Largest crypto exchange CEO arrested! Anyone getting deja vu?

larry_vw_1955

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Quote from: franky1 on November 21, 2023, 06:32:54 PM

m what i read he was charged a week ago and made a deal to plead in exchange for a cash settlement(punishment) to avoid jail/prison/extradition

a whopping $4.3billion penalty for binance and $50m for CZ personally

CZ has to pay his $50m plea settlement between now and february to get a reduced sentance (from years) to be instead 10-18months

should be more like 25 years in my opinion.

Quote

CZ's "crimes"
1. operating a money transmitter service
2. not registering a money transmitter service
3. facilitating money transmits to iran

those arent crimes? i bet there's people doing 10 year sentences for just doing one of those in the above list.

DubemIfedigbo001

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Quote from: Franctoshi on November 30, 2023, 07:11:33 AM

No body knows when the balloon will burst and I pray things don't get worse from here, for the company and for the crypto space with his arrest. No doubts, Binance is the biggest cryptocurrency exchange we have out there and should they go bankruptcy as a result of this, it definitely gonna have a short term Negative effect on the market and maybe cause the last sell off before the main bull run we expect.
I hope that Binance and CZ comes out of this case strong, we don't need another contagion event or pain in the crypto space just within a space of 1-2 years, makes no sense.

This binance fuzz is with the US alone I guess, which is one of the 100 nations that their citizens uses the exchange for their cryptocurrency activities. Yeah, I've seen that he violated US laws and some cryptocurrency regulation laws, and as he's given a penalty to pay. He is not even currently in US, so we should be talking about his extradition and not arrest. Would withdrawing of only the US mean the fall of binance as its being projected here??, is it possible to see other countries withdraw patronage simply because they US are being political about the whole issue?.
from my research, binance was founded in China and moved up to malta because of its more acceptance of cryptocurrency activities. Its not even based in US. US happens to be just as business partner. Binance success does not depend entirely on US patronage, I think this is just one of the hurdles that Binance has to pull through and come out stronger.

fuguebtc

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Quote from: Franctoshi on November 30, 2023, 07:11:33 AM

No body knows when the balloon will burst and I pray things don't get worse from here, for the company and for the crypto space with his arrest. No doubts, Binance is the biggest cryptocurrency exchange we have out there and should they go bankruptcy as a result of this, it definitely gonna have a short term Negative effect on the market and maybe cause the last sell off before the main bull run we expect.
I hope that Binance and CZ comes out of this case strong, we don't need another contagion event or pain in the crypto space just within a space of 1-2 years, makes no sense.

You don't need to be too pessimistic, what CZ and Binance are going through is completely different from what SBF and FTX are doing to us so we don't need to worry too much. CZ pleaded guilty and was willing to pay the fine and resign so that Binance could continue to grow. That shows that he sacrificed to save Binance and did not want to cause too much impact on the market. Personally, I feel sad that CZ is no longer the CEO of Binance and I am not too pessimistic that they will destabilize the market the way SBF and FTX did.

I believe that after this incident , Binance will be even stronger because it fulfilled its mission excellently even when there were challenges.

Franctoshi

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No body knows when the balloon will burst and I pray things don't get worse from here, for the company and for the crypto space with his arrest. No doubts, Binance is the biggest cryptocurrency exchange we have out there and should they go bankruptcy as a result of this, it definitely gonna have a short term Negative effect on the market and maybe cause the last sell off before the main bull run we expect.
I hope that Binance and CZ comes out of this case strong, we don't need another contagion event or pain in the crypto space just within a space of 1-2 years, makes no sense.

coinremitter

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Indeed, the crypto space has seen instances like Bitmex before. Regulatory actions can trigger short-term turbulence, but past patterns suggest recoveries and even bull runs. Stay informed, diversify, and monitor market sentiments. History may rhyme, but every situation is unique. Stay resilient and informed, fellow crypto enthusiasts!

leonair

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Quote from: laurenB7742 on November 29, 2023, 11:34:29 PM

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Quote from: Churchillvv on November 21, 2023, 06:30:23 PM

I'm still in shock that he accepted such crime but my concern is what will be the effects of this resignation on Bitcoin and the crypto space at large.

I'm even afraid that there could be some hackers in this exchange from now cause CZ really tries to keep people's assets very safe.

