Is the DOJ doing too much? | Bitcointalksearch.org

Darker45

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Quote from: Alpha Marine on December 13, 2023, 07:12:05 PM

Quote from: Iamcrypticguy on November 30, 2023, 08:52:35 AM

It's been a roller coaster month for Binance – first, it was C_Z stepping down as CEO and Binance being fined $4.3B by the DOJ for securities breaches.

If this will prevent another FTX-like situation then it's all good.
The problem is, that regulatory bodies are against crypto as a whole, not just against the lawbreakers.

This won't prevent another FTX-like scenario. In the first place, this huge fine imposed on Binance, the fine on CZ himself, his guilty plea and his huge bail bond aren't about anything else but money laundering and terrorism financing. The fall of FTX had nothing to do with these two. FTX collapsed primarily because of financial mismanagement. So, whatever the DoJ is doing with Binance doesn't really prevent centralized crypto exchanges to fail because of mismanagement.

Regulatory bodies like the SEC are probably changing tune slowly but surely, so this seemingly hostile attitude against crypto would either go away or become selective.

Alpha Marine

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Quote from: Iamcrypticguy on November 30, 2023, 08:52:35 AM

It's been a roller coaster month for Binance – first, it was C_Z stepping down as CEO and Binance being fined $4.3B by the DOJ for securities breaches.

They're doing their jobs actually. If Binance had not broken any rules they wouldn't have paid that much money. They are a centralized organization, so they have to follow regulations. If they don't follow the regulations they'll get punished.
Apparently, the high fine on Binance was set as a warning to other exchanges that won't comply with regulation.
If this will prevent another FTX-like situation then it's all good.
The problem is, that regulatory bodies are against crypto as a whole, not just against the lawbreakers.

Eternad

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Quote from: Iamcrypticguy on November 30, 2023, 08:52:35 AM

It's been a roller coaster month for Binance – first, it was C_Z stepping down as CEO and Binance being fined $4.3B by the DOJ for securities breaches.

The latest development is that their ambassador, Cristiano Ronaldo, has been sued for promoting Binance and unregistered securities. It's unfortunate that he's facing legal action after endorsing the exchange😢. What are your thoughts about this?

It’s not too much if there’s a legal basis with their actions. The party involved has freedom to file a motion against the lawsuit if he thinks that the charges are unfair. The problem is these involved usually don’t think this far before doing their action or hoping that they will not get caught.

It’s only too much if DoJ is just giving random charges without any legal proof to support it. Beside DoJ is always harsh when it crypto is involved because we are still on hray area that’s why they can use the law with their advantage.

Iamcrypticguy

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Quote from: Darker45 on December 01, 2023, 10:43:19 PM

It's not as if the DoJ is tasked to make sure Bitcoin adoption is running smoothly on all sides. It has various mandates but it isn't one of them. So, for somebody who supports Bitcoin and the larger crypto industry, this might appear too much. But to an agency of the government that is more or less inimical to Bitcoin's interest, this is just what they're supposed to do. It's not too much. It's their responsibility. All's fair in love and war.

As a matter of fact, I suppose the DoJ can even indefinitely suspend the operation of Binance and jail CZ. CZ admits money-laundering on the platform. The huge fine hints at the gravity of it all.

Gonna be a long one. Let's watch how this plays out

Iamcrypticguy

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Quote from: avikz on November 30, 2023, 09:40:45 AM

Quote from: Iamcrypticguy on November 30, 2023, 08:52:35 AM

It's been a roller coaster month for Binance – first, it was C_Z stepping down as CEO and Binance being fined $4.3B by the DOJ for securities breaches.

The latest development is that their ambassador, Cristiano Ronaldo, has been sued for promoting Binance and unregistered securities. It's unfortunate that he's facing legal action after endorsing the exchange😢. What are your thoughts about this?

DOJ is definitely over doing things. The battle is not new. It started with IRS, continued by FBI and now DOJ has entered the battlefield. But it's not surprising. The way US government always wants to control everything, their recent behaviour is just a reflection of this same mentality.

