Topic: Binance: get rich or die trying (Read 427 times)

Binance started mass adaptation the moment they had funds. To get funds he didn't look too closely towards the origin of those funds.
Binance did not play by the book; the way the book is officially played. And that is haunting them.

The story background is an article in the Economist, and there they compare the happening with monopoly.

Superb answer. Binance started the system with immediate and mass adoption. Like users were flooding not because of the person CZ, but because he came up with some unique features. I can remember when I started using the Binance smart chain network. Fees were low for every transaction. That alone made more people start using the exchange.

And again there was a bonus reward from trading, so many activities that users can earn while participating in the Binance app. So for him to abandon what he had built all these years he rather die trying to bring back his glory.

The lesson is, no matter how much you earn you are either greedy or you are getting influenced by the political powers. I am not sure whats the play here but after hearing all the stories I feel like its more or less a greed game. They had amazing business back in the time, they also had US market captured properly. However, the malpractice or whatever reasons they had they screwed it all. They could have either done it by US regulations, or they were imposed harshly to take down the binance market in US. The true reason will always be supressed by the both parties always. Though title matches a lot to on going discussion I would say they had great chance of expanding white business but something big happened on political levels or person greediness caused the melodrama. Sai, billion dollar business yet they cant do well.

The acceptance of the allegations against a seemingly centralized exchange like Binance. This sends a clear message to all centralized exchanges: the US government isn't playing around. Compliance is no longer a suggestion; it's an expectation, and the consequences of non-compliance can be severe.

But does this acceptance of allegations signal a crackdown on all centralized exchanges, or is it a targeted move against Binance specifically? The answer, I believe, lies in the nuances. That's what the US government wants to do, it could be a targeted maneuver designed to consolidate US control over the nascent crypto market.

So now that there is a new CEO for Binance, does that mean that this new man already complied to everything the US government want? I guess they just replace CZ with someone they can control, Binance isn't as safe as when CZ was in control, now nothing is hidden to the government anymore.

This was why I had to abandon using the exchange too, because this was what came into my mind when I think about this whole show about Binance, I choose to stay with peer to peer trades from the time on.

No wonder some people don't want to go with KYC verification on every crypto exchanges, maybe in future there will be some crack down on every DEXes and also P2P platforms? With ETF approvals I believe that government will get their hands more deeper into crypto than before, their ultimate goal still remains the same, to control everything.

Trading crypto currency on the world's largest market binance can make a person rich as long as they have reliable skills and skills in analyzing prices.
and also must have capital that is able to do DCA if the analysis is wrong.
If you can't analyze prices, you can even become poor, get into debt, many of which will end up committing crimes and end up in prison, or one more thing most people do is commit suicide to solve their problems.

In my assessment of how many years Binance has been in this industry, everyone knows that the Binance exchange has not lost the top spot in the crypto space business industry. And if it was well known and faced with various issues for several years and they still maintained the trust of their users, it is because CZ is good at walking and managing.

Whether others admit it or not, this is the truth. CZ has made a significant contribution to the cryptocurrency industry. He has mastered the management of this type of business in Bitcoin and cryptocurrency. So no matter what Cz's situation is now, I also know that he will overcome it. Maybe one day we don't know he will also build his own exchange, and that is not unlikely to happen.

Unfortunately, corruption is widespread everywhere, whether in the real world or in Crypto. We hoped that Crypto would be like a utopia that would bring everyone happiness and financial freedom, and that opportunities would be equal for everyone, but unfortunately all of this is an illusion and imagination.

Satoshi's dream was to eliminate the corrupt banking system that dominates the world and replace it with a decentralized system based on freedom and equality, far from centralization and control, but look what the likes of Sam Friedman and CZ brought to Crypto, we have gone from one corruption to another corruption.

Do you mean "with my country" the US? Binance alreay offers a limited US version of the exchange. Limited means, you can only use a few of the activities/possibilities Binance actually offers, because many of those activities do not meat requirements the SEC has. Also other securities and exchange commissions from other countries do not allow those activities. Binance know that and that is probably the reason why Binance even do not publish their registered office as of today.

Binance is P2P?
https://www.britannica.com/technology/P2P
P2P are the way of two persons, and not in an exchange were you not get your keys.

My question is why the heck CZ or Binance did not pay attention in registering it's corporation here in my country? Consequences could be the SEC might block the said platform from being accessed and then what? Cryptocurrency enthusiasts here in my country may feel disappointment when they're gone because majority of us know how important Binance is to us specially it's p2p feature which is very convenient. If they do really care about their business then why not comply and make it legal?

This might be true that CZ will still have some influence over Binance, but it will not be as significant as he was as the CEO, so it will not be the same. If the new CEO has completely different Idea than Binance there could also be possibility that CZ influence will be very minimum. More than that the 4.3 Billion USD that is charged toward Binance will make them think twice if they still want to continue running business as 'usual' and not making any change.