CZ pleaded guilty and paid a $50 million fine. And he resigned as CEO of Binance, the world's largest exchange. His mental activity had some effect on BNB but it is trying to recover on me. However, it is doubtful how much the new CEO will be able to sustain Binance. So these can have a big negative effect on BNB. Although it will recover later. But a negative effect may be seen for a temporary period. CZ was a worthy man at Binance but many are worried about how well the current new CEO can manage Binance

Richard Teng is the former Global Regional Director. He is perfect enough for the new CEO position. Richard Teng as the new CEO assured every user that the Binance platform and tokens will not suffer any harm. I think the platform will do very well come new CO though there is a temporary market dumping but this dumping will not last long and the market will recover very soon. Many people are tensed because the new CEO may cause some damage to the market but I am completely tension free.

I wouldn't use perfect for Richard Teng being the CEO of Binance, though he has a good track record, this doesn't matter when it comes to leadership, I will judge him over time. The best for Binance has ever been CZ, but unfortunately, he has been overzealous and has shamefully excused himself. As for the crypto market, it's not Richard Teng who tamed it, the market naturally reacted the way it should and also the way I expected as this is not about Binance having financial trouble, it's just a matter of the CZ as the head having trouble.

The company is well-liquid with many assets to back it up and stable enough in such that is void of insolvency, so there can't be too much surprise in the market. And of course, they will pay their fine as and when due, this is even as their regulators are not bad to the extent of forcing them to pay the fine of $4.3B at once. They will plan the payment in such a way that will not affect the company, the crypto market and the customer's deposit. So this can't cause any ugly surprise in the market, it happens to financial companies often and they are still fine.

Your point is reasonable and I agree with your point. The new CEO is a seasoned persona with his usual expertise in markets and platforms. I can very well say that Binance CEO CZ will settle every case filed against him at any cost. He never wants his platform to be damaged which is why he accepted his resignation as CEO and sent another CEO. Although many people are afraid of this platform, I am not at all afraid of using this platform. Because very soon the trouble will be resolved. Binance Coin and the Binance Platform will not be harmed.

We have to admit that Binance is really a good platform, even with many challenges and customers withdrawing billions of USD, they still provide enough liquidity for everyone. It can be said that they were great when operating under CZ's direction, but with recent events and CZ is no longer the CEO of Binance. We don't expect them to get into trouble, but we need to be careful in everything. Don't be too subjective because anything can happen, especially centralized platforms can be shut down at any time if a government agency wants to do that.

I have never seen another super exchange like Binance. Because it is suitable enough to trade here. And it always provides huge amount of liquidity so even if you withdraw billions of dollars they will help you withdraw it very quickly. CZ was a very smart guy and managed to build Binance into such a platform. But there is no doubt that he will give the responsibility of CEO of such a platform to a competent person. So I think binance will continue at the same pace and pace now and in the future. Due to this, even after the change of CEO of Bimance, no major negative effects were seen here.

laurenB7742

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Quote from: 2Pizza410000BTC on November 29, 2023, 06:49:33 PM

Quote from: EarnOnVictor on November 27, 2023, 09:22:18 PM

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Quote from: leonair on November 22, 2023, 01:09:40 PM

Quote from: Churchillvv on November 21, 2023, 06:30:23 PM

I'm still in shock that he accepted such crime but my concern is what will be the effects of this resignation on Bitcoin and the crypto space at large.

I'm even afraid that there could be some hackers in this exchange from now cause CZ really tries to keep people's assets very safe.

CZ pleaded guilty and paid a $50 million fine. And he resigned as CEO of Binance, the world's largest exchange. His mental activity had some effect on BNB but it is trying to recover on me. However, it is doubtful how much the new CEO will be able to sustain Binance. So these can have a big negative effect on BNB. Although it will recover later. But a negative effect may be seen for a temporary period. CZ was a worthy man at Binance but many are worried about how well the current new CEO can manage Binance

Richard Teng is the former Global Regional Director. He is perfect enough for the new CEO position. Richard Teng as the new CEO assured every user that the Binance platform and tokens will not suffer any harm. I think the platform will do very well come new CO though there is a temporary market dumping but this dumping will not last long and the market will recover very soon. Many people are tensed because the new CEO may cause some damage to the market but I am completely tension free.

I wouldn't use perfect for Richard Teng being the CEO of Binance, though he has a good track record, this doesn't matter when it comes to leadership, I will judge him over time. The best for Binance has ever been CZ, but unfortunately, he has been overzealous and has shamefully excused himself. As for the crypto market, it's not Richard Teng who tamed it, the market naturally reacted the way it should and also the way I expected as this is not about Binance having financial trouble, it's just a matter of the CZ as the head having trouble.