Ronaldo being sued has a definite reason. Even though it is related to cryptocurrency but somewhat different. What is more concerning here is the Binance matter. If somehow binance goes bankrupt, the impact will be very negative on the crypto market.

Certainly, Binance holds a significant position in the crypto industry. I do hope they come out of this without much damage... Lately, I've been diversifying my assets into Bitget and paying more attention to their copy trading.

Darker45

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It's not as if the DoJ is tasked to make sure Bitcoin adoption is running smoothly on all sides. It has various mandates but it isn't one of them. So, for somebody who supports Bitcoin and the larger crypto industry, this might appear too much. But to an agency of the government that is more or less inimical to Bitcoin's interest, this is just what they're supposed to do. It's not too much. It's their responsibility. All's fair in love and war.

As a matter of fact, I suppose the DoJ can even indefinitely suspend the operation of Binance and jail CZ. CZ admits money-laundering on the platform. The huge fine hints at the gravity of it all.

Faisal2202

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Quote from: Iamcrypticguy on November 30, 2023, 08:52:35 AM

It's been a roller coaster month for Binance – first, it was C_Z stepping down as CEO and Binance being fined $4.3B by the DOJ for securities breaches.

The latest development is that their ambassador, Cristiano Ronaldo, has been sued for promoting Binance and unregistered securities. It's unfortunate that he's facing legal action after endorsing the exchange😢. What are your thoughts about this?

This is not something new, They (the US government) always try to find a way (link) to sue someone whether its a celebrity or a celebrity (hehe) CZ was also a celebrity of the crypto industry, he had a big influence over a lot of people and him accepting the accuses also put bad impact on the market. But hey all these celebrities have enough funds to face these trials.

And that's a good thing because if they can't then they will be bankrupted which is bad, if CR7 then for me it's not because he has no influence over the crypto industry but CZ has. So all support here goes for CZ but in terms of Football CR7 hehe. I know it's so obvious but this can be dealt with some fine I know this because the USA is after money and they are finding ways to get it.

ZAINmalik75

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Quote from: fat buddah on November 30, 2023, 12:41:43 PM

Too much? Perhaps, but I think Ronaldo should've thought about this outcome when he was promoting Binance. Promoting financial services is always dangerous.

That's an old promotion that Cristiano had done for Binance and they are suing him now, they are just money makers and they will find a way to extract it from anyone using a mere loophole. Those who will well for it will lose funds. It is no doubt that the whole thing is sad but for Cristiano, it might not be that's why we should not worry about him instead we should worry about Binance because it has more impact on BTC than any other player like Cristiano.

He has his lawyers and it is not new for Ronaldo to pay fines he also paid fines on his cars and it was in millions, he is the biggest influencer in the world even though he might not have that on crypto but still his words make sense and if he is advertising then the platform will get consumers.

Quote from: ShinyStarPrincess on November 30, 2023, 12:36:42 PM

Since the Partnership of Binance with the Tax government in my country I decided to move out a year ago (Bitget was mostly for P2P and the Launchpool). Also I want to use more DeFI as well but I really need a cold wallet

Binance is still a great Centralized exchange and most preferred in my country but after this resignation of CZ people lost hope in Binance and they are moving toward Kucoin and Kraken, and any other centralized exchange that provides services in the country.

sunsilk

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Whichever government agency in the US that's assigned to monitor these investing matters, they need to step in and do what they can so that they're trying to protect their people.

There's no problem on what they does and the same goes for Binance in our perspective. But it's that there's a violation found on Binance's end and they shouldn't just sell these NFTs without having that permission or permits that they've complied.

And that means that there's a need for them to clear these things and there's basis to what's issued to them.

Churchillvv

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What I think about all this going on including C.Ronaldo case is that, there is a shadow party somewhere. There is conspiracy to attack this exchange in order to affect something which I'm not sure of but I solely believe that the this guy's are trying to fight some thing which is secret to them.
Asking Christiano Ronaldo pay $1 billion is outrageous, are they tryna bankrupt this guy?. Every single person that bought this NFT bought them to favour themselves so asking someone to pay for there mistake or problem is just stupid.

