CZ Sentenced, Your Bitcoin in their Custody - page 4.

EarnOnVictor

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Quote from: Minor Miner on May 01, 2024, 03:12:42 AM

Quote from: EarnOnVictor on May 01, 2024, 02:26:30 AM

But what pains me is that the sentence is too little regardless of whether he pleads guilty or not, the 4 months will soon pass.

This will continue to embolden these rich guys to launder money, so what's the point?

I don't even see him committing any crime and what is happening is just an abuse of power by the US government. If you support the US government's assessment as being correct, you should prepare yourself better because sooner or later they will intervene more deeply in the cryptocurrency market and completely control it.

The interesting thing I see is that millions of users on X are trying their best to support CZ for his contributions to the crypto industry. Meanwhile, on the forum, there are some people who don't like him. It is true that it is difficult to please everyone.

You surprised me with your remark and assessment here, are you now advocating for an insane/bad world? What I think here is that you are finding excuses for bad activities to be happening unabated which is not fair at all. Binance and CZ which are directly involved in this never disagree with the US government, is it you and others who now know that the guy did nothing? This means that as rich as CZ and Binance are, they can't defend themselves if truly they are not guilty? C'mon!!!

What I've realised about some of you guys is that you want an entirely free system where there is no law/restriction, but that can only be advocated when there will not be crimes. Is that possible that there won't be crimes? No. This is why I would even love it if the government could regulate the cryptocurrency world better to avoid illicit flows that can aid trafficking, terrorism, drugs and many more. It is we who should be thankful that strong countries like the US have not banned cryptocurrency yet. supporting and cooperating with them is not too much to ask for. Not in a simple case like this.

Ale88

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Quote from: kryptqnick on May 02, 2024, 07:52:22 AM

But CZ being in prison doesn't mean that Binance will stop working (especially when we're talking about the global exchange) or that people wouldn't be able to use the funds they have there. I'm all for self-custody and I don't keep funds on exchanges, but I'm just pointing out that this particular news on CZ probably doesn't affect the money on the exchange.

CZ already officially stepped down as CEO months ago, and he did it exactly to prevent any possible bad outcome from the sentence he was going to get. Binance has already been operational without any problem for months since he renounced, and companies big like Binance don't rely on one person, they are like machines, they keep going. Even companies like Amazon, Microsoft, Apple... They could lose their CEO one day to the other but nothing would happen to the whole company.

Cryptomultiplier

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Quote from: kryptqnick on May 02, 2024, 07:52:22 AM

I think CZ got away with a very modest sentence (if that's the total sentence, based on all charges), good for him. That makes it seem that the crime wasn't a big deal, which can also be good for the reputation of Binance.
But CZ being in prison doesn't mean that Binance will stop working (especially when we're talking about the global exchange) or that people wouldn't be able to use the funds they have there. I'm all for self-custody and I don't keep funds on exchanges, but I'm just pointing out that this particular news on CZ probably doesn't affect the money on the exchange.

Am sure that the exchange, Binance would get to function well despite the absence of CZ. Binance still remains one of the best exchanges to use and if changes like this, that is as a result of court conviction lingers much, we may have to jump ship and use an exchange that suits our portfolio well.
For even self custody, one would have to acknowledge the minimum amount that can be received or sent to the wallet of choice.

PrivacyG

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Quote from: The Cryptovator on May 01, 2024, 03:57:03 PM

Recently, I left Binance and withdrew all the funds. To be honest, for some reasons, they had frozen my account; later, they unfroze it but did not allow me to trade there. So I moved all the funds to my hardware wallet. Now there are no more funds in Binance, and I have almost secured all my funds with hardware wallets. Nowadays, I don't trust much in centralised exchange anymore. They can freeze all the funds for any reason. So you need to be very careful when using centralised exchanges, not just Binance.

The feeling of safety you get when you know all your Cryptocurrencies are sitting in your own Custody is incomparable to any of the comfort a Centralized Exchange provides to their Customer. To be honest. I have no problem with the people who use Centralized Exchanges voluntarily accepting the risks it takes. But I will never understand why people STORE their entire Cryptocurrency Wealth over there with out any worries.

Cosette

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Quote from: Wapfika on May 01, 2024, 10:55:03 AM

Quote from: Cosette on May 01, 2024, 03:33:44 AM

...

Do you even realized that CZ is not the CEO of Binance anymore right? He step down to avoid being dragged down the exchange with his case which is effective since the exchange is operating normally despite the legal charges to CZ. His “4” is really effective on mind conditioning his blind follower to absorb the impact of his sentence since this will cause a major setback on exchange if CZ doesn’t condition his followers properly just like what happened to FTX.

