Is the Binance the next to bite the dust or FUD?

bbc.reporter

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Quote from: Rikafip on February 10, 2024, 03:39:55 AM

Quote from: bbc.reporter on February 10, 2024, 01:28:46 AM

Yes, we can argue that he did this for more profit. Binance is a business but what it also did was not bow down to regulators easily.

I have no problems with him wanting to make money (don't we all), but I don't think that he can be seen as some sort of "protector of anonymity and privacy" since he had to sacrifice that and make many compromises in order to expand his business.

Regarding not bowing down to regulators easily, he even boasted that in his response to CFTC that "Binance.com is the first global (non-US) exchange to implement a mandatory KYC program, and remains today to have one of the highest standards in KYC and AML" so I don't think that's true.

No, I am not arguing that he is a protector of anonymity and privacy. What I am arguing about is for whatever CZ's reasons are, whether profit or protection of illegal activities through the exchange, he did not bow down immediately and he made it difficult for the regulators to force their demands on him and his business.

I speculate that it might be his friends and the other close executives who were loyal to him that might have influenced him to accept the deal with the DOJ to save Binance.

On boasting about mandatory KYC. This is marketing to make it appear safe for the users, I reckon hehehehe. Do you know how Binance became the no.1 exchange in the world? This was during forced KYC from the American regulators. Bittrex was no.1 then implemented KYC. Their users left and who was there to accept them without KYC? Binance.

Binance did not implement KYC until it was impossible for them.

Rikafip

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Quote from: bbc.reporter on February 10, 2024, 01:28:46 AM

Yes, we can argue that he did this for more profit. Binance is a business but what it also did was not bow down to regulators easily.

I have no problems with him wanting to make money (don't we all), but I don't think that he can be seen as some sort of "protector of anonymity and privacy" since he had to sacrifice that and make many compromises in order to expand his business.

Regarding not bowing down to regulators easily, he even boasted that in his response to CFTC that "Binance.com is the first global (non-US) exchange to implement a mandatory KYC program, and remains today to have one of the highest standards in KYC and AML" so I don't think that's true.

bbc.reporter

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Quote from: Rikafip on February 09, 2024, 03:38:06 PM

Quote from: bbc.reporter on February 09, 2024, 01:26:27 AM

I recently heard that Monero was delisted from Binance. This is the effect after CZ agreed to the deal the DOJ was offering him. He has bowed to them and Binance is presently under their control.

He already delisted Monero in other countries (for example Australia) before this latest news so this is not a new thing and I don't think that it has anything to do with the deal.

Quote from: bbc.reporter on February 09, 2024, 01:26:27 AM

He was protecting the freedom to use his exchange and also protecting anonymity and privacy.

I think he likes profit way more than he likes protecting anonymity and privacy because if he wasn't, he still woulnd't have mandatory KYC.

However, I reckon Binance.com would never have bowed similar to it has after CZ's retirement as CEO. Binance.com was one of the last of the big exchanges to continue on the acceptance of Monero and when Binance.com delisted this, others will certainly follow.

Yes, we can argue that he did this for more profit. Binance is a business but what it also did was not bow down to regulators easily.

On mandatory KYC, this is not negotible. It is a compliance nightmare that much of these exchanges of size will need to do unless they want to be the size of Tradeogre hehehehe.

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Quote from: bbc.reporter on February 09, 2024, 01:26:27 AM

I recently heard that Monero was delisted from Binance. This is the effect after CZ agreed to the deal the DOJ was offering him. He has bowed to them and Binance is presently under their control.

It will be delisted on 20 February 2024. btw there is an informational message on the trading page that says that Monero has a higher volatility or risk ratio than other tokens.

Quote from: bbc.reporter on February 09, 2024, 01:26:27 AM

Opposite to many arguments, CZ was not protecting criminals using his exchange. He was protecting the freedom to use his exchange and also protecting anonymity and privacy. If the government can force Binance to delist Monero, it can also force many exchanges to delist this. On 2030 the only centralized exchange that might be accepting Monero will be only Tradeogre.

