Binance sued by CTFC | Bitcointalksearch.org

RapTarX

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Quote from: LeGaulois on March 30, 2023, 09:23:39 AM

Now Brazil too, but before we had also India's investigation over alleged money laundering with WazirX (owned by Binance FYI), Singapore, UK (?), and more.

There was an argument a few days back that Wazirx isn't owned by Binance. I was surprised because Binance announced they have acquired wazirx long ago but last year, they announced that they didn't because the acquisition was depending on some agreement. I haven't followed the update though. Well, it proves they are basically having stupid activities everywhere. Good to see that they are being monitored. Would be happy to see their domination getting minimized.

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I would say to CZ: you're a lier and hypocrite. You cause more damages to the cryptocurrencies than somthing else.

He is a liar, indeed. We all used to know Wazirx is acquired by Binance from their announcement and now, they say they didn't. Can you imagine LOL?

LeGaulois

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@bitmover, thanks. That's a good news Grin

Long live Brazil! Pelé the king forever!

Hé hé hé, Binance's CEO was always saying it's FUD when the company was criticised by media such as Reuters.
But facts matter, and it doesn't seem to be FUD to me. He has almost no choice to deny the facts as a CEO. Unless the proofs are fake but it doesn't look to be the case

If it was only the USA hunting Binance, we could think it's just a war against the company, but there're more and more countries looking at Binance. Now Brazil too, but before we had also India's investigation over alleged money laundering with WazirX (owned by Binance FYI), Singapore, UK (?), and more.

Ouch, do I need to remember that Binance agreed to hand over client data to Russia and its FSB to track millions USD of cryptocurrencies donated to Alex Navalny.

Breaking news: Binance hid extensive links to China for several years Remember, Binance leaved China about 5-6 years ago. Well, not totally apparently...

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several executives, including Changpeng Zhao, are said to have regularly asked to hide their presence in China - and their collusion with the Chinese government.

In addition, the Financial Times investigation highlights a deep relationship and strong link to China. An office was reportedly still in use two years after the platform cut its ties with the country and Binance reportedly used a Chinese bank

According to the documents collected by the enquiry, these links were hidden for several years and regularly denied in the face of rumours and other accusations.

When a rumor becomes a fact, it's not a rumor anymore but rather the truth!

I would say to CZ: you're a lier and hypocrite. You cause more damages to the cryptocurrencies than somthing else.
Look at your mirror in the bathroom and shut the hell up bitch

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No way, this its part of one most bigger picture, its more USA against China, everybody knows USA doesnt like to lose in any field, and less the goverment of USA.

They are going to put all the pressure on Binance (china) for what they make in the past for destroying his little boy FTX (USA).

Asides of this geopolitical opinion, i think Binance in his will to expand commit a "error" everybody know in the business things and in some areas, you can make business in the whole world or make business in the USA but not both.

USA after WW2 have his own law and dont give a fuck about international laws and etc, so for that a lot of people doesnt make busines in USA, example, do you see most of the gambling sites doesnt operate in USA, and the one who operates in USA doesnt operates away USA.

In crypto, the same you can see Coinbase in EEUU but not big worldwide.

Disclaimer: Please dont be so idiot to say to me "eeee but Coca Cola sell his product in the whole world", "Toyota sell his cars in the whole world" and etc.

If you know what im talking about you understand my point.

Bananington

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Quote from: TryNinja on March 27, 2023, 11:31:59 AM

Someone is going to get arrested, or at least HEAVILY fined.

I believe that on a normal, they could have ignored all this but because It is CZ, they are making a big case from it to pull him down. Binance has the biggest number of Users who make use of their services, These kind of issues usually affect the trust and confidence that users have with an exchange, and reduce the number of people they have, but a question to ask is to whose benefit? Which exchange do you think will benefit from this?. Since this new development came up, many users have withdrawn and temporarily suspended their usage of binance.

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based on data from blockchain analytics firm Nansen that Binance has experienced more than $1.6 billion withdrawals since the CFTC first slapped it with the lawsuit. In the last 24 hours, users dragged $852 million of their assets off the exchange, more than twice the average of $385 million per day over the previous two weeks.

https://news.yahoo.com/binance-sees-surge-withdrawals-cftc-142500040.html

bitmover

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Brazil authorities also sued binance for irregular negotiations of derivatives
https://www.infomoney.com.br/onde-investir/cvm-volta-atras-e-reabre-processo-contra-binance-por-suposta-oferta-irregular-no-brasil/

Looks like binance is having legal problems are all over the globe.

o48o

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Quote from: Smack That Ace on March 28, 2023, 11:16:43 PM

-cut-
Here is the response from CZ.
https://www.binance.com/en/blog/from-cz/czs-response-to-the-cftc-complaint-2408916493005890282

His response made me think.

