Topic: Binance sued by CTFC (Read 300 times)

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.

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?

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


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

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).

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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.

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

 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.

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.

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.

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.

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

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.

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

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.

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.

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.

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 
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

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

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...

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

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!

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

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

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.

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.