Topic: Binance reaches deal to pay $4.3B settlement to American regulators - page 6. (Read 1330 times)
November 26, 2023, 03:54:50 AM
Even though they change the CEO and paid the settlement, I don't think general perspective about Binance will still be the same after this case, especially for people whoa aren't crypto enthusiast general people who just enter crypto world. I doubt they can maintain their position of top exchange next year.
November 26, 2023, 03:42:13 AM
It's official CZ pleaded guilty to a felony charge of violating money laundering laws. CZ's on bail at $175M. He's replaced by Richard Teng after he resigned as CEO of Binance. The exchange's got to pay $4.3B to settle the case.
Did we consider Sam Bankman Fried & Changpeng Zhao would've been convicted criminals in 2023? They're going to be sentenced next year.
I'm not sure how you can put CZ and SBF on the same level: CZ didn't follow some money laundering laws, which is not something that uncommon, of course if you are the biggest exchange in the world and the US hate you, well, it's a serious problem. On the other hand we have SBF who created an exchange just to scam people, because that was his final goal. I would say that there is quite a big difference.Did we consider Sam Bankman Fried & Changpeng Zhao would've been convicted criminals in 2023? They're going to be sentenced next year.
November 26, 2023, 12:51:11 AM
It's official CZ pleaded guilty to a felony charge of violating money laundering laws. CZ's on bail at $175M. He's replaced by Richard Teng after he resigned as CEO of Binance. The exchange's got to pay $4.3B to settle the case.
Did we consider Sam Bankman Fried & Changpeng Zhao would've been convicted criminals in 2023? They're going to be sentenced next year.
I'm not sure how you can put CZ and SBF on the same level: CZ didn't follow some money laundering laws, which is not something that uncommon, of course if you are the biggest exchange in the world and the US hate you, well, it's a serious problem. On the other hand we have SBF who created an exchange just to scam people, because that was his final goal. I would say that there is quite a big difference. Did we consider Sam Bankman Fried & Changpeng Zhao would've been convicted criminals in 2023? They're going to be sentenced next year.
November 26, 2023, 12:27:30 AM
I think this investigation was ongoing for a while. I don’t know what the 4 fingers meant when he was holding it up but some are speculating it’s the $4B he will owe to the government.
The writing was on the wall when Binance all of a sudden started to lose banking partners for deposits and withdraws. Then the entire issue with the stable coin. And eventually all the problems that happened at Binance US.
We all knew something was up but didn’t think it would be this.
The writing was on the wall when Binance all of a sudden started to lose banking partners for deposits and withdraws. Then the entire issue with the stable coin. And eventually all the problems that happened at Binance US.
We all knew something was up but didn’t think it would be this.
November 25, 2023, 09:15:06 PM
Regarding Binance and CZ have reached agreement deal with paying $4.3B to American regulator are there have district for CZ come back to his cryptocurrency exchange one day later? The cases between CZ and Sam Bankman Fried drastically difference due CZ not scam their investor of Binance user and SBF have run away all their investor fund. Regarding with Sam Bankman Fried have get under rest and wanted person by Unites State government and CZ have special thing after paying $4.3B to American regulator and his name not in the wanted list.
But the SEC seems to be indiscriminate either, all given advance warnings, but it may depend on how well they respond and meet the SEC's demands and fix what is in question, or maybe the payout from Coinbase is larger.
All exchanges related to the US and SEC end up with fines and Coinbase still survives, of course there are privileges from Coinbase.
The US government really doesn't let CEX operate properly, they want to control everything.
SEC have targeted many exchange regarding their operation in United Sate such as Binance US will make them easily how to find bit mistake, I think mistake did by ZC by opening Binance US exchange due they have Binance global and there are not large transaction than Binance global. After Binance who will be next target by SEC Commission are there exchange market or they will get new target as altcoin developer such as Ripple coin. All exchanges related to the US and SEC end up with fines and Coinbase still survives, of course there are privileges from Coinbase.
The US government really doesn't let CEX operate properly, they want to control everything.
November 25, 2023, 07:06:12 PM
Well we knew SBF was a criminal as soon as his claimed bankruptcy last November. But nobody would of expected CZ to actually be charged with all this.
His exchange was actually fairly honest and never scammed or defrauded individuals. This is why it was a shock to many and many are saying is was blackrock that claimed this needs to happen for the bitcoin etf to get approved. Binance just was way too big and they want the market share to separate.