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Quote from: fat buddah on November 30, 2023, 12:41:43 PM

Too much? Perhaps, but I think Ronaldo should've thought about this outcome when he was promoting Binance. Promoting financial services is always dangerous.

Ronaldo doesn't know Binance will get him in trouble. There is politics in this, it's not just promoting Binance.
It's not just the SEC doing this work anymore but also the DOJ. But you should know that Ronaldo supports Palestine, anyone who does that I guess will be smacked.

He is a famous person and anything he promotes will have a huge effect on whoever is following his ideology and whatever he promotes.

franky1

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The inaugural Cristiano Ronaldo NFT collection will drop on November 18 (09:00 UTC) and feature seven animated statues with four rarity levels: Super Super Rare (SSR), Super Rare (SR), Rare (R), and Normal (N). Each NFT statue depicts Ronaldo in an iconic moment from his life, from career-defining bicycle kicks to his childhood in Portugal.

On November 18, at 09:00 (UTC),45 of the highest value CR7 NFTs (5 SSR and 40 SR) will be held for auction on the Binance NFT marketplace. The auction will remain open for 24 hours, with NFTs awarded to the highest bidder. Bidding prices will start at 10,000 BUSD for SSR and 1,700 BUSD for SR.

An additional 6,600 NFTs (600 R and 6,000 N) will be offered via our Subscription Mechanism Launchpad, starting at 77 BUSD for the Normal rarity.

where they are paying for a picture of a footballer for prices between $77-$10k .. and the buyers could not then find other buyers to sell to.. so want to sue the guy in the photo for not being as valuable as face value first thought..

well the buyers should not have accepted the offer so hastly

if what they bought was a true NFT then they own copyright of the picture they hold..
the 5 guys with 5 unique super rare photos. can easily each print 2,000 posters of their property and resell the posters for $5 each to tourists and football fans to break even..

guess they dont know all the capabilities of ownership proof(copyright) of NFT and how they can turn it into real money

that said i never looked at what technology/protocol the NFT were minted on to see if they were even true NFT.. so it could be that what they bought was not a true NFT to allow copyright claim to legally then sell reprints

also lets do the math

5 * 10,000 =50,000
40 * 1,700 =68,000
6000 * 77 =462,000

seems less the $600k offer.. no where near $1b on offer

fat buddah

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Too much? Perhaps, but I think Ronaldo should've thought about this outcome when he was promoting Binance. Promoting financial services is always dangerous.

ShinyStarPrincess

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Quote from: Iamcrypticguy on November 30, 2023, 08:52:35 AM

It's been a roller coaster month for Binance – first, it was C_Z stepping down as CEO and Binance being fined $4.3B by the DOJ for securities breaches.

The latest development is that their ambassador, Cristiano Ronaldo, has been sued for promoting Binance and unregistered securities. It's unfortunate that he's facing legal action after endorsing the exchange😢. What are your thoughts about this?

Since the Partnership of Binance with the Tax government in my country I decided to move out a year ago (Bitget was mostly for P2P and the Launchpool). Also I want to use more DeFI as well but I really need a cold wallet

Charles-Tim

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Quote from: avikz on November 30, 2023, 09:40:45 AM

[DOJ is definitely over doing things. The battle is not new. It started with IRS, continued by FBI and now DOJ has entered the battlefield. But it's not surprising. The way US government always wants to control everything, their recent behaviour is just a reflection of this same mentality.

What is DOJ overdoing? CZ was said not to follow anti-money laundering, and he accepted it, that it is true. So what do DOJ overdid? Also j do not think you read what I posted above, if you read it, it is clearly there that it is not DOJ that sued Cristiano Ronaldo but he was sued by some people that bought the NFTs that he is advertising.

Hamza2424

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Quote from: Iamcrypticguy on November 30, 2023, 08:52:35 AM

It's been a roller coaster month for Binance – first, it was C_Z stepping down as CEO and Binance being fined $4.3B by the DOJ for securities breaches.

