Cz or the Sec who would you support? - page 8.

Aanuoluwatofunmi

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Quote from: Youngkhngdiddy on June 07, 2023, 03:10:46 PM

With the current issue in the crypto world between Cz (Changpeng Zhao) Ceo of binance and the Sec, I support Cz with reasons that binance has done alot to earn it's communities trust,helping millions of users in the crypto ecosystem,and has more durable marketing strategy whereas the Sec is government driven and wants to control everybody.
It's unfair that the sec is suppressing a private cooperation that's helping to grow & build the crypto world, binance is helping everybody including crypto whales and newbies and a fight against binance is against the world.
What's your say on this?

If I will be fair with my judgement, am mot in support of any one of them, being a genuine bitcoiner you should know the reason why government and centralized exchanges should both be avoided, here's not to launch attack on anyone of them but we have to take the approach from the right perspective and their roles played in bitcoin adoption, government will always attack everyone, Binance which is a centralized exchange has so many disadvantages to such that ones wallet can be freezed into their hands leading to loss of asset all because of being centralized.

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Quote from: Nwada001 on June 07, 2023, 03:47:45 PM

I'm not supporting anyone on this issue; both the SEC and Binance CEO are not completely clean; they all have what's going on for them under the ground. In as much as the SEC is claiming to be protecting their investors interests by deciding for them on what's safe and what's not safe, I always see a personal interest and attack over their past and present cases with crypto exchanges.

Binance and Coinbase, on the other hand, have helped the crypto community by promoting and making things a little bit easier for people who need it closer to them and easier to assess, but they are here to do business, and their sole aim is to make profit, and for them to make this profit, they all have their fvcking hands dirty in doing the wrong thing, which we might never have any idea of, so what's what? They know how to handle themselves, the SEC says what they are selling to their citizens is not safe, then it's left for Binance to either agree or they let the citizens who they are protecting decide. Then, on the part of being unregistered, if it's actually true that they are operating some service unregistered under the US then the SEC has the right to sue them.

Whoever wins the case, it does not really matter much to Bitcoin and other crypto. I'm general BNB, and any coin associated with Binance might be affected... But bitcoin transactions will still continue.

I agree with the most part of this.

The part I don't agree with, similar to what I don't agree with in the OP, is that Binance and Coinbase should be known for "Helping the crypto community"...Did they help on-boarding and adoption? Sure. Did they accelerate it at an unnatural pace? Undoubtedly in my opinion. Should they be considered "Helpers"? I don't think so. I think they created businesses that profited from the growth of cryptocurrency, and maybe added to that growth, but that's as far as the description should go.

Quote from: Youngkhngdiddy on June 07, 2023, 03:10:46 PM

What's your say on this?

As for who to support - I don't support either of them either. Both are extremely dirty. The SEC target who they please while real criminals and dirty organizations are left untouched. Binance create, pump and dump shitcoins, manipulate the market, commit all sorts of malpractice and etc. It's no secret.

The battle ongoing is not whether or not Binance are guilty. It's whether or not the SEC have the power to actually go after them and successfully shut down the operation. I don't believe that they have the power to shut them down, and that Binance will just cut themselves off from the US.

The fate of Coinbase on the other hand, will either be because of deals done within the U.S. or the start of the U.S. cutting themselves off from crypto.

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Quote from: Helena Yu on June 07, 2023, 11:53:37 PM

Quote from: Youngkhngdiddy on June 07, 2023, 03:10:46 PM

I support Cz with reasons that binance has done alot to earn it's communities trust,helping millions of users in the crypto ecosystem,and has more durable marketing strategy whereas the Sec is government driven and wants to control everybody.

Do you think Binance doesn't want to control everybody? why did they force their customers to complete KYC verification when they were not?

Even though centralized exchange make people easier to buy Bitcoin and convert to fiat, but if people only know to buy Bitcoin must use a centralized exchange, doesn't know about private key or seed phrase as they only know email and password etc, it will confuse many newbies since they think there's no such be your own bank in Bitcoin.

That's because they are complying with the law, and it is the governments that are forcing us to KYC through Binance and not by Binance. Do you think if they did not comply with the law, would they be able to survive and develop until now? KYC is something that goes against concepts like anonymity and privacy that bitcoin has created, but for a business organization, it is a must and must be adhered to.
Binance is just a business company, and what they do needs to be legal and controlled by the government. If you don't like KYC, then don't use it, they don't force you to use their service.