If i was any more of a tinfoil hat i probably would draw lines of SBF pulling some strings or maybe he even offered dirt on CZ to reduce his sentence. You know, as a revenge, from that CZ tweet that started the fall of FTX.

This actually could make sense as those officials wouldn't need even to risk anything, they wouldn't be defending anyone illegally, they would just need to put the heat to right sector and cause mayhem until king of altcoin exchange falls.

stompix

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Quote from: LeGaulois on March 28, 2023, 04:01:12 PM

By the way, all people on bitcointalk usually praising binance ceo 24/7 will perhaps shut up a bit Cheesy

I told you: he's cancer for bitcoin. He doesn't care about you, all that matter are the VIP members representing the majority of the volume on binance

Not going to happen.
The mob needs a leader, that's why every single imbecile dictator has gained so much power, the mob needs one that lies to them, makes them feel secure, speaks their mind, and so on, they don't care about the other things, they don't care about the lies or the shady deals behind, as long as it's good for their wallets they will kiss any ass available in 100 miles radius.
Binance is great, Binance is good, and I made money on it, they don't even realize that all the billions in those coffers CZ brags about are made by fleecing users, made by providing a 3rd party solution that goes against everything in crypto.

You dare criticize CZ or Binance, it's FUDDDDDD!
He fled Japan because he had no license! FUD! He never got a license in Malta despite claiming! FUDDD, the license is #SAFU! Does the US branch have a virtual address and a 1 employee team behind it? FUD! Is he charging you 100x more for real Bitcoins than his fake BNB bitcoin? FUD!

This army of yesmen who would believe any crap and clap on every lie he throws will never shut up and only get angrier or lauder since they somehow identify him as some sort of price indicator, if he goes down it's bye-bye to their dreams also.

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Quote from: examplens on March 28, 2023, 02:47:02 PM

Quote from: bitmover on March 27, 2023, 02:49:28 PM

Quote from: OmegaStarScream on March 27, 2023, 12:31:30 PM

This is probably a good time to stay away from the platform or at least its token which doesn't seem to have been affected by the news.

Certainly a good time to withdraw everything from binance.

if this attitude towards Binance were to spread, it would certainly cause more damage than the lawsuit by CTFC.

Of course, not. The withdrawals made hours after the lawsuit was filed by CFTC were huge. They were in the hundreds of millions, but Binance is still holding tens of billions. The result of Binance's legal battles could be a lot more damaging than whatever attitude these government lawsuits against Binance cause among its users.

If found criminally liable, Binance might completely die. The cases involved aren't anymore just civil in nature. Terrorism is involved. Hamas is even mentioned. Whereas, if this attitude of fear were to spread, Binance will remain standing and could easily redeem its reputation. Binance and CZ have so many solid blind followers. In addition, many newcomers won't really mind the legal battles involving Binance.

Smack That Ace

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From some info I found. What is happening is that institutions like the SEC and CTFC are vying for control of the crypto market. The CTFC considers BTC, ETH, or LTC all commodities, while the SEC considers cryptocurrencies to be securities. There will be 2 scenarios, If the CTFC fails, then cryptocurrencies will not be commodities, and if the lawsuit is established, the SEC is wrong to say that cryptocurrencies are securities.
Both are competing, biting each other to gain control of this potential market, nothing more, nothing less. No one wants to lose a huge tax on cryptocurrency.

Here is the response from CZ.
https://www.binance.com/en/blog/from-cz/czs-response-to-the-cftc-complaint-2408916493005890282

PX-Z

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Quote from: stompix on March 28, 2023, 12:30:41 AM

Or is it very good for bitcoin, and bitcoin alone!

Any crypto company doing BS on their own always affects bitcoin price. Although it may not be a long term effect but still could be a more problematic than other incidents knowing binance is the largest exchange by volume and the most famous one.

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Quote from: NotATether on March 28, 2023, 02:50:13 AM

Technically he's not "down", as I still see him post on Medium time and time again - he's on house arrest apparently and wasn't jailed.

By down, I meant those that ended up getting arrested, surrendering and getting tried in the courts. Even on house arrest, he isn't as free as he used to be and will never be the same Arthur Hayes we used to know

RapTarX

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Quote from: LeGaulois on March 28, 2023, 04:01:12 PM

By the way, all people on bitcointalk usually praising binance ceo 24/7 will perhaps shut up a bit Cheesy

I told you: he's cancer for bitcoin. He doesn't care about you, all that matter are the VIP members representing the majority of the volume on binance

Exactly. Some people seem to be worshiping CZ while they don't know what this guy can be, how this guy can manipulate. That's where I love this Legendary thread- Binance is becoming crypto monopoly; a thread from 2019. All the people worshiping CZ must read this and learn what he can cause to the crypto environment.