The latest development is that their ambassador, Cristiano Ronaldo, has been sued for promoting Binance and unregistered securities. It's unfortunate that he's facing legal action after endorsing the exchange😢. What are your thoughts about this?

Hmm, the SEC is not letting go of Binance in any dimension, I was reading a few blog posts, indicating that the SEC charging another investigation against the CZ to find out whether he's involved in any of the resembling activity as former CEO of the FTX.

Cristiano Ronaldo's development is another sad side, no doubt Binance is going through tough times, but still, there's hope that they'll survive this critical time, after the end of this era I'm Binance will come out being more strong. Not CEX fan still I've spend my initial jour ney with the Biannce and that was from where my crypto journey started.

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Quote from: Iamcrypticguy on November 30, 2023, 08:52:35 AM

It's been a roller coaster month for Binance – first, it was C_Z stepping down as CEO and Binance being fined $4.3B by the DOJ for securities breaches.

The latest development is that their ambassador, Cristiano Ronaldo, has been sued for promoting Binance and unregistered securities. It's unfortunate that he's facing legal action after endorsing the exchange😢. What are your thoughts about this?

Firstly, I don't think DOJ is doing too much, if CZ were actually proven to be using Binance to launder people's money or other criminal activity, than DOJ could pursue the case, that's their job, if Binance were cooperative to open their data, it shouldn't be problem for Binance.

Secondly, the class action lawsuit towards Christiano Ronaldo wasn't by DOJ, it's made by Binance customer.

avikz

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Quote from: Iamcrypticguy on November 30, 2023, 08:52:35 AM

It's been a roller coaster month for Binance – first, it was C_Z stepping down as CEO and Binance being fined $4.3B by the DOJ for securities breaches.

The latest development is that their ambassador, Cristiano Ronaldo, has been sued for promoting Binance and unregistered securities. It's unfortunate that he's facing legal action after endorsing the exchange😢. What are your thoughts about this?

DOJ is definitely over doing things. The battle is not new. It started with IRS, continued by FBI and now DOJ has entered the battlefield. But it's not surprising. The way US government always wants to control everything, their recent behaviour is just a reflection of this same mentality.

Ronaldo being sued has a definite reason. Even though it is related to cryptocurrency but somewhat different. What is more concerning here is the Binance matter. If somehow binance goes bankrupt, the impact will be very negative on the crypto market.

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Quote from: Charles-Tim on November 30, 2023, 09:00:07 AM

It is not United States Department of Justice that is in lawsuit with Ronaldo, it is people that bought the NFTs that he advertised that sued him.

It seems like they sued him because the minimum price for the advertised NFT was usd 77 but is now amounting to usd 1 and now they are blaming him stating that he should have said for which organization is he working for and how much is he getting paid

Quote

Ronaldo's net worth is not even up to $1 billion, but sued for $1 billion by these people that were no able to do research how those non fungible tokens can be very risky.

I agree even if we idolize celebrities we are still the ones responsible for our own decisions not a fan of Ronaldo or football in general but he is definitely not the one at fault here

Charles-Tim

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People have started creating topics like this recently. We need to avoid duplicating topics. But yours is somehow different, you are asking if DOJ is overdoing or not.

It is not United States Department of Justice that is in lawsuit with Ronaldo, it is people that bought the NFTs that he advertised that sued him.

Ronaldo's net worth is not even up to $1 billion, but sued for $1 billion by these people that were no able to do research how those non fungible tokens can be very risky.

Iamcrypticguy

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It's been a roller coaster month for Binance – first, it was C_Z stepping down as CEO and Binance being fined $4.3B by the DOJ for securities breaches.

The latest development is that their ambassador, Cristiano Ronaldo, has been sued for promoting Binance and unregistered securities. It's unfortunate that he's facing legal action after endorsing the exchange😢. What are your thoughts about this?

Topic: Is the DOJ doing too much? (Read 138 times)