Oh wait, looks like i missed out the news that he stepped down. Looks like i worried for nothing that related to CZ sentenced.

OgNasty

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As if he sees the writing on the wall, Jack Dorsey has announced that his company Block will now be purchasing Bitcoin every month moving forward. This move somewhat mirrors Microstrategy but the timing is a bit interesting to me as just earlier today there started being news reports that Jack Dorsey could be next in the state attack on crypto.

Alphakilo

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Quote from: Queentoshi on May 01, 2024, 05:26:48 AM

CZ was smart enough to step down as the CEO of Binance so any case or issue against him will not bring down his empire. If he was still the active CEO, this news would have had a greater effect on the company.

Quote from: Cosette on May 01, 2024, 03:33:44 AM

But, my money in binance is safe right?

Even if he were still the ceo, nothing would have happened to binance. In my opinion, the prosecutors and maybe the judge and the courts are really trying to make an example of CZ because he failed to an effective anti-money laundering (AML) program at Binance.

Over here I know that the government is watching closely with what is happening in the US. They already said it that binance was supporting laundry money laundering.

alani123

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I think it was implied that CZ will plead guilty to some charges so he can get a light sentence. Potentially even skip any jail, while Binance continues to survive. Albeit with greater compliance and stricter rules to follow this time around. I do think they tried to make an example out of him because for sure there are exchanges that have committed greater crimes than Binance just allowing users in via VPN. They just wanted to show to crypto executives that if they don't follow laws to the letter it might bite then later. Ofc this level of scrutiny hasn't ever even been applied to stock markets.

LDL

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I personally use Binance exchange and I give this exchange the most importance as my trading platform. However, after CZ was sentenced to 4 months in prison, I personally withdrew all funds for the time being. If the situation deteriorates ahead and at any time any untoward incident is likely to happen. We have faced such situations in the past especially in the month of November 2022 SAM BANKMAN had a popular exchange platform FTX scam where my account with all funds was frozen. I don't want to go through such bitter experience again that's why I have taken precautions and I have already withdrawn my funds.

Ojima-ojo

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Despite the mix-up of things from the ops, let me make a point for what I understand from this thread which is about CZ sentence and it effects on those using binance, the truth is that CZ already resigned from the COE seat of the exchange and the crime he is sentenced for is way back and not recently.

So the exchange have nothing to lose and those that use binance won't lose custody of they bitcoin holdings on the exchange because of his sentence.

OgNasty

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Looks like Jack Dorsey could be next on the jail list. Regulators apparently seem to be fighting over how to go after him given his enabling of censorship on behalf of the government. His company processed transactions for nations helping them get around economic sanctions. I guess we see now if Jack is an agent for the government or if he’ll be joining CZ is summer camp.

Abiky

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Quote from: Nothingtodo on May 01, 2024, 05:27:05 PM

The former CEO of the popular central exchange Binance, C Z, has been sentenced to four months in prison. Since the sentence is only four months, there will be no change in the rules of the exchange and no negative impact on the exchange. Since CZ has already resigned as CEO, I don't think his prison sentence will have any negative impact on Binance Exchange.

It won't have any impact on Binance exchange. But BNB's market prices could be affected. At least in the short term. After all, investors/traders quickly react to mainstream news/events. I'm confident Binance will become bigger and stronger than ever after this fiasco.

CZ might not be CEO anymore, but he still has an influence over the crypto community. He's loved by many, unlike his counterpart (SBF). Who knows? Maybe we'll see CZ back in the crypto business. We can't predict the future, so lets hope for the best. Grin

legendbtc

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Quote from: dothebeats on May 02, 2024, 10:14:03 AM

4 months is a joke. Normal guys go to prison for a much lighter offense and have been spending years on prisons that are barely liveable or acceptable for human conditions. Even if CZ goes to prison, a lot of his people will still run the company and people's funds will not go anywhere. And since the CEO is under the microscope for wrongdoings, the US government will certainly keep a microscopic eye on Binance just to ensure that no anomalies or irregularities will happen to the company's operations while the big boss is away.

4 months is a joke, but to get those 4 months CZ had to pay a fine of $4 billion, and that amount is no joke. Also, you might have missed something: CZ is no longer the leader of BInance nor does he have any connection to Binance. The world's largest exchange is run by Richard Teng.