I was marveled when I saw the news. Matter of fact, when I was told, I thought it was a lie and probably just some fake news for maybe market manipulation (At least we can agree that Binance news can cause market manipulation). But the truth is that just because you didn’t expect something doesn’t mean it can’t happen. We all feel empathy for him because we’ve always seen him as a simple and sincere person. However, he has man it up and agreed to face the consequences as he should. Life moves on. His exchange was actually fairly honest and never scammed or defrauded individuals. This is why it was a shock to many and many are saying is was blackrock that claimed this needs to happen for the bitcoin etf to get approved. Binance just was way too big and they want the market share to separate.
November 25, 2023, 09:43:50 AM
Not only binance and bittrex have to close down, kraken is also being sued by the SEC while coinbase is safer than ever. Do you think this is clearly a war for the market and coinbase is becoming the choice of the US government? If I remember correctly, Coinbase was also sued at the same time as Binance.us but so far, coinbase has been very stable and their stock ticker has even doubled since the SEC sued them. Wall Street investors are eliminating market builders to take control of this crypto market.
But the SEC seems to be indiscriminate either, all given advance warnings, but it may depend on how well they respond and meet the SEC's demands and fix what is in question, or maybe the payout from Coinbase is larger. All exchanges related to the US and SEC end up with fines and Coinbase still survives, of course there are privileges from Coinbase.
The US government really doesn't let CEX operate properly, they want to control everything.
November 25, 2023, 02:07:09 AM
yeah i am thinking we in the USA are going to served by just coinbase.
yeah, Hi grandpa @philipma1957Coinbase still seems to be pretty safe right now from SEC attacks.
In early June, Coinbase also received its first lawsuit from the SEC along with Binance, but now Binance is the real target, making CZ have to resign.
Coinbase dismissed all such lawsuits in August and hopes that U.S. regulators set clear rules, so everyone can understand and follow.
The country essentially claims to have authority over all investment activities and thus has the right to determine the scope of its own regulations,
limited only by its own ambitions
Not only binance and bittrex have to close down, kraken is also being sued by the SEC while coinbase is safer than ever. Do you think this is clearly a war for the market and coinbase is becoming the choice of the US government? If I remember correctly, Coinbase was also sued at the same time as Binance.us but so far, coinbase has been very stable and their stock ticker has even doubled since the SEC sued them. Wall Street investors are eliminating market builders to take control of this crypto market.
November 25, 2023, 01:52:57 AM
On one hand, I think CZ is a sociopath and I'm glad he's out as CEO. On the other hand, its impressive that Binance could absorb this fine and keep going. They've obviously been good at doing what any good business does: continue to make money no matter what, but the problem is they hold (held?) too much sway over the entire crypto industry and its good to see them taken down a peg.
November 25, 2023, 01:24:20 AM
That is a lot of money. I hope they won't go bankrupt
November 24, 2023, 11:48:01 AM
We don't know why Satoshi disappeared it's a mystery. We're probably never going to learn the truth about who Satoshi was but I've discussed his writings Why did Satoshi use GB British English and international English ?
As far as we know at this time, CZ does not appropriate users' money for personal purposes.
Although the fine figure makes many people afraid and makes it difficult to send unconvincing signals, I do not have much doubt about Binance's ability to operate, and honestly, after this incident, I still think they will step down, entering the new market cycle and continuing to bring the vibrant atmosphere of the altcoin environment.
And this is the reason why Satoshi disappeared and never appeared..
Although the fine figure makes many people afraid and makes it difficult to send unconvincing signals, I do not have much doubt about Binance's ability to operate, and honestly, after this incident, I still think they will step down, entering the new market cycle and continuing to bring the vibrant atmosphere of the altcoin environment.
And this is the reason why Satoshi disappeared and never appeared..
Satoshi is ahead of anyone in crypto and he did the best thing by not coming online and letting the people do what they want but I believe Satoshi intension were for good. The reason why I think he never come online again was to never allow any form of centralization through his influence and it's better that way.
But perhaps according to what I have observed, everything will go smoothly and money can solve the current problem and soon bring the market into a new bullish cycle.
November 23, 2023, 03:17:06 PM
It's confirmed CZ didn't steal from Binance customers but he's the head of the company when laundering happened. The deal's going to let Binance continue trading. SBF's max sentence could be 115 years but we don't know about CZ.
But wait, are you justifying reasons that CZ is better than SBF, I don't quite understand what you mean by one used customer money and the other did only money laundering.Satoshi is ahead of anyone in crypto and he did the best thing by not coming online and letting the people do what they want but I believe Satoshi intension were for good. The reason why I think he never come online again was to never allow any form of centralization through his influence and it's better that way.