There is some truth in your statement but CZ was not protecting your anonymity or privacy. CZ allowed everything and tried his best to provide service with everyone, even with the ones who are prohibited to use it because CZ wanted to bring as much money as possible to Binance and his pocket. He was a money seeker, the freedom of using his exchange automatically came as the result of his dirty games for generating profit. That's good and bad at the same time.

Rikafip

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Quote from: bbc.reporter on February 09, 2024, 01:26:27 AM

I recently heard that Monero was delisted from Binance. This is the effect after CZ agreed to the deal the DOJ was offering him. He has bowed to them and Binance is presently under their control.

He already delisted Monero in other countries (for example Australia) before this latest news so this is not a new thing and I don't think that it has anything to do with the deal.

Quote from: bbc.reporter on February 09, 2024, 01:26:27 AM

He was protecting the freedom to use his exchange and also protecting anonymity and privacy.

I think he likes profit way more than he likes protecting anonymity and privacy because if he wasn't, he still woulnd't have mandatory KYC.

bbc.reporter

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I recently heard that Monero was delisted from Binance. This is the effect after CZ agreed to the deal the DOJ was offering him. He has bowed to them and Binance is presently under their control.

Opposite to many arguments, CZ was not protecting criminals using his exchange. He was protecting the freedom to use his exchange and also protecting anonymity and privacy. If the government can force Binance to delist Monero, it can also force many exchanges to delist this. On 2030 the only centralized exchange that might be accepting Monero will be only Tradeogre.

bbc.reporter

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News update.

It appears that despite CZ's departure from Binance and the charges against him, Binance appears to have never bitten the dust hehehe. This article has reported that net inflows have exceeded the other exchanges in the cryptspace.

This is head shaking because does this imply that moneylaundering through Binance was not as big as speculated?

Crypto exchange Binance — which pleaded guilty to US criminal charges and saw former CEO Changpeng Zhao step down as part of a $4.3 billion settlement — has experienced a trading revival, according to data from DefiLlama.

Since the exchange’s November 21 admission to the Department of Justice of money laundering and evading sanctions and Zhao’s exit, it has seen net inflows of $4.6 billion, far exceeding rivals OKX, Bybit, and Kraken, Bloomberg first reported.

Source https://www.dlnews.com/articles/snapshot/binance-inflows-have-surged-since-november-guilty-plea/

bbc.reporter

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Quote from: o_e_l_e_o on November 27, 2023, 08:20:54 AM

Quote from: bbc.reporter on November 26, 2023, 11:36:55 PM

They cannot print more BNB.

Why not? Who is going to stop them? They have complete control over the entire BNB network and can do literally anything they like with it, from printing a billion out of thin air to simply shutting the whole thing down with zero warning.

Quote from: bbc.reporter on November 26, 2023, 11:36:55 PM

This token has a deflation mechanisms created through buy and burn every quarter until 100 million tokens are left.

Only as long as Binance keep their promise to keep doing this.

Agreed that Binance smartchain is centralized. I was only talking about how presently the rules are implemented on their network. Also, it can argued that it might be difficult to change to change these rules to make them issue more tokens and milk the cow. This would cause a failure of trust and certainly a big dump from their community of users and developers.

dansus021

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Quote from: bullrun2024bro on November 29, 2023, 10:13:21 AM

Sorry out of topic it is just me or your username is changing bro Grin

Quote from: Rikafip on November 29, 2023, 07:38:11 AM

In other news, more problems for Binance as Phillipines SEC decided to start thge process of blocking their citizens from accessing the site as they don't have the licenses needed.

Quote from: https://www.reuters.com/technology/philippines-sec-block-access-worlds-largest-crypto-exchange-binance-2023-11-29/

The Philippines' Securities and Exchange Commission has begun the process of blocking access to the world's largest crypto exchange Binance, whose chief last week stepped down and pleaded guilty to breaking U.S. anti-money laundering laws.

The SEC said the operator of Binance was not a registered corporation in the Philippines, and was operating without the necessary licence and authority to sell or offer any form of securities.

The removal of access in the Philippines, the SEC said in a statement, will take effect within three months of the issuance of its advisory on Nov. 28 to give Filipino users time to pull out investments from the crypto exchange.

I heard the news from the watcher guru.