All of the crypto related regulations and sanctions saga that I'm hearing are all mainly between the American government and exchanges, I guess that for them to operate in America, the government has to be in the know of all their affairs and they must adhere strictly to regulations. I've always felt that the US is monitoring exchanges because of their national security, in the cases of illegal funds passing through them than the tax that they want from them.

I once had an argument with a friend who said that there's no wealth without crime, I disagreed that some wealths can be groomed to become extremely huge, that he can not generalize. But after carrying out my own research, I found out that almost every big renowned successful businesses has their own fair share of alleged crime. So for CZ, although I don't know if his alleged crime is being made public, but that's the story of top CEOs. I hope that Binance still stays strong in the cryptocurrency industry, because they've built trust over the years.

Well he did actually that's why I compared it to the get rich or die trying story.
He took risks and is shouldering his responsabilty in it and as a plus binance will take a step in the regulated crypto world.

For me Binace and all other exchanges are not really crypto as they use as tool not as a way to reform.


Thx true you if you sell your quite hours for success, Plus the people which played with him are not even mentioned.



Binance US exists, so do some 10 to 15 other binances which are all his.
Some 50 companies (known) are connected to CZ.

Most of us are reading what the media is presenting to the table but there are more to things they feed the public, who knows if it’s Binance doing their thing to win the case or the Law enforcement doing what they know best.

Binance( the global exchange) was launched in the year 2017 and when they came around, the were operating accross all over the countries but later scams and fraud rates where at all time high that period because of ICO tokens that was taken place that time and Binance were pressure to register with US and do proper registration and implement KYC for everyone but they feel succumbing to US will jeopardize their customers from other regions and they might go to other places. So the idea of Binance US was introduced, they launched that in the year 2019 and asked all their US customers to withdraw all their tokens and move to the new specific Binance US.

Binance US was operating fine but with limited tokens and most of the things happening on Binance global wasn't happening there like the Laundpad IEO. However, because Binance has become a company in the US, they used that to hold them on the neck, it was even their pressure that made Binance to completely made KYC compulsory later in all the exchange. As if that wasn't enough, law enforcement claim Binance were laundering money with Binance US and many other accusations with Binance global and they were (CZ pleaded) guilty and fine, that's how the witch hunt led Binance to where they are today but do you really think Binance didn't do stuffs like that, I doubt.

As for CZ, he is still in the US and no access to the internet and I think Binance are been smart enough to learn from Sam.BF so as not to complicate his case but worry not, he will be free when the time comes. The US just want to have crypto on their palm and CZ and Binance been the leading exchange was their target and they have it under watch, let's pray they don't come for Bitcoin.

CZ will only step away from binance but in the background he is still the owner of binance. and he will continue to manage the people on top of the management team. i think there will be no difference to what was going on before and CZ is complying with what every government is doing to Binance.

i don't think he will go to prison. when rich people talk about settlement, there will be a bargain deal and money always works in the background.

managing a company as big as binance is not an easy job, especially since it has branches in each country where they have to comply with local regulations which are sometimes very annoying. but even though they have tried to comply with these regulations, sometimes there are things that are beyond their control, especially problems regarding money laundering. binance can't control where their users' money comes from, and that's why he as ceo and binance get penalties not only in the US, but in several other countries if i'm not mistaken.

but that's the risk of being a company founder, sometimes he has to make sacrifices for the company he founded. moreover, as ceo, which is a strategic position in the company, he definitely takes part in important decisions taken by binance. and when they encounter problems, they face them professionally instead of avoiding them, which is very worthy of appreciation. and because of this, CZ did not receive additional penalties and it is possible that he will not be jailed because he was willing to coordinate and pay the fine.

I do agree that Binance didn't really do anything that was all that confusing, it is not really that shocking to begin with, I think it should be something normal and I could understand why. I believe that they had trouble only when they started to not have anything that's weird about the situation, it should not be all that confusing, it should be something that would benefit everyone eventually.

We need to make sure that we are going to end up with something much bigger, and that is why I think it should be important to focus on how we could get better. I believe the best thing to do in this case would be realizing that binance rejected the sanctions, and let people use them, and that's why they were attacked, that's just the reality.

The entire incident of binance is very unfortunate. We all need to understand that finance is the biggest cryptocurrency exchange in the world. Now US government wants 100% surveillance right on Binance. So they are constantly disturbing the operations by filing multiple litigations against the top Boss. This is very unfortunate.

I am wondering why binance is not moving out from US and go to Singapore! At least they will have a supportive government who will not try to shutdown their operations using litigation. Let me tell you that United States will slowly become the most hostile territory to conduct a cryptocurrency related business.

I think you miss the point. OP never said Binance is a grass to grace story or a poor to rich story, if I understand him correctly, I think he means CZ was ready to do what it took to grown Binance even if it would hurt him.
He's liking it to a get rich or die trying story.

OP kind of has a point. You don't get to that level of success without stepping on some toes, especially in a relatively new industry where you are or among the first company. All regulations starts from you.