The company is well-liquid with many assets to back it up and stable enough in such that is void of insolvency, so there can't be too much surprise in the market. And of course, they will pay their fine as and when due, this is even as their regulators are not bad to the extent of forcing them to pay the fine of $4.3B at once. They will plan the payment in such a way that will not affect the company, the crypto market and the customer's deposit. So this can't cause any ugly surprise in the market, it happens to financial companies often and they are still fine.

Your point is reasonable and I agree with your point. The new CEO is a seasoned persona with his usual expertise in markets and platforms. I can very well say that Binance CEO CZ will settle every case filed against him at any cost. He never wants his platform to be damaged which is why he accepted his resignation as CEO and sent another CEO. Although many people are afraid of this platform, I am not at all afraid of using this platform. Because very soon the trouble will be resolved. Binance Coin and the Binance Platform will not be harmed.

We have to admit that Binance is really a good platform, even with many challenges and customers withdrawing billions of USD, they still provide enough liquidity for everyone. It can be said that they were great when operating under CZ's direction, but with recent events and CZ is no longer the CEO of Binance. We don't expect them to get into trouble, but we need to be careful in everything. Don't be too subjective because anything can happen, especially centralized platforms can be shut down at any time if a government agency wants to do that.

2Pizza410000BTC

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Quote from: EarnOnVictor on November 27, 2023, 09:22:18 PM

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Quote from: leonair on November 22, 2023, 01:09:40 PM

Quote from: Churchillvv on November 21, 2023, 06:30:23 PM

I'm still in shock that he accepted such crime but my concern is what will be the effects of this resignation on Bitcoin and the crypto space at large.

I'm even afraid that there could be some hackers in this exchange from now cause CZ really tries to keep people's assets very safe.

CZ pleaded guilty and paid a $50 million fine. And he resigned as CEO of Binance, the world's largest exchange. His mental activity had some effect on BNB but it is trying to recover on me. However, it is doubtful how much the new CEO will be able to sustain Binance. So these can have a big negative effect on BNB. Although it will recover later. But a negative effect may be seen for a temporary period. CZ was a worthy man at Binance but many are worried about how well the current new CEO can manage Binance

Richard Teng is the former Global Regional Director. He is perfect enough for the new CEO position. Richard Teng as the new CEO assured every user that the Binance platform and tokens will not suffer any harm. I think the platform will do very well come new CO though there is a temporary market dumping but this dumping will not last long and the market will recover very soon. Many people are tensed because the new CEO may cause some damage to the market but I am completely tension free.

I wouldn't use perfect for Richard Teng being the CEO of Binance, though he has a good track record, this doesn't matter when it comes to leadership, I will judge him over time. The best for Binance has ever been CZ, but unfortunately, he has been overzealous and has shamefully excused himself. As for the crypto market, it's not Richard Teng who tamed it, the market naturally reacted the way it should and also the way I expected as this is not about Binance having financial trouble, it's just a matter of the CZ as the head having trouble.

The company is well-liquid with many assets to back it up and stable enough in such that is void of insolvency, so there can't be too much surprise in the market. And of course, they will pay their fine as and when due, this is even as their regulators are not bad to the extent of forcing them to pay the fine of $4.3B at once. They will plan the payment in such a way that will not affect the company, the crypto market and the customer's deposit. So this can't cause any ugly surprise in the market, it happens to financial companies often and they are still fine.

Your point is reasonable and I agree with your point. The new CEO is a seasoned persona with his usual expertise in markets and platforms. I can very well say that Binance CEO CZ will settle every case filed against him at any cost. He never wants his platform to be damaged which is why he accepted his resignation as CEO and sent another CEO. Although many people are afraid of this platform, I am not at all afraid of using this platform. Because very soon the trouble will be resolved. Binance Coin and the Binance Platform will not be harmed.

Seinlocko

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Quote from: adaseb on November 21, 2023, 06:03:35 PM

So as you all know they charged CZ and he stepped down. Most likely he will get arrested as he goes on US soil.

That's for sure, because as far as I know, CZ in his current case will be sentenced to 18 months in prison. So if Shizu enters US territory, she will definitely be immediately detained.

Quote from: adaseb on November 21, 2023, 06:03:35 PM

What I find strange about all this, is that it’s all familiar. Anyone know what I am taking about?

Remember Bitmex and it’s CEO Arthur Hayes who was arrested. What happened right after? One of the biggest bull runs in Bitcoins history.

History doesn’t repeat itself but it often rhymes.

