Topic: Is the Binance the next to bite the dust or FUD? - page 7. (Read 2224 times)

Agreed. CZ did not create Binance to scam the people. He created Binance as a business and help make the cryptospace grow so his business will also grow. However, the government and their regulatory agencies do not want this because it would give them less control on the people's financial transactions.

In any case, there was a joke that CZ was in the Interpol's red notice, however, if you know @cobie, he also the has power of knowing the future hehehe.



Binance's BNB token and bitcoin (BTC) plunged Monday as a rumor spread that the crypto exchange's CEO faced an international law enforcement request to detain him.

Turns out, the catalyst for all this was an encrypted message contained in a tweet that was apparently not meant for the public's eyes – at least not yet – and that might've just been a wild guess.

"Interpol Red Notice for CZ," read the tweet from @cobie, who is well-followed by the crypto community. Not only is that account private, the text of the message was actually a garble of letters and numbers.

Source https://www.coindesk.com/policy/2023/04/03/unverified-rumor-of-interpol-red-notice-for-binance-ceo-changpeng-zhao-sends-bnb-bitcoin-lower/

Well, I just wish that it wouldn't turn out like what FTX did or they'll never will considering they are huge and lot will totally be upset. I don't know the real score if they'll not make it but it would likely be the same like what Mt. Gox did in the past or even huge than that.

We still have no idea what CZ is a actually doing behind the closed door (at least not the most shady stuff). Sure, he doesn't seem as reckless and cocky as SBF but just a six months ago Sam was seen as 2nd coming of Christ by a large portion of crypto community and guy who will save crypto industry and we can see how that ended.

We don't know if they really are working to be friendly with regulators since that's what CZ always want to emphasize but we may never know what will happen and I think they are working on it, it could be catastrophic if they wouldn't be able to. I'd say CZ's Binance was way more transparent (maybe) compare to SBF that still says not guilty on frauds and conspiracy, a truly pathetic dude.

source--

the domino effect of the FTX crash is happening and this time I'm curious how binance will overcome this problem, binance is the biggest exchange in the world that has many other exchange derivatives in several countries. I used to do exchanges on Tokocrypto (a derivative of Binance). If Binance can't escape this pressure, I'm afraid the impact will be huge.

Now they are targeting Binance in regards to relation on China. It seems like a coordinated attack to Binance and I think few more days to wait until the market reacts. I guess US doesn't want Binance to stay and these attack are likely a massive thing for Binance which they shouldn't ignore.

@Z-tight. What they certainly cannot do is stop bitcoin, however, they can harrass bitcoin developers, users, miners and companies. This will be very much like what they did to Tornado Cash's developer, what they did to Chipmixer, other bitcoin privacy services and bitcoin payment processors.

Everyone should read the news and witness that it is happening already. They are beginning to raise taxes on miners, cracking down in exchanges, investigating banks that accept deposits from exchanges and seizing privacy proving websites.

Also, G7 nations will begin cooperating to create strict laws for the cryptospace. We should be more cautious when we wish for the success of a government crackdown. Much of these crackdowns are done only under a fake act of protecting small investors. It is really done to protect the interests of the rulers of the country.



Cryptocurrency regulation is one of the biggest agendas for the major economic countries. The seven largest democracies may advocate for stricter cryptocurrency laws globally at the upcoming G7 summit. The countries in question include Japan, the United States, the United Kingdom, Canada, France, Germany, and the European Union.

Source https://watcher.guru/news/g7-nations-to-work-towards-strict-global-cryptocurrency-laws

They can probably investigate, regulate and to an extent control centralized exchanges, services and altcoins, but they can't destroy or control BTC because it is decentralized, and just as they as suing Binance and CZ as an individual for regulatory violations, they can't attack BTC in that way, it isn't a company or security and there is no singular individual you can pick out and slap a lawsuit on.
The charges are clear, and i wonder how CZ and Binance are going to respond, surely they would deny any wrongdoing, but the charges say they have allowed US customers to trade derivatives on their Binance platform, even after they claimed they would block such from happening, the link also said Binance provided some of these customers with ways to avoid being caught as US customers. Since Binance are mainly only trying to make money for themselves through shady means and not following the law or due process, this isn't something one can say they didn't do or commit.

