Topic: Is the Binance the next to bite the dust or FUD? - page 2. (Read 2210 times)

It appears I was quite mistaken in my speculation on CZ might reject the DOJ's settlement offer. However, is CZ's surrender enough for the American government to stop the crackdown on Binance or will it bite the dust? CZ's agreement on the settlement might be a decision created to save the exchange.

I thought this is a total resolution, and that the payment would both be settlement for Binance and its ceo cz, when i read the link shared by Rikafip, that was what i understood:
Doesn't this mean that criminal charges against cz would be part of the resolution, that is what i understand by the statement above. The link you shared seems to take another turn, and i don't see why cz would agree to a settlement of $4 Billion, when he would still face criminal charges and only the exchange would be free from any charges or investigations.

This will never be accepted by CZ unless maybe they make an offer that he will be acquitted from all cases. They make CZ pay $4 billion and the US justice department will still make him face criminal charges? What type of clowns gave this offer?

Read Bloomberg's article. It is written much clearer.



Negotiations between the Justice Department and Binance include the possibility that its founder Changpeng Zhao would face criminal charges in the US under an agreement to resolve the probe into alleged money laundering, bank fraud and sanctions violations, according to people familiar with the discussions.

Source https://www.bloomberg.com/news/articles/2023-11-20/us-seeks-more-than-4-billion-from-binance-to-end-criminal-case

The news says they are deciding against charging Binance due to this reason:
Do they now care so much about the crypto industry, to the extent of not charging a service they think has committed fraud, but they rather choose a settlement of $4 Billion to end the case. I don't know what's going on here, but i think this is a resolution that Binance and cz would accept.

According to Bloomberg, US Department of Justice asks from Binance $4 billion as a settlement to end criminal case. Sounds more like an extortion to me, after everything that has happened.

Anyway, that's not the amount that could cause issues for CZ/Binance.

Will these terrorism funding accusations and allegations get the victory for these politicians and make Binance to bite the dust or is this another FUD only? The clowns of government have been attacking the exchange for more than 1 year and none of them could defeat the defense powers of CZ heheheh.



Republican lawmakers urged the U.S. Department of Justice to figure out the extent to which Binance and Tether might be supporting terrorism funding following attacks on Israel.

Read in full https://www.theblock.co/post/259675/lawmakers-call-on-doj-to-consider-charges-against-binance-further-investigate-tether-over-possible-involvement-in-illicit-finance

There are rumors on social media that CZ's marketmaker Sigmachain had a shorfall. No one knows how much it has lost or how long this has been happening. However, what was reported in mainstream news media on June was Sigmachain was accused of receiving customer funds illegaly from Binance.

I reckon of this rumor is true and if the deficit is big enough to bring Binance to insolvency, we might be witnessing something similar to FTX-Alameda case.



Two offshore trading firms controlled by Binance founder and CEO Changpeng Zhao lie at the centre of the Securities and Exchange Commission (SEC) lawsuit launched against the world's largest crypto exchange, which highlights concerns over client funds.

Swiss-registered Sigma Chain received customer funds from Binance, the U.S. regulator said in its complaint on Monday, and then engaged in "manipulative trading" to artificially inflate the exchange's trading volumes.

Source https://www.reuters.com/markets/us/zhao-controlled-binance-trading-firms-heart-sec-lawsuit-2023-06-06/

@Rikafip. 2 years is not soon. Also, when the SEC and all of the other regulators are done on cracking down against Binance and CZ, I am quite certain that Binance will not be the first choice for old and new investors in the next bull market. Also, much of the community might stop recommending Binance because we cannot trust the regulators to stop going after CZ.

CZ can show fingers 4 FUD in social media everyday, however, this will not change the reality that they are losing customers and also might begin losing their dominance.



The US Securities and Exchange Commission (SEC) has claimed that Binance has failed to provide sufficient documentation despite previously agreeing to expedited discovery.

BAM, the organization responsible for Binance’s US affiliate, has submitted approximately 220 documents. However, the SEC’s legal representatives have alleged in a new filing that many of these documents consist of “unintelligible” screenshots and lack essential dates or signatures.

In a new twist to the ongoing courtroom drama, the SEC has alleged Binance of not cooperating in the ongoing probe, according to the unsealed documents.

The SEC also voiced concerns about Binance.US’s use of Ceffu, a custody service offered by Binance’s international arm – Binance Holdings Ltd – which appeared to be in violation of a previous agreement designed to prevent the transfer of assets abroad.

Source https://cryptopotato.com/binance-v-sec-lawsuit-update-september-17-problems-with-documentation-and-more/

You think that binance.com might go down to those levels so soon? I mean, anything is possible when it comes to crypto, but I don't that to happen before next bull run comes (unless bull run comes much later than we all hope for).


In the other news, SEC keeps pressuring binance.us, this time asking court to approve an inspection.

Also after these recent resignations and firings of employees, CZ does not appear to be sharing his fingers 4 fud in social media. He might have real problems now, I reckon.

I also speculate that binance.us might not survive until the halving and what might occur is the exchange's closure might cause the next big dump on our faces hehehe. It might be the last dump, however.

The pressure on Binance and its owner CZ is piling up and increasing day after day and no one knows when the balloon will burst.
 Even if the allegations leveled against Binance are true, They will deny it especially when there is no substantial evidence on the ground to prove the case and hence they will try to buy some time to see if they can cover up the shit.