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Quote from: AmoreJaz on June 07, 2023, 07:54:54 PM

Quote from: tabas on June 07, 2023, 06:16:10 PM

None.
CZ, Binance and other exchanges should clean themselves from the accusations that has been done through lawsuits and cases that's filed on them. If there will be no cases like that then that means that SEC wouldn't have time for them to file for anything because they have seen nothing. Now, it makes sense that even if they're clean, these things won't be stopped and they'll keep on finding fault against these exchanges and that's how they retaliate and that's to clean the mess that's being pushed and seen on them. That's one way or another, they just follow the regulations and if they think that SEC is doing falsely cases on them then they should throw it back on them, simple as that.

that is true, if they want to keep the business, then, comply with the regulations set to this type of business. also, they won't face any problem with them if they truly run it by the books. it will also keep their customers safe and secure. as long as they comply with the regulations, they are also securing their clients. there's no smoke without fire. so if the SEC is finding some holes, it means, there's really some aspects that they are not taking care of. i hope binance or CZ will take care of their business as many crypto users are relying on them.

And from there, they'll know if SEC is just targeting them and keeps on poking with them through regulations but that could unlawful if that's the case. Until they comply with everything they're asking and everything has been complied, that's all they have to do. As we know that there's like a tough battle against these regulators mainly the SEC against the big exchanges and anything that's related to crypto. But that's it, they've been in the game for a long time and making millions to billions, they know how to do it and if this is just getting long and this is gonna repeat no matter what they do with a noise if there's no compliance.

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Quote from: Youngkhngdiddy on June 07, 2023, 03:10:46 PM

Cz or the Sec who would you support?
What's your say on this?

Binance has really done a good job in terms of the promotion of the cryptocurrency space. They have invested so much in publicity which includes advertising and endorsement. Binance has also made crypto transactions easy for newbies and people that don't care about privacy. The SEC is claiming that it wants to avoid the FTX saga from resurfacing so they have to protect the US crypto market from losses. I am sure Binance is not clean because it has some secrets it is hiding from the government and its customers. The SEC's target is not just to protect Binance customers but to control the crypto industry entirely.

I am a hardcore Bitcoiner and have no sympathy for both parties. Also, I don't know the details of this battle, so taking a side will be leaping without watching. Therefore, I have decided to sit and watch as more details emerge from this legal and political battle.

Oluwa-btc

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Quote from: Youngkhngdiddy on June 07, 2023, 03:10:46 PM

With the current issue in the crypto world between Cz (Changpeng Zhao) Ceo of binance and the Sec, I support Cz with reasons that binance has done alot to earn it's communities trust,helping millions of users in the crypto ecosystem,and has more durable marketing strategy whereas the Sec is government driven and wants to control everybody.
It's unfair that the sec is suppressing a private cooperation that's helping to grow & build the crypto world, binance is helping everybody including crypto whales and newbies and a fight against binance is against the world.
What's your say on this?

Wel, I'm sitting on the fence observing. But why support when you know they're after them personal needs. United States Exchange Commission wants full control. And exchnages, you shouldn't give your trust, they try to earn yours but you don't give yours. I feel like the Sec are blind, all they want is control and power meanwhile they're indirectly taking the states back when it comes to the innovations.
The Sec and the government are fighting Bitcoin and the mass adoption of Bitcoin, it'll be super odd to see a bitcoiner giving support to either of them.

My take is don't take sides, rather look at the whole case, observe and take sides with whoever stands with the growth and push of Bitcoin. It's a good time to see bitcoin bounce upwards you know. Why support and back a side that doesn't support Bitcoin and Mass adoption?

Gallar

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Quote from: Youngkhngdiddy on June 07, 2023, 03:10:46 PM

With the current issue in the crypto world between Cz (Changpeng Zhao) Ceo of binance and the Sec, I support Cz with reasons that binance has done alot to earn it's communities trust,helping millions of users in the crypto ecosystem,and has more durable marketing strategy whereas the Sec is government driven and wants to control everybody.
It's unfair that the sec is suppressing a private cooperation that's helping to grow & build the crypto world, binance is helping everybody including crypto whales and newbies and a fight against binance is against the world.
What's your say on this?

Even though CZ has indeed contributed a lot to the crypto world, through binance, I can't just support it. Because even though Binance, which was founded by CZ, is very useful for investors in crypto, if CZ does have problems with the SEC with the current problems. So it has to be fixed, because if it's not fixed as soon as possible, I'm afraid it will have a negative impact on the crypto world. Because if CZ is innocent, surely he will be safe, but if CZ really has a problem, as mentioned by the SEC, CZ must be able to bear and fix it as soon as possible.

The SEC also accuses binance, definitely not with empty arguments. If the SEC is right, they must have solid evidence that CZ was always the founder of binance. Because so far CZ has been indicted

Quote

"Through the 13 indictments, we allege that the Zhao and Binance entities engaged in an extensive web of fraud, conflict of interest, underdisclosure, and calculated evasion of law," said SEC Chairman Gary Gensler.