Honestly I don't care about any exchange who puts a sniper's target on "US persons". Earlier I said, FTX can go to hell. And boy, to hell they indeed went.

But my employer is using Binance and specifically, has trading bots there, so if Binance goes down then I'll probably be out of work too 

It appears that the government under the control of the Biden administration is really determined to break the the cryptospace and control what will be left from it after they have destroyed it. It also appears that this continuous investigations and and lawsuits against CZ and Binance will not stop.

I reckon it was much better under the Trump administration. They only told everyone that they do not like the cryptospace but there was no action behind those words hehehe. In any case, Binance.us might bite the dust before the end of 2023.



The U.S. Commodity Futures Trading Commission (CFTC) sued crypto exchange Binance and founder Changpeng Zhao Monday on allegations the company knowingly offered unregistered crypto derivatives products in the U.S. against federal law.

The lawsuit, filed in the U.S. District Court for the Northern District of Illinois on Monday, alleged that Binance operated a derivatives trading operation in the U.S., offering trades for cryptocurrencies including bitcoin (BTC), ether (ETH), litecoin (LTC), tether (USDT) and Binance USD (BUSD), which the suit referred to as commodities. The suit also alleged that the company, under Zhao’s leadership, directed its employees to spoof their locations through the use of virtual private networks.

Read in full https://www.coindesk.com/business/2023/03/27/binance-and-cz-sued-by-cftc-over-regulatory-violations/

True, but many developers remain anonymous, and they don't have global jurisdiction.

Also true. They could, as they did with gold, simply declare it illegal for citizens to hold bitcoin and demand that everyone hand their bitcoin over to the government. The difference here of course being they cannot forcibly take your bitcoin as they could with your gold, not least of all because I lost all my keys in an unfortunate boating accident.

I'm not sure what altcoins have to do with this. If the government were hell bent on sanctioning bitcoin, then it would trivially easy for them to sanction these largely centralized altcoins as well.

@ o_e_l_e_o. Agreed, however, the SEC and other government agencies can also crackdown on developers of decentralized projects in the cryptospace similar to what they have one on the developer of Tornado Cash. They can also sanction bitcoin addresses and label anything containing them as illegal funds. This is very head shaking because there are some bitcoin maximalist who support this type of behavior because they think the cryptospace should be bitcoin only. We should not be like this, I reckon.

The very reason the SEC can crack down on stablecoins is exactly because they are completely centralized. They are ran by a single entity, issued by a single entity, controlled by a single entity, can be seized/frozen/confiscated by that single entity, and if that single entity scams or goes bankrupt then the whole thing collapses. The SEC can simply put pressure or lay criminal charges on that single entity, and they can do what they like with that stablecoin. The same is generally true for centralized exchanges and other centralized services.

The same is absolutely not true for Bitcoin or for truly decentralized exchanges like Bisq. These things are entirely decentralized. There is no single entity with the power over Bitcoin or Bisq to shut it down or alter it, and so there is nothing the SEC can do. Unless they feel like targeting every Bitcoin node in the world or every Bisq user in the world, which is obviously not possible.

And so I say let them. Too long have centralized exchanges leeched off the popularity of bitcoin with their centralized shitcoins, their token printing out of thin air, their fractional reserve scams, their privacy invasion, their data harvesting and selling, all in the name of making themselves profits. Let them all be regulated in to oblivion and shut down entirely. Bitcoin will be just fine, and will be stronger for it.

@o_e_l_e_o. I wish I can agree with your argument, however, if the community is taking a side with the SEC, this is a very dangerous circumstance, I reckon. You are taking a bitcoin maximalist's argument but we do not know where this stops or what this implies for all of the cryptospace including bitcoin. A victory for the SEC in this would certainly not make them stop from cracking down on bitcoin and every service, centralized or decentraized that uses bitcoin. We already witnessed what they did against Chipmixer.

