Topic: Binance sued by CTFC - page 2. (Read 300 times)

In my opinion, Binance really got a lot more attention than every other exchange. Some may say Binance does things for its own interests; even if that's true, I still found the exchange more realizable than other exchanges.

There's this mafia quote that says, "When a business or company becomes too successful, the government will take note and always keep an eye on it." CZ has had great success in the cryptocurrency space, and that has made him a big catch in the industry. If he is out of this shite, then he should sharpen his knife and prepare for bigger challenges, because I believe the government will look for something to always hold him with.

MtGox didn't send us to the stone age, more like the pre-medieval dark ages soon to be the industrial revolution 
The fact that they went only after specific cases, like a part of Kraken or Gemini staking activity, that they purposely left Coinbase or Bitstamp alone, or the only issue is with CEX being not FDIC insured while they claim it's obvious they have nothing with you as long as you play by the rules. If you want to run a business in a country, you play by the rules, and crypto trading is not ann should not be an exception.

From my point of view, as my family is doing business in the EU area, why should I follow 5 different health safety regulations and standards and meet them each time we sell products that sometimes barely have 10k in value and a few hundred euros in profits while those guys run billions from an off-shore company while giving a damn about laws?

And more importantly, why do we need them?
If at this stage when everybody that has access to the internet can buy BTC (Bitcoin!!!) without using a CEX and should understand the problem of not your keys, not your coins I see CEX as more of a problem then a helping hand.


Hihi, yeah, trying to downplay the importance of binance.us with only 5% ignoring that
https://www.coindesk.com/business/2023/03/27/binance-and-cz-sued-by-cftc-over-regulatory-violations/


And those are customer numbers, not trading volume, expect the median average of funds to be far above the rest of the world.
I want to hear him screaming FUD, everything is ok, threatening people with lawsuits just as he was doing while fleeing Japan, this guy is worse than SBF right now, the end of BNB will be the best thing for BTC.

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.

It looks like there is currently some speculation that they might up end shutting down their operations in the US(Binance.us) as part of a settmenent[1]

[1] https://www.coindesk.com/business/2023/03/28/cftc-could-force-binance-to-cease-us-operations-as-part-of-settlement-bernstein/

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.


If Binance goes down at this point then a LOT of people (including on this forum [not me]) will lose their coins. They have a reserve to prevent this kind of stuff from happening, so I imagine the fines will just be paid from the reserve.

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

Binance and CZ right now are not doing anything other than promoting shitcoins, trying to transform the p2p are in the most centralized market, promoting a stable coin that is backed by the same assets that SVB had, and more than everything, tax the hell out of people who want to withdraw bitcoins, not fake bitcoins not fake bitcoins token in their own wallet.

Binance getting wiped out or at least sent back to outside the top 10 exchanges and CZ finally being done with its #safu nonsense would be one of the best things and a hard lesson some shitcoins lovers need to be taught.

No real bitcoiner should defend Binance practices when they do things like this:



The moment you charge a fee of 400sat/b for a tx, or $13, or 8$ extra for actually less space used it means you have something against it.

After getting millions or billions of dollars, why do this chaps keep getting greedier and greedier.

It's just a matter of time, CZ may not survive... They will get in all ways to net him.

A brief recent history

Arthur Hayes - Down
SBF- Down
Do kwon - Down
Justin Sun - On target

For the "heavy fines", they will happily pay it.

I've got little funds in Binance and all of those will be withdrawn later. I'm already thinking of getting out my funds and this news made it verified that I should really put it out even if I'm always there at most times to trade and do some spot and scalp trades.

I see that those were the reasons for being sued and while there's the file goes, CZ tweets that everyone shouldn't listen to the FUD that's being done to him.

Well, if it's proven and the court decides that he's guilty of it that's gonna be one of the worst part of himself and his business. While he's the one to speak out before the FTX debacle, here goes that he's on their shoe now.

If they can milk money from this they rather take that then use more money to put him into prison. Also jailing CZ would probably have an impact to the crypto world that would ripple to economy in a bad way. As so many cryptos would just tank in panic. However this is very troubling news. These guys wont sue if they haven't already gathered evidence. It could be based on some mistake but i am sure it will get sorted out soon. Hopefully in a good way, otherwise bullmarket can wait.

Trouble has been chasing Binance for days, and this may be the most important of them. But the worst thing that happens is the position of Binance itself after a decision was issued, on the account of its CEO on Twitter, who only wrote “4” in a tweet referring to "Ignore FUD, fake news, attacks, etc."
What is happening with Binance confirms information that was reported two days ago about more than 220,000 Chinese users who bypass the Binance verification system KYC with the help of Binance support agents.

Is this really all that matters to you in all that is happening? Do you have an awareness of the size of the assets deposited on Binance by regular users like you and you, and how will those assets be frozen if any decision is issued to stop or freeze the platform? Your position seems strange to me, frankly.

FUD incoming and doors are slowly closing... I will stay neutral in this case, I don't support Binance and I don't support government, they are both liars.
Funny thing is they collected all this chat information from Signal app that is supposed to be ''better'' than other alternatives in preserving privacy, so it makes you think twice before using this app.
Minimal thing anyone can do is to withdraw all the coins to non-custodial wallet, and use decentralized exchange alternatives.
If this happened with Binance US, can you imagine what is happening with Binance.com?  sAfU

Are these allegations against Binance US or were they made before Binance left USA for Binance? For whatever reason, are they just seeing this, especially when there are allegations the exchange and the CEO are being targeted by the US government. Some reports claim China is courting some Hongkong exchanges to get back into bitcoin, and people interpret China's reaction as a financial war with the United States.

Binance is one of my favorite exchanges, which I use 4 or 5 days a week. Even with all this happening on centralized exchanges, I still happen to trust them more than the others because of their way of fixing problems very quickly and attending to one's needs.
But with this kind of attack on them from the CFTC, I think I should probably go end my ongoing future trade and withdraw my holdings back to my private wallet until everything is settled.
Although I strongly believe this might not really go very far, CZ always has a way of handling things. 😉

Yeah withdraw every thing and wait for the development of the case.  I think it is still ok to use the services of Binance just make sure that after the transaction, withdraw all the funds out.


And probably a good time to wait for the token to crash and buy some.  I think if worse came to worst, CZ will pay the fines  and their operation will be back to normal again. Unless this groups really wanted to takedown CZ and the binance operation.

If ever Binance is forced to shutdown, this is very bad news to the crypto industry, and many P2P traders will be affected(me included) aside from the regular market trading.

Certainly a good time to withdraw everything from binance.

Authorities will really do everything they can to fight money laundry. And all "suspicious "accounts may just get frozen at any time and have their funds taken hostage until you make a new kyc.

I have some bucks in binance now, I will just withdrawal them asap.

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.

Here's more for those who don't want to read the whole document: https://blockworks.co/news/binance-cftc-damning-quotes

This is bad... really bad...

https://www.docdroid.net/60YAbCz/cftc-binance-pdf

Internal chat logs caught Binance's Chief Compliance Office (lol) talking about how terrorists only send small amounts to their exchange because "large sums constitute money laundering", his colleague replying that "can barely buy an AK47 with 600 bucks", and Binance's Money Laundering Reporting Officer (lol again) saying that they know shit is bad but they close their 2 eyes.


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


+ a lot more.

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