Binance is also blocked here in Indonesia so the user from my country should use the VPN to access it or use other domain that provide by binance and it called binance.me but they year ago make an acquisition tokocrypto exchange that has licensed

bullrun2024bro

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Quote from: Rikafip on November 29, 2023, 07:38:11 AM

Those three fools that are suing him probably bought his NFTs and now that price (presumably) went down, they are trying to find a way to get their money back. Good luck with that.

Yep, it's quite unlikely that the NFT investors will ever see their funds again. But seriously, if you burn your money in a random Binance CR7 NFT collection, you shouldn't be surprised that the money is lost in the end.

On the other hand such news are of course a huge problem for Binance. Due to regulatory pressure around the globe, news like these are of course worth another "bad" headline for the media.

And I mean it's been a long time since there were any "good" news on Binance. With their EEA crypto credit card program ending in December there is basically no reason to use Binance's service anymore. That's why I've stopped using their exchange service quite a while ago already.

Rikafip

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Quote from: bullrun2024bro on November 29, 2023, 05:32:04 AM

Now they're going after Cristiano Ronaldo for promoting Binance and his NFT collection on Binance in the past. IMHO, that was only a matter of time.

Those three fools that are suing him probably bought his NFTs and now that price (presumably) went down, they are trying to find a way to get their money back. Good luck with that.

In other news, more problems for Binance as Phillipines SEC decided to start thge process of blocking their citizens from accessing the site as they don't have the licenses needed.

Quote from: https://www.reuters.com/technology/philippines-sec-block-access-worlds-largest-crypto-exchange-binance-2023-11-29/

The Philippines' Securities and Exchange Commission has begun the process of blocking access to the world's largest crypto exchange Binance, whose chief last week stepped down and pleaded guilty to breaking U.S. anti-money laundering laws.

The SEC said the operator of Binance was not a registered corporation in the Philippines, and was operating without the necessary licence and authority to sell or offer any form of securities.

The removal of access in the Philippines, the SEC said in a statement, will take effect within three months of the issuance of its advisory on Nov. 28 to give Filipino users time to pull out investments from the crypto exchange.

bullrun2024bro

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Now they're going after Cristiano Ronaldo for promoting Binance and his NFT collection on Binance in the past. IMHO, that was only a matter of time.

Source: https://twitter.com/WatcherGuru/status/1729758677647724947

Quote

Pro-soccer star Cristiano Ronaldo has been hit with a proposed class-action lawsuit from plaintiffs claiming they suffered losses from his promotion of the now-legally embroiled crypto exchange Binance.

A Nov. 27 filing to a United States district court in Florida claimed Ronaldo “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance.”

Binance entered a multiyear partnership with Ronaldo in mid-2022 to promote a series of his own nonfungible tokens (NFTs), with at least three of the soccer star’s collections tied to Binance.

Looks like promoting worthless NFTs on Binance wasn't CR7s smartest idea.

More information here: Cristiano Ronaldo sued for promoting Binance, unregistered securities

Darker45

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🙏🏼Padayon...🙏

Quote from: o_e_l_e_o on November 27, 2023, 08:20:54 AM

Quote from: bbc.reporter on November 26, 2023, 11:36:55 PM

They cannot print more BNB.

Why not? Who is going to stop them? They have complete control over the entire BNB network and can do literally anything they like with it, from printing a billion out of thin air to simply shutting the whole thing down with zero warning.

LOL! As if the Binance network is decentralized. Not only can Binance mint more BNB, CZ himself can order it. CZ is Binance. Forget about those handful of Binance validator nodes; they're all under CZ's command. CZ is the central power over Binance.

As a matter of fact, if I'm not mistaken, Binance minted BNB to be airdropped to the victims of the Morocco earthquake a couple of months ago. If I'm wrong on this, I'm sure that the Binance network was once paused. This is proof enough of Binance's centralization. And if they can pause the entire network, they can also tinker with anything on it including the supply of BNB.

o_e_l_e_o

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Quote from: bbc.reporter on November 26, 2023, 11:36:55 PM

They cannot print more BNB.

Why not? Who is going to stop them? They have complete control over the entire BNB network and can do literally anything they like with it, from printing a billion out of thin air to simply shutting the whole thing down with zero warning.

Quote from: bbc.reporter on November 26, 2023, 11:36:55 PM

This token has a deflation mechanisms created through buy and burn every quarter until 100 million tokens are left.