Good. The sooner we rid the space of these fiat surrogates, the better. They are centralized, fractional reserve, not backed up, printed out of thin air at will, can be seized out of your accounts at any time, and pegged to a rapidly devaluing currency. They take all the worst bits of fiat, and add in zero privacy from the centralized issuer, zero protection from scams or bugs on behalf of the centralized issuer, and complete lack of regulation or FDIC insurance. There are court documents proving that the various centralized entities which print these coins use them for their own purposes, to cook their books, bail themselves out, pump their own coins, and other generally shady and illegal activities.

These stablecoins are a ticking timebomb, with several losing their peg or even collapsing outright in recent memory. It would be a wise move to sell any you are holding and your money back in to bitcoin.

@Rikafip. CZ tweeted the wallet where the $1 billion was being held on the day of the announcement.

In any case, everyone has already heard about the wells notice that Coinbase received from the SEC? I shared it in @Oshosondy's thread. This article mentions and speculates that Binance and stablecoin issuers might be next.

I speculate it might also include Defi and other projects that issued tokens.



Coinbase’s pending legal showdown with the US markets regulator has the crypto industry wondering who’s next.

Coinbase, a target for the Securities and Exchange Commission since Gary Gensler took over as chair, this week received a Well’s Notice — a formal declaration of the SEC’s intent to bring a lawsuit.

The key question now: What next?

“Oh, a stablecoin case,” Moustakis said. “I don’t mean a stablecoin used in connection with fraud. I mean an enforcement action brought against a stablecoin issuer for the issuance of an unregistered security.”

John Reed Stark, former director of the SEC’s office of internet enforcement, said that while the SEC has hinted that stablecoins may be next in the SEC’s crosshairs, he has another theory: “Binance, or maybe Tether.”

“Binance’s operations have been so void of transparency and sunlight that there’s a need for criminal prosecutorial and civil regulatory intervention,” Stark said.

Source https://www.dlnews.com/articles/regulation/stablecoins-and-binance-next-in-sec-crosshairs-after-coinbase-warning/

Who is to say that he hasn't started buying already because since he announced it, prices went up ~25%. By the way, I am not saying that his announcement is the main source of this pump but it might have affected it to some degree.


Why do you even need "influencer" or someone to look up to? If you use bitcoin as intended (meaning storing it in your own non-custodial wallet) and avoid shitcoins, you don't need CZ or anyone else to protect you. SBF was also presented as a good guy that just wants to help the industry and we saw how it happened.

Binance and CZ are doing well he's always been there when things are not good in the market, we have seen his positive action during the pandemic and it has helped the market to recover, he is considered to be the industry's major influencer and someone we are looking up in times of trouble.
If ever Binance and CZ disappear, it will leave a big vacuum in the industry and so far there is no one here in the industry that we can consider a likely successor.
There will be a major disruption, everybody and even CZ know that so he is doing everything he can to remain compliant and stay in the business and the industry.

I made a similar reply but only jokingly hehehe. However, my serious reply is I speculate that CZ might not pump the coins that he mentioned. I reckon it would be a more careful decision for him to wait when Bitcoin, Ethereum and Binance smartchain have gone down after a pump. He announced his intention already. If he pumps this, there will certainly be whales who will buy before him and dump on him.

Stable coins crisis isn't the only way Binance can bite the dust, there are so many shady things they do, like gambling and trading with depositors money, and if one of them fails, then their customers would be unable to withdraw their money.
Converting this 1 billion dollars to BTC, BNB and ETH is no good news for the market or for BTC, CZ and Binance take decisions that are good for them and one they can make money from, if they cared about the market or BTC, they would stop promoting shitcoins, like theirs, and would have converted all the money into BTC.
If people place their trust on BTC through the activities of a centralized service that is hiding somewhere in Cayman Island, then they need to start all over again to understand what BTC stands for.