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.

CZ in this case succeeded in saving the exchange and the regulators could be said to have failed to destroy Binance. CZ decision to resign was the right plan, he had been aware that this would happen since establishing Binance in the US Jurisdiction. Perhaps CZ biggest regret that I see is establishing Binance in the US because inevitably there have been many cases of exchanges getting sued by regulators and ending up bankrupt. CZ has studied the cases that have occurred so that he has the option of sacrificing his position and then Binance continues to operate as usual. So far the impact of CZ case has only focused on him and Binance has returned to operating by following the initial rules.

Imagine if the regulator managed to bring down CZ completely like F*ckTX, maybe the story would be more exciting.

Indeed, it was a very smart move to disassociate CZ from Binance as soon as the allegations were triggered which saved a possible downfall of Binance, what's more surprising is the fact that the allegations were accepted but Binance was visibility the most centralized crypto exchange and this might be a warning to all the centralized exchanges that they would be punished if they don't comply with US government and it's demands.   

I don't know why but when Bitcoin or crypto in general getting recognized by world and getting more popular than ever there are more government to seems don't like it and keep push crypto to edge.

Binance is big and now getting pushed in USA and maybe in other country aswell I just hope the crypto innovator not give up.

This story is more about surveillance than wanting to get rich.
Basically US government wanted full 100% surveillance on all activities of all users from a centralized exchange called Binance, they didn't fully comply so they arrested CZ to show them how they mean business

I really believe that Chanpeng Zhao is no different than Sam Bankman-Fried. Of course, SBF was more irresponsible and maybe stupider, but I can't get out of my mind the comparison between those two guys.
When you become financially successful really quick, you start getting delusional and you begin to think that you are some kind of genius. Greed also starts to kick in and you begin to think that making 100M per year isn't enough. You have to make several billions per year. The sky is the limit. So you begin doing illegal stuff and you sacrifice morals in order to make even more money. Eventually you get caught and you end up in jail. Those crypto CEOs are basically following the same path towards failure.

It would be good if this was the end of the Binance story and no further investigations were conducted, because if the snowball starts to move, it will roll violently and then the platform’s bankruptcy is a matter of time.
The best thing that Binance can do is to avoid being the focus of attention of the authorities in any way, and to adhere to all existing legislation, completely withdraw from everything related to the United States, and try to ensure that all internal financial matters are in order, and then try to enter these markets with new employees who have knowledge of these markets.

Once the government notices that theres a large amount of money making a transaction outside of the country they will notice this immediately and focus because seems like illegal to them, in my country SEC gives an issue that the Binance must comply within 3 months or else they will now mandatory banned this exchange currently it takes already a month and we haven't received any news yet regarding with the issue and i don't know if the binance want to comply too most of the user in the PH now will seek other exchange if this will become implemented.

I have also heard that with him paying and stepping down the investigations will stop but it seems like the US has sentenced him and it seems like he can be sentenced up to 18 months if i am not mistaken he will be sentenced 23 of February next year it also seems that the court has banned CZ from going back to his homeland, UAE as they basically do not trust CZ to go back to USA given his enormous wealth

He's still getting a jail sentence? That's weird because last that I've heard about this issue is that CZ paid for the investigation to stop and him stepping down as the CEO is also part of that, didn't know that he's also getting that metal bracelets. I guess they got to comply with the US government, and it shouldn't be a problem to them because they're a CEX after all, they won't mind having the identities of their clients exposed right?

I don't think there is a way out for CZ in this, the crime is obvious and what helps him most is that he didn't give the authorities many issues but cooperated with them and admitted to all wrongdoings. This, in addition to the fine on him and Binance, he will definitely do his jail term. But to admit the guilt might drastically reduce the jail term to less than 2 years.

Well, it depends on people and their style of leadership, it also depends on the system a business is operating. This is why the middlemen you referred to might not matter here. CZ might want to take full responsibility for what happened or might not even know the real people involved (fake identities) but deal with them deal to greed. After all, he can't do this alone, but he is the one who is calling the show. Also, the main crimes committed are not revealed in detail to the public, which explains the reason why he alone is going down. Who knows too, others might silently go down with him but is out of the media.

yeah, that is correct

"business must be run at a profit else it will die. But when anyone tries to run a business solely for profit... the business must die as well, for it no longer has a reason to exist." henry ford

i'm glad apple are in for the money, steve jobs are in for the money, I can never imagine they are in to actually make a product that is useful such as iphone that provide so much value to the user it is ground breaking and it is totally a technology from the future benefiting every mankid and bring everyone leap forward!