Satoshi won't come back to forum the world's going to speculate about what happened to the creator of bitcoin. Some ppl are going to say Satoshi's work changed finances for millions so he's cool but some ppl are going to say he's created a scam. We don't know anything about Satoshi but I'd say Satoshi was a pseudonym used by more than one person. 
November 23, 2023, 12:46:13 PM
It's official CZ pleaded guilty to a felony charge of violating money laundering laws. CZ's on bail at $175M. He's replaced by Richard Teng after he resigned as CEO of Binance. The exchange's got to pay $4.3B to settle the case.
Did we consider Sam Bankman Fried & Changpeng Zhao would've been convicted criminals in 2023? They're going to be sentenced next year.
Bro this story has been shared a hell lot of times here on BTT but I think you did not notice that, anyway, Sam Bankman and CZ should not be compared as equal convicted criminals because IMHO they are not that's why CZ was fined while SB is in custody. Overall they both were two different cases.Did we consider Sam Bankman Fried & Changpeng Zhao would've been convicted criminals in 2023? They're going to be sentenced next year.
Besides their comparison, CZ did commit a crime that he should have prevented but we all know which who had the most power of which one, and this issue got hype due to the funding that goes into many Hamas, or other states as funds via Binance, and on confirmation those accounts used to send funds are seized even though DOJ get a chance to extract money out of Binance.
And according to the plea Binance has to give them back all the money that they earned via Fee from US citizens including all other earnings they made.
November 23, 2023, 11:23:32 AM
In my opinion, I don't think it will be proper or right to compare SBF and CZ in terms of criminality.
It is obvious that SBF is a fraud and scammed people of their funds when he declared bankruptcy. But the case of CZ is more a political witch-hunt just to step him aside.
Even though CZ admitted to those criminal charges, I doubt if they were intentional and if he personally have a hand in it.
But this battle is between an individual and the us government, trust me, the us government will always have their way.
It is obvious that SBF is a fraud and scammed people of their funds when he declared bankruptcy. But the case of CZ is more a political witch-hunt just to step him aside.
Even though CZ admitted to those criminal charges, I doubt if they were intentional and if he personally have a hand in it.
But this battle is between an individual and the us government, trust me, the us government will always have their way.
November 23, 2023, 11:17:21 AM
coinbase customer count: 98m
binance.com customer count: 120m
binance.us customer count: 0.67m
regulators and binance.com didnt want binance.com to be regulated by the US.
regulators and coinbase and institutions didnt want americans measuring bitcoin price based on binance.com
because institutions would not be treated as using a fair index if it wasnt using the biggest. (binance.com )
so they if preferring coinbase they wouldnt want binance.com regulated in the US
and binance.us just doesnt count as a fair index due to lack of customers
so ruling binance.com out, coinbase becomes defacto top index preference
in short. americans wont rely on binance.com for spot pricing anymore due to losing access to binance.com(or shortly will)
and no one wants to give validity to low volume of binance.us.. so win for coinbase.com
binance.com customer count: 120m
binance.us customer count: 0.67m
regulators and binance.com didnt want binance.com to be regulated by the US.
regulators and coinbase and institutions didnt want americans measuring bitcoin price based on binance.com
because institutions would not be treated as using a fair index if it wasnt using the biggest. (binance.com )
so they if preferring coinbase they wouldnt want binance.com regulated in the US
and binance.us just doesnt count as a fair index due to lack of customers
so ruling binance.com out, coinbase becomes defacto top index preference
in short. americans wont rely on binance.com for spot pricing anymore due to losing access to binance.com(or shortly will)
and no one wants to give validity to low volume of binance.us.. so win for coinbase.com
November 23, 2023, 11:06:36 AM
I knew CZ was being accused of some serious crimes in the United States, but I would have never expected him to plead guilty on making easier laundering through Binance.
Binance is a very huge ecosystem so it is to be expected their staff won't have Information or everything under control at all times. In the end it does not matter because he as the former CEO was the biggest responsible of all those measures, in the eyes of the law.
I doubt CZ will see any time in prison, by the way, unlike SBF I do not think CZ had bad intentions or malice when conducting their exchange operations.
Whatever happens, hope for the best for Binance and the honest people who work there.
Because of the seriousness of the accusation, CZ finally admitted to the mistake, he seemed to have no other defense so we were a little surprised to see the news that CZ pleaded guilty.Binance is a very huge ecosystem so it is to be expected their staff won't have Information or everything under control at all times. In the end it does not matter because he as the former CEO was the biggest responsible of all those measures, in the eyes of the law.
