowest sales since 2009, according to MSCI, cited by the Wall Street Journal.

Wells Fargo CEO says there will be losses in office loan portfolio | Reuters: Wells Fargo & Co's Chief Executive Officer Charlie Scharf said on Wednesday that there will be losses in the office loan space but the lender was proactively managing its portfolio.

Movie Theaters Offer Larger Screens, Heated Seats and Sushi to Lure Fans Back - The New York Times: After scraping by during the pandemic, cinemas are hoping to lure back moviegoers by spending millions of dollars on upgrades.

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