Laying off such a significant number of staff /workers entails something that may happen in time to come.

Maybe or maybe not, we don't know the exact time it will bite the dust, but with the recent events happening in the exchange, it will bite the dust soon. Let it survive until the halving first, before we can discuss about after it .
Even despite all the regulatory troubles that Binance is having, cz surely wouldn't resign, he will be 'confident' in solving it all, and that all funds are Safu and everything is fud .

@Rikafip. I reckon it might be safe to speculate that Binance will close their doors on the US market, however, binance.com might continue to exist and operate. But it might become a forgotten exchange very much similar to Poloniex by the time the next bull market arrives. It might also have the same owner as Poloniex if CZ retires hehehehehe.


The year is 2026. Binance announces their new CEO

Exodus at Binance.us continues as both head of legal and chief risk officer also left the company. I guess rats are leaving the sinking ship.  

Source: https://www.theblock.co/post/251128/binance-us-legal-executive-chief-risk-officer-leave-the-exchange-wsj


Their goal is probably to survive until the next bull run when all of this will be forgotten, therefore all those lay offs so yeah, I think that they will survive until then.

News update.

Another binance.us CEO has bitten the dust and according to this article, more than 100 employees have been removed from the exchange. How many more months does everyone speculate does binance.us have? Will it continue to exist after the next halving of bitcoin?

We cannot be quite certain how many more times CZ can hold the fingers 4 hehehe.



Binance.US Chief Executive Officer Brian Shroder has left the crypto trading platform and been replaced on an iterim basis by Chief Legal Officer Norman Reed, according to a company spokesperson. The departure comes as the company controlled by embattled digital entrepreneur Changpeng “CZ” Zhao is eliminating about one third of its workforce, or more than 100 positions, as a regulatory crackdown erodes its business.

It’s the second round of job cuts this year at the Miami-based firm as it faces a series of mounting legal and operational challenges. In June, the US Securities and Exchange Commission accused Binance Holdings, Zhao and Binance.US with mishandling customer funds, misleading investors and regulators, and breaking securities rules. Zhao and the companies have denied the allegations.

Source https://www.bnnbloomberg.ca/binance-us-ceo-departs-as-crypto-platform-cuts-third-of-staff-1.1970552

I am laughing it this news development. CZ accuses the SEC of a fishing expedition It might uncle Gary's turn to show everyone 4 fingers and tell CZ and everyone in social media that it is nothing but FUD hehehehehe.

In any case, it appears Binance might not be taken down this year. Next year might be another story, however.



Binance has asked a court for a protective order against the United States Securities and Exchange Commission, accusing the regulator of undertaking a “fishing expedition” with its discovery requests.

In an Aug. 14 court filing, Binance argued while it’s worked in good faith with a June court order, the SEC has served overly broad and unreasonable discovery requests that seek “every single document in [Binance’s] possession related to customer assets.”

“BAM has worked in good faith, but the SEC has been steadfast in its belief that the Consent Order gives it carte blanche to investigate every aspect of BAM’s asset custody practices without any discernible limitation whatsoever,” it stated.

Source https://cointelegraph.com/news/binance-files-motion-for-protective-order-against-sec

There is nothing to hate here because nobody expected anything differently, adoption by governments is great for BTC, but the truth is that governments are centralized, so they are going to promote a centralized way of using BTC to their people. Most citizens in El Salvador don't use BTC, they don't even understand enough about it, and it is partly due to how their government introduced it to them.

The Chivo wallet that was created by the government of El Salvador is also a centralized wallet, and i don't think many citizens in El Salvador know how to use self custody wallets. Now with Binance licensed in the country, some of them will also start using the exchange to store their funds and to seek for APY. That is why i said there is nothing to hate here, the government of El Salvador would do what they think they can benefit from, but the trade-off here is that people will find it hard to understand and use BTC the way it should be used.

CZ is very lucky to be in a jurisdiction that is as friendly as El Salvador and with a president who is very progressive like Nayib Bukele. I reckon some there might be maximalists who hate CZ will certainly be annoyed by this news hehehe. It is also head shaking that these type of people would support uncle Gary's crackdown on the cryptospace because of this hate.

El Salvador is one of the first countries to be friendly to Bitcoin, and its president worked to adopt Bitcoin payments, considering Bitcoin an official currency, like the local national currency and the dollar as well (the dollar is used in El Salvador in parallel with the local currency) and therefore citizens have the right to buy, sell and store Bitcoin without any obstacles, especially since the government has issued an official wallet app and has distributed a number of ATMs to various provinces. At the same time, several platforms provide trading services to the citizens of El Salvador. Now what happened after Binance obtained the activity license? The state has become able to track the activities of citizens and can track the financial activities of any citizen based on an official government request that it submits to Binance, and the platform is obliged to provide data to the government. This matter was not previously possible because the platforms that provide services to citizens did not conduct any procedure or contract with the government, that is, they are not registered in the state system. Just like Indonesia did when the government launched a trading platform that enables it to monitor the financial transactions in crypto for citizens instead of granting licenses to private companies.

As for Binance, it definitely got more privileges after officially registering as a recognized platform at official level, because I do not imagine that the Salvadoran market is very important, given the percentage of users out of the total population.

binance obtains bitcoin and crypto license in salvador

https://www.binance.com/en/blog/ecosystem/binance-becomes-first-fully-licensed-crypto-exchange-in-el-salvador-348306456147004721