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I know it's too bad that this monopol is under the power of one person, but no one can blame him for creating such a successful trading platform. At the same time, I blame the authorities for delaying monitoring them until the breaches occur.
I think everyone believes that the accusations are serious and that they will not pass peacefully, while I personally believe that CZ will succeed in containing the crisis.

Quote from: LeGaulois on March 28, 2023, 04:01:12 PM

I'm wondering how CTFC got access to all the private messages? I believe there is a snitch in the pool.
I read Signal is mentionned but it doesn't seem everything was on Signal. And even if evertyhing was on Signal, they can't read your messages or listen to your calls, and no one else can do that.

According to the circulating news, the conviction file was prepared after one of the phones was hacked (I don't know whose phone exactly) and they found conversations on it on the Signal application. Plus reports from investigative journalism.

LeGaulois

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I'm wondering how CTFC got access to all the private messages? I believe there is a snitch in the pool.
I read Signal is mentionned but it doesn't seem everything was on Signal. And even if evertyhing was on Signal, they can't read your messages or listen to your calls, and no one else can do that.

By the way, all people on bitcointalk usually praising binance ceo 24/7 will perhaps shut up a bit Cheesy

I told you: he's cancer for bitcoin. He doesn't care about you, all that matter are the VIP members representing the majority of the volume on binance

examplens

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Quote from: bitmover on March 27, 2023, 02:49:28 PM

Quote from: OmegaStarScream on March 27, 2023, 12:31:30 PM

This is probably a good time to stay away from the platform or at least its token which doesn't seem to have been affected by the news.

Certainly a good time to withdraw everything from binance.

if this attitude towards Binance were to spread, it would certainly cause more damage than the lawsuit by CTFC.

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Those inside trading allegations are quite serious, if you ask me.
I mean, I expected authorities from USA and EU to keep an eye on Binance because it can unwillingly facilitate access to liquidity to criminal organizations. As long as Binances proves it has complied with the standard practices, then there would be no problem.

But doing trading as the house is quite a different situation, I do not even know how they thought it was a good idea to do so (even if worse it was undisclosed).

This will likely end up in some big fines against Binance USA, hopefully their recklessness won't affect the market too much in the midterm...

DaveF

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1) Oh well sucks to be Binance

2) What the hell is wrong with people who work there and everyplace else lately. Don't they know every email, every text, every DM....EVERYTHING is recorded for all time and it's going to come back to you at some point. We laugh at this comic but it's true:

3) Makes you wonder how much other information is going to come out from people looking to save their own ass. If they found this, what didn't they find yet.

-Dave

RapTarX

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Quote from: TryNinja on March 27, 2023, 11:31:59 AM

Also how CZ does a lot of insider trading against customers:

It was expected when they decided to exit from Ontario last year (or 2021). When they were at risk of getting sued there, they packed their bad from Ontario. I'm not surprised at all. That's how exchanges make big money; deceiving us with our money!

Quote from: KingsDen on March 28, 2023, 07:28:30 AM

Cz and Binance has been in the news recently for so many unpleasant reasons. I am not defending Binance in whatever illegal activities they indulge but I am afraid of the fud because if anything happens to CZ Binance, believe me the cryptocurrency market would be negatively impacted.

CZ's monopoly is far worst than you can imagine! Having such a person in this space is very bad. Soon, you will realize.

bitmover

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Quote from: stompix on March 28, 2023, 05:01:32 AM

Quote from: OmegaStarScream on March 28, 2023, 04:28:46 AM

Quote from: stompix on March 28, 2023, 12:30:41 AM

-snip-

I kind of agree, but at the same time, the collapse of Binance (the way FTX did) would probably send us back to the stone age. I can only imagine how the regulators would try to restrict us afterward.

MtGox didn't send us to the stone age,

I agree with stompix .

Bitcoin doesn't need FTX neither binance neither mtgox.

If those companies dies other ones (probably better ones) will fill their place .

Regulations cannot stop bitcoin, regulations can only regulate exchanges.

If binance collapse the whole market will suffer , but it is also probably that money from shitcoins (which is a lot) will just flow to bitcoin

KingsDen

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Hello Leo! You can still win.

Cz and Binance has been in the news recently for so many unpleasant reasons. I am not defending Binance in whatever illegal activities they indulge but I am afraid of the fud because if anything happens to CZ Binance, believe me the cryptocurrency market would be negatively impacted.

Tbh, I am not prepared for that. We have been in a prolonged bear market and I wouldn't want anything that will force us back to where we resisted in the chart now we are seeing green. If it happens it may prevent 2024 halving bull.

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