Source: https://www.google.com/amp/s/www.cnnindonesia.com/economy/20230606131659-92-958235/binance-diclaim-sec-as-atas-tuduhan-transaksi-illegal/amp

So in this case, even though I am an investor in crypto, I cannot side with CZ or SEC. Because the SEC is also not necessarily right with all of these accusations, so the point is that this incident only made trouble for the crypto world.

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Binance is a leading cryptocurrency exchange that has acquired a large base and provides a wide range of services to the crypto ecosystem whereas regulatory user bodies such as the SEC have a responsibility also to protect investors and maintain the integrity of the financial system. For the details and outcome of any particular case between CZ and the SEC will rely on legal process, evidence, and interpretation of applicable law. it is not appropriate for me to take a stand or provide support to any of the parties involved.

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To be sure I'm not on the side of the SEC. Due to the consequences of the SEC's lawsuit against Binance, the market was shaken and experienced a drastic decline. Which means that these actions have an impact on people in the crypto market who panic and make the market experience a sharp decline.

Has the SEC settled its case with XRP yet? I think there are many cases that are always hanging and never finished. and now there are many other cases that will add to the long queue on the SEC's list to deal with. I personally respect the SEC but somehow I don't really like their current chairman.

But because this is about who is right and who is wrong. so let the law and the judge in court settle it. I don't want to bother about this.

Because it seems that Binance users are not too panicked about this either. even BINANCE.US users can still withdraw their assets seamlessly from the exchange. Which proves that Binance really has sufficient reserve funds and is still able to maintain the trust of its users.

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Quote from: Youngkhngdiddy on June 07, 2023, 03:10:46 PM

With the current issue in the crypto world between Cz (Changpeng Zhao) Ceo of binance and the Sec, I support Cz with reasons that binance has done alot to earn it's communities trust,helping millions of users in the crypto ecosystem,and has more durable marketing strategy whereas the Sec is government driven and wants to control everybody.
It's unfair that the sec is suppressing a private cooperation that's helping to grow & build the crypto world, binance is helping everybody including crypto whales and newbies and a fight against binance is against the world.
What's your say on this?

In this case I won't take side of any of them because I'm not in depth aware of their ways. However, Binance has been truly helpful in brining crypto-currencies to everyone and has really been helpful in that endeavor. I have been using that exchange myself and so far my experience with them has been good. I'm also a supporter of decentralization and decentralized exchanges but they are far backward in this advanced technological world. The decentralized exchanges aren't that good in their current state and I find trading on those not innovative at all. That's the main reason why I chose Binance and other centralized exchanges for trading purpose.

I think if Sec is taking such strong actions on Binance then they might have some proof regarding that and that's why I won't blame them either for their actions. If they are right about the fishy activates of Binance then they have the right to test everything in the system and might have some strong regulatory rules on the way. However, I still can't find 100% accurate allegations that should make Binance guilty for their actions but it seems to me as a new tactic for posing regulations on the exchanges.

Kakmakr

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Well, you have to be some kind of Bank shill, if you want to support the SEC on this issue, because no Crypto currency supporter in their right mind will support the SEC. Roll Eyes

There are a lot of butthurt losers and shills for the traditional Banking sector that will support the SEC, but they have their own hidden agenda for that. The majority of the people on this forum will support Changpeng Zhao, because he provides a service to millions of people who wants to trade Crypto currencies.

That said.... a lot of Bitcoiners hate centralized crypto services.. so you might find that some people might appose centralized exchanges, because they advocate for self-custodial options.

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i wouldnt expect someone from BTC forum will support SEC, you see even robinhood steps in already to be on th side of coinbase and binance because they know Gensler is a mad man.

after this madness i think the crypto will really be free from chain of SEC. and maybe CFTC will come supporting crypto.

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I'm never been a fan of centralized exchanges or government overbearing solutions, but very little is known about the case to draw a conclusion.
Bitcoiners don't have to pick a side.

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The SEC released a statement that they did an analysis of Silvergate and Signature Bank that many of the funds of BinanceUS customer asset were infact sent to a company called Merit Point which was owned by CZ and these funds were traded with as FTX did.

Only thing I don’t understand is that it went to Paxos which was the BUSD stablecoin. If someone used BinanceUS did it automatically convert USD and USDT to BUSD? If so it might make sense why these customer funds were sent to Paxos.

Yamane_Keto

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It is not a game to choose who you encourage, just as you are not a judge to decide who will win in the end, so your encouragement to one of the parties will harm you because you put a lot of feelings in something that you cannot control.