It's only the US that they need to comply with, they are doing it in almost every country, but since we do have different Government (Interest, Point of view, judgement, and many more) they are having hard time to deal with all of this, In fact it is not only the US that are trying to sanction them. Binance is a huge company on its industry, I guess none of their competitor is on their level, you can see it after CZ paying such a huge amount of fine without announcing its closure, that means they are protecting their future stand perhaps they already have what it takes to jump on this hurdle.

It has been clear since 2019 that Binance would become a giant in the crypto industry for a simple reason: the absence of any real competitors capable of operating efficiently in all markets. In 2019, Binance was still in the construction phase, from developing its systems to obtaining licenses, which was not easy at all, by the way.
I don't want to sound too pessimistic, but it has become difficult to control Binance due to the extent of its influence, and fears are increasing after what happened a year ago with the FTX exchange, which was a pioneer in the crypto market before Binance itself contributed to eliminating it.

The difference is that in 2019 Binance wasn't the company it is now.
Before losing a few high capital contributions and Finance would have a hard time to get over that.
Now it's a different ballgame. Trading has picked up considerately.

Completely unlike you, I believe that a year and a half in prison is a long time, and this sentence could have led to the collapse of the entire company system, regardless of its field of activity and regardless of its owner. You can imagine, for example, a prison sentence of the same period for Zuckerberg or Elon Musk. What do you think the situation will be like for Facebook and Twitter?
From the beginning, Binance was breaking the laws and the authorities knew it. The difference this time is that the authorities no longer want their citizens to deal with Binance without compromising the company’s function abroad. Today, Binance faces problems in complying with US laws, while it can request user data from the platform at any time and influence its decisions. The most prominent example is what happened in the recent Gaza war, when funds and accounts suspected of being linked to Palestinian armed factions targeting Israel with military operations were frozen.

Fitting to the article in the economist.
We have to take risks in order to make success happen.
I reckon about 30% of alle people will shy away from a credit.

with 200 pounds Hoodrich made it: https://se544.com/en/marketing-success.html

not bad, how about write it into something else

Apple: get rich or die trying

Steve Jobs: get rich or die trying

michael saylor: get rich or die trying

I can never imagine there is a story of going from poor to rich, none of them actually existed. is binance an exception? really binance from poor to rich? based on what?? just a hype up catchphrase?

Quite interesting Story is the Story of Binance.
What is a missing is the role many of those managers played.
The web of companies he, CZ holds is quite an achievement. Something around 50 I think which are known.

Allegations is good, complaints were issued:


https://www.reuters.com/investigates/special-report/finance-crypto-currency-binance/
No paywall

It seems that they are compliant but behind that there's more. I agree, that Binance didn't fall just because CZ has been taken over and sued by the regulators. I think that he has seen it coming and not willing to sacrifice the entire company just for his fall. Good thing that he has planned it all and had some actions that has saved the entire business. With that, he has to face all of these serious allegations and have to clear his name and whatever that has been charged of him, he can face it while was able to save already the exchange.

Binance really seemed like an exchange that was trying to comply with the regulations and even follow sanctions initially. But then came allegations and investigations that Binance is helpful for evading the US sanctions, and it seems that Binance didn't do enough to prevent that from happening (and, judging from the article, sometimes even helped high-level clients to keep using Binance). What's good about this case is that the fall of CZ did not take Binance down. Binance will be supervised but will continue to operate, and 18 months isn't a big jail term.

Entire article is here:
https://www.economist.com/finance-and-economics/2023/11/22/another-crypto-boss-falls

Not only Changpeng Zhao, head of Binance known as CZ has to pay a fine, he most likely has to do some time (in Jail). What they (He and his management) did was what had to be done to become the most popular exchange. A construct which replaces the middleman. Also at least co-responsible that many people believe trading to be synonyms for Crypto, even Bitcoin.

Getting rich or die trying is the credo of many people living in Ghetto-like circumstances.
It would not have been possible without his management, the people he put in place to manage the accounts, among others.
The article paists a nice picture of the venue Binance if you cannot get to the info past the paywall use

https://www.removepaywall.com  a gift from Elon ,)