Regarding the US government paying attention to Binance, I think they have been targeting it since FTX collapsed, they tried to punish Binance.us, then CZ. CZ went to jail and he will be free in 4 months, and this has no effect on Binance or their users, everything is working fine, don't create Fud.

cryptoaddictchie

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I wonder if CZ now is being imprison like I Imagine him being held together with other criminals is such low balls for the Government. Anway CZ seems smiling with the results. You think the jail isnt too comfy for CZ, probably he is on special room waiting and doing trading on that room. Hopes the media shows it cause it might be another play without knowing about it.

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Quote from: Kelward on May 02, 2024, 08:13:55 AM

who knows maybe he'll come back and take over his job.

This is likely never to happen. Exchanges rely so much on the public perception, they just like banks want to feel as safe, welcoming and easy to use so the customer does not have to worry about anything. CZ returning at any level in the management will undermine that and give the exchange a bad rep. Many customers may not mind, and may see it as a strike back at the system, but it's not a risk Binance will want to take.

dothebeats

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4 months is a joke. Normal guys go to prison for a much lighter offense and have been spending years on prisons that are barely liveable or acceptable for human conditions. Even if CZ goes to prison, a lot of his people will still run the company and people's funds will not go anywhere. And since the CEO is under the microscope for wrongdoings, the US government will certainly keep a microscopic eye on Binance just to ensure that no anomalies or irregularities will happen to the company's operations while the big boss is away.

HideYourKeys

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Not your keys, not your coins... the exchanges, when used, shall be a means to just purchase and withdraw, in my humble opinion.

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Quote from: kryptqnick on May 02, 2024, 07:52:22 AM

I think CZ got away with a very modest sentence (if that's the total sentence, based on all charges), good for him. That makes it seem that the crime wasn't a big deal, which can also be good for the reputation of Binance.

It was actually a big deal because it's money laundering but with fame, money and influence, the sentence was lessened down and also where the charges against Binance were settled down with a hefty fine wherein that's became basis of many other countries where Binance operates. Anyway, Binance and CZ got away with it and so if he gets out of it, the sins were already paid for by him and his company and whatever his next moves, we'll see.

Quote from: kryptqnick on May 02, 2024, 07:52:22 AM

But CZ being in prison doesn't mean that Binance will stop working (especially when we're talking about the global exchange) or that people wouldn't be able to use the funds they have there. I'm all for self-custody and I don't keep funds on exchanges, but I'm just pointing out that this particular news on CZ probably doesn't affect the money on the exchange.

We shouldn't keep our funds even on Binance. But CZ is not anymore connected to Binance in paper because it's Richard Teng that has replaced him as the CEO of the company. But we do not know how the things in paper does with these kind of positioning but I'm pretty convinced that he's still connected to them even if there's this succession and resignation that has been announced before.

Kelward

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Quote from: Upgrade00 on May 01, 2024, 02:28:44 AM

Quote from: 348Judah on May 01, 2024, 01:54:02 AM

same way they habe been clamping down of other privacy means in which bitcoiner can use to achieve thier goals, i don't wa t to mention the keyword bit we all know about the recent ban thst took effect since January 1st of this year 2024.

I'm struggling to understand your post. Firstly you put binance in the same bunch as privacy services and go on to talk about the privacy risks of using it. What's happening to Binance has nothing to do with reducing privacy of bitcoin users, it's a criminal investigation.

CZ pleaded guilty to the charges, aided be investigation and binance has greed to pay fines to the tune of $4 billion, hence the lighter sentence.

You're absolutely right, the matter on ground is a crime case, which I believe concerns CZ and Binance, it has nothing to do with hack or the exchange going under, the former CEO was fined heavily and given a very light sentence. I guess he'll serve his time, learn his lessons and count his loses, then move on, who knows maybe he'll come back and take over his job.

I think that the OP was just giving us a reminder about not trusting centralized exchanges, that they can go down anytime and sink with investors funds, not your keys not your coins, it's worth mentioning when we're talking about exchanges and crime.

kryptqnick

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I think CZ got away with a very modest sentence (if that's the total sentence, based on all charges), good for him. That makes it seem that the crime wasn't a big deal, which can also be good for the reputation of Binance.
But CZ being in prison doesn't mean that Binance will stop working (especially when we're talking about the global exchange) or that people wouldn't be able to use the funds they have there. I'm all for self-custody and I don't keep funds on exchanges, but I'm just pointing out that this particular news on CZ probably doesn't affect the money on the exchange.

Topic: CZ Sentenced, Your Bitcoin in their Custody - page 4. (Read 1310 times)