SEC investigations began in earnest more than a year ago, and you will find in media reports that they almost made a lot of notes on most of the platforms they reviewed, where they found, in one way or another, that they did not comply with regulatory standards.

https://www.sec.gov/news/press-release/

Therefore, if you are upset, they will not stop soon, and crypto exchanges have the choice to either comply or refrain from providing services to US citizens.

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Quote from: Youngkhngdiddy on June 07, 2023, 03:10:46 PM

I support Cz with reasons that binance has done alot to earn it's communities trust,helping millions of users in the crypto ecosystem,and has more durable marketing strategy whereas the Sec is government driven and wants to control everybody.

Do you think Binance doesn't want to control everybody? why did they force their customers to complete KYC verification when they were not?

Even though centralized exchange make people easier to buy Bitcoin and convert to fiat, but if people only know to buy Bitcoin must use a centralized exchange, doesn't know about private key or seed phrase as they only know email and password etc, it will confuse many newbies since they think there's no such be your own bank in Bitcoin.

Jatiluhung

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I honestly don't trust anyone and don't side with anyone in this matter. But because I have an interest in crypto and well I'm always quite annoyed when someone always complicates everything about crypto.

But for this one case I would prefer to be neutral and watch what will happen next. and let's see how it ends.

Previously was about XRP vs SEC and Now CZ vs SEC. now Sec is suing Binance US and Coinbase. But there is a difference here. because Binance US was sued along with its owner, namely CZ. but Coinbase was sued without a lawsuit against the owner. (that's what i heard. correct me if i got wrong information. and tell me the truth.)

And as CZ Binance.com said stay safe. because the one sued was only Binance US. So I thought it wouldn't be too big a problem.

Sourch: https://twitter.com/cz_binance/status/1666202238933426178?s=20

The SEC certainly wants to protect people and uncover anomalies and all kinds of potential violations they suspect. And CZ here had to prove his innocence in this matter.

But there's something interesting here because CZ retweeted something that made me think back. is what CZ retweeted true? if that's true then it's a pretty painful sting from CZ to SEC.

Sourch: https://twitter.com/twobitidiot/status/1666243210849427456?s=20

I think it's going to be a long legal process back in the way that happened in the SEC vs Ripple case.

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Quote from: tabas on June 07, 2023, 06:16:10 PM

None.
CZ, Binance and other exchanges should clean themselves from the accusations that has been done through lawsuits and cases that's filed on them. If there will be no cases like that then that means that SEC wouldn't have time for them to file for anything because they have seen nothing. Now, it makes sense that even if they're clean, these things won't be stopped and they'll keep on finding fault against these exchanges and that's how they retaliate and that's to clean the mess that's being pushed and seen on them. That's one way or another, they just follow the regulations and if they think that SEC is doing falsely cases on them then they should throw it back on them, simple as that.

that is true, if they want to keep the business, then, comply with the regulations set to this type of business. also, they won't face any problem with them if they truly run it by the books. it will also keep their customers safe and secure. as long as they comply with the regulations, they are also securing their clients. there's no smoke without fire. so if the SEC is finding some holes, it means, there's really some aspects that they are not taking care of. i hope binance or CZ will take care of their business as many crypto users are relying on them.

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None.
CZ, Binance and other exchanges should clean themselves from the accusations that has been done through lawsuits and cases that's filed on them. If there will be no cases like that then that means that SEC wouldn't have time for them to file for anything because they have seen nothing. Now, it makes sense that even if they're clean, these things won't be stopped and they'll keep on finding fault against these exchanges and that's how they retaliate and that's to clean the mess that's being pushed and seen on them. That's one way or another, they just follow the regulations and if they think that SEC is doing falsely cases on them then they should throw it back on them, simple as that.

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Quote from: Youngkhngdiddy on June 07, 2023, 03:10:46 PM

I support Cz with reasons that binance has done alot to earn it's communities trust,helping millions of users in the crypto ecosystem,and has more durable marketing strategy whereas the Sec is government driven and wants to control everybody.

The government wants to control everybody, but the government are using the exchanges to do the control, unlike using noncustodial wallet which gives you the control.

Quote from: Youngkhngdiddy on June 07, 2023, 03:10:46 PM

It's unfair that the sec is suppressing a private cooperation that's helping to grow & build the crypto world, binance is helping everybody including crypto whales and newbies and a fight against binance is against the world.
What's your say on this?

Are those altcoins not securities? They are securities. United States SEC have rules for securities. Binance should also follow the regulatory rules for not to fall into problem with regulators.

Topic: Cz or the Sec who would you support? - page 8. (Read 980 times)