Only as long as Binance keep their promise to keep doing this.

bbc.reporter

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@o_e_l_e_o. They cannot print more BNB. This token has a deflation mechanisms created through buy and burn every quarter until 100 million tokens are left. There is no BSC token, only BNB. Binance has already stopped their stablecoin BUSD after Paxos was adviced by the New York Department of Financial Services.

In any case, we should wait after Binance's $4 billion payment to the American government to confirm our speculations. However, I reckon it will not occur similar to FTX or Celsius. It will be something similar to Bittrex.

o_e_l_e_o

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Quote from: bbc.reporter on November 25, 2023, 11:32:44 PM

However, if an exchange can still generate revenues that large and can generate them in a bull market, I reckon Binance does not have problems in inflows of liquidity and cashflow. They can pay the $4 billion settlement with the Department of justice quite easily. I reckon CZ would not have accepted this proposal if it would cause Binance to be bankrupt.

This is the exact same reasoning that people were using prior to Celsius going bankrupt, or BlockFi going bankrupt, or FTX going bankrupt, and so on. The fact remains the exchange will always say that everything is fine, that they can easily cover the fines/losses/whatever, that they are complying with all investigations, and so on, because as soon as they don't they trigger a bank run and then they are definitely going bankrupt. Don't trust anything that is being said right now. Get your coins off of Binance.

Quote from: bbc.reporter on November 25, 2023, 11:32:44 PM

What made up token were they printing?

I don't keep up with just how many centralized tokens Binance can print at will, but off the top of my head BNB, BSC, and BUSD. And don't forget all their fake tokens on top of these centralized chains, like their fake wrapped bitcoin tokens that they trick newbies in to buying instead of real bitcoin. And don't they have a bunch of fake leveraged tokens as well, like BTCUP and BTCDOWN? All of these are 100% centralized and under Binance's control. There are plenty of ways they can fudge the numbers and dump on their customers to magic up a few billion dollars if they need to.

bbc.reporter

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@o_e_l_e_o. Agreed that revenues are not profits and also cannot be comparable to reserves. However, if an exchange can still generate revenues that large and can generate them in a bull market, I reckon Binance does not have problems in inflows of liquidity and cashflow. They can pay the $4 billion settlement with the Department of justice quite easily. I reckon CZ would not have accepted this proposal if it would cause Binance to be bankrupt.

Also, the article from CNBC is headshaking. The answer is yes to their question. They were creating another fud storyline.

What made up token were they printing?

o_e_l_e_o

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Quote from: bbc.reporter on November 24, 2023, 09:17:19 PM

I reckon it was more than $20 billion on 2021 and $12 billion on 2022.

Revenue is not the same as profits nor reserves.

They claim to have 100% reserves for all their customer deposits. I have previously cast doubt on that number, but even assuming that this number is true, that money belongs to their customers and Binance should not be using it to pay off their fines. How much they have in their own reserves is anyone's guess. And remember when CZ evaded the question about whether Binance could cover a $2.1 billion fine? https://www.cnbc.com/2022/12/15/binance-ceo-changpeng-cz-zhao-brushes-off-2-billion-ftx-clawback-concerns-fraud.html. This fine is more than double that.

Still, nothing stopping them printing a few million of some made up token and dumping it on their users to cover their insolvency, eh?

bbc.reporter

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@serveria.com. Binance's revenues is certainly very good. I reckon it was more than $20 billion on 2021 and $12 billion on 2022. Also consider that 2022 was a bear market. They will have no difficulties on paying the $4 billion settlement and CZ might unreportedly be one of richest men in the world. $200 million and going to prison for 2 years will be a slap on the wrist.

It appears Binance has avoided biting the dust?

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Quote from: bbc.reporter on November 24, 2023, 01:16:31 AM

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.

In the news they're not disclosing all conditions of the agreement. CZ steps down, it's pretty clear. He has to pay some fine: according to different sources $50-$200 million. And finally, Binance has to pay ~$4-4.3 billion in fines. Additionally, Binance has already reportedly lost ~$200 million when the news on the deal were published. But anyhow, Binance still seems solid as a rock and I don't think we should be worried.

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