I doubt CZ will see any time in prison, by the way, unlike SBF I do not think CZ had bad intentions or malice when conducting their exchange operations.
Whatever happens, hope for the best for Binance and the honest people who work there.
Indeed Binance is a large exchange they also have a popular ecosystem that is much in demand until now if I'm not mistaken the total wealth of Binance $64B they may still be able to survive any action, regarding staff and others I think they already know any information but they will still maintain integrity for Binance in the future with the new CEO.
It is clear that SBF is guilty of using public money for personal gain, but CZ only admitted that he facilitated money laundering with his platform, maybe this charge will not be as severe as SBF.
his admission will be used by a lot of governments to enforce kyc.
my fear is they may want to attack self custody in your own wallets.
which would be a logical step to making cbdc. the rule of the world 🌍
at tauifik123 I am 66 going on 67. but both my kids died as miscarriages. So I am not a grandpa.
My first lost kid would be 28 if nothing bad had happened.
My second lost kid would be 25.
I would have like to have been allowed by the universe to watch the kids be born and give my wife and I grandchildren but that was not the universe’s plan for me and my wife.
November 23, 2023, 10:53:42 AM
I knew CZ was being accused of some serious crimes in the United States, but I would have never expected him to plead guilty on making easier laundering through Binance.
Binance is a very huge ecosystem so it is to be expected their staff won't have Information or everything under control at all times. In the end it does not matter because he as the former CEO was the biggest responsible of all those measures, in the eyes of the law.
I doubt CZ will see any time in prison, by the way, unlike SBF I do not think CZ had bad intentions or malice when conducting their exchange operations.
Whatever happens, hope for the best for Binance and the honest people who work there.
Because of the seriousness of the accusation, CZ finally admitted to the mistake, he seemed to have no other defense so we were a little surprised to see the news that CZ pleaded guilty.Binance is a very huge ecosystem so it is to be expected their staff won't have Information or everything under control at all times. In the end it does not matter because he as the former CEO was the biggest responsible of all those measures, in the eyes of the law.
I doubt CZ will see any time in prison, by the way, unlike SBF I do not think CZ had bad intentions or malice when conducting their exchange operations.
Whatever happens, hope for the best for Binance and the honest people who work there.
Indeed Binance is a large exchange they also have a popular ecosystem that is much in demand until now if I'm not mistaken the total wealth of Binance $64B they may still be able to survive any action, regarding staff and others I think they already know any information but they will still maintain integrity for Binance in the future with the new CEO.
It is clear that SBF is guilty of using public money for personal gain, but CZ only admitted that he facilitated money laundering with his platform, maybe this charge will not be as severe as SBF.
November 23, 2023, 10:24:21 AM
yeah i am thinking we in the USA are going to served by just coinbase.
yeah, Hi grandpa @philipma1957Coinbase still seems to be pretty safe right now from SEC attacks.
In early June, Coinbase also received its first lawsuit from the SEC along with Binance, but now Binance is the real target, making CZ have to resign.
Coinbase dismissed all such lawsuits in August and hopes that U.S. regulators set clear rules, so everyone can understand and follow.
The country essentially claims to have authority over all investment activities and thus has the right to determine the scope of its own regulations,
limited only by its own ambitions
November 23, 2023, 09:54:54 AM
Definitely, they found something that was not in regulation, but of course, it's the kind of news that we didn't expect. I was asking myself, probably propaganda starts to attack the crypto space. Binance is one of the biggest Bitcoin holders.
Yes, this was my same thought I was reading about all this. It will be interesting how it all plays out with their holdings.
November 23, 2023, 09:26:30 AM
-snip-
CZ and Binance have reach deal agreement for paying $4.3B settlement to American regulators regarding his mistake with money laundering and leaves his position as Binance CEO.
It is a form of commitment and responsibility from Binance to solve the problem by paying the fine. CZ and Binance have reach deal agreement for paying $4.3B settlement to American regulators regarding his mistake with money laundering and leaves his position as Binance CEO.
and also CZ is willing to take from his personal money to pay part of the fine of USD$50 million, of course this proves that CZ is the CEO who is responsible for the problems that are happening and does not leave it alone.
I don't know what happen with SEC Commission always attack with all exchange cryptocurrency owner, I don't sure they will stop for hunting the next target and pressure them to pay more money as did by CZ.
The SEC is always looking for profits on every major CEX and this is a warning for all CEXs to be careful if they want to enter the US Exchange.It's better to find safe and not get involved with the US, especially Gary Gensler is famous for not being pro with crypto and always cornering crypto in all problems.
yeah i am thinking we in the USA are going to served by just coinbase.
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