Yes, the case that happened to Arthur and Bitmex, perhaps the picture is similar to what is currently happening with CZ and Binance. So it is possible that the history of bitcoin price increases will repeat itself. Because, I believe that behind all these cases there may be a plan that leads to an increase in the price of bitcoin on crypto exchanges.

EarnOnVictor

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Quote from: 2Pizza410000BTC on November 22, 2023, 08:18:44 PM

Quote from: leonair on November 22, 2023, 01:09:40 PM

Quote from: Churchillvv on November 21, 2023, 06:30:23 PM

I'm still in shock that he accepted such crime but my concern is what will be the effects of this resignation on Bitcoin and the crypto space at large.

I'm even afraid that there could be some hackers in this exchange from now cause CZ really tries to keep people's assets very safe.

CZ pleaded guilty and paid a $50 million fine. And he resigned as CEO of Binance, the world's largest exchange. His mental activity had some effect on BNB but it is trying to recover on me. However, it is doubtful how much the new CEO will be able to sustain Binance. So these can have a big negative effect on BNB. Although it will recover later. But a negative effect may be seen for a temporary period. CZ was a worthy man at Binance but many are worried about how well the current new CEO can manage Binance

Richard Teng is the former Global Regional Director. He is perfect enough for the new CEO position. Richard Teng as the new CEO assured every user that the Binance platform and tokens will not suffer any harm. I think the platform will do very well come new CO though there is a temporary market dumping but this dumping will not last long and the market will recover very soon. Many people are tensed because the new CEO may cause some damage to the market but I am completely tension free.

I wouldn't use perfect for Richard Teng being the CEO of Binance, though he has a good track record, this doesn't matter when it comes to leadership, I will judge him over time. The best for Binance has ever been CZ, but unfortunately, he has been overzealous and has shamefully excused himself. As for the crypto market, it's not Richard Teng who tamed it, the market naturally reacted the way it should and also the way I expected as this is not about Binance having financial trouble, it's just a matter of the CZ as the head having trouble.

The company is well-liquid with many assets to back it up and stable enough in such that is void of insolvency, so there can't be too much surprise in the market. And of course, they will pay their fine as and when due, this is even as their regulators are not bad to the extent of forcing them to pay the fine of $4.3B at once. They will plan the payment in such a way that will not affect the company, the crypto market and the customer's deposit. So this can't cause any ugly surprise in the market, it happens to financial companies often and they are still fine.

OcTradism

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Quote from: legendbtc on November 25, 2023, 07:51:30 AM

But if he pleads not guilty and there is no deal with them, what will happen to Binance? I believe he is thinking more about the future of binance and the BNB blockchain ecosystem than he is thinking about himself. After all, those are two passionate products that he has worked hard to build over the years. He may not be arrested but his two products will certainly be destroyed if he does not agree to any deal. I think CZ's punishment will be the same as Arthur Hayes.

In history of cryptocurrency market so far, there is no centralized exchange that can successfully defend its leading position for more than one market cycle. Mt. Gox, BitMEX, Poloniex/ Bittrex, Binance. Binance is the CEX that has come very nearly to achieve it as a next market cycle is almost kicked off as a next Bitcoin halving is only five months from now.

If CZ refuses to plead guilty, Binance will continue to be investigated and under massive attacks from governments, regulatory authorities and other competitive exchanges. This even is like a bomb rescue from CZ and Binance and I think it is good for cryptocurrency market in general because before a bull run, a big bomb is taken off already.

legendbtc

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Quote from: Ale88 on November 25, 2023, 04:54:32 AM

Quote from: adaseb on November 21, 2023, 06:03:35 PM

So as you all know they charged CZ and he stepped down. Most likely he will get arrested as he goes on US soil.

What I find strange about all this, is that it’s all familiar. Anyone know what I am taking about?

Remember Bitmex and it’s CEO Arthur Hayes who was arrested. What happened right after? One of the biggest bull runs in Bitcoins history.

History doesn’t repeat itself but it often rhymes.

It is my understanding that they have reached an agreement, so CZ won't be arrested. If he decided to confess and collaborate I guess it's exactly because he already knew that in that case he wouldn't be arrested, otherwise why confessing? He could have simply stayed in Dubai and the US couldn't do anything about it.

But if he pleads not guilty and there is no deal with them, what will happen to Binance? I believe he is thinking more about the future of binance and the BNB blockchain ecosystem than he is thinking about himself. After all, those are two passionate products that he has worked hard to build over the years. He may not be arrested but his two products will certainly be destroyed if he does not agree to any deal. I think CZ's punishment will be the same as Arthur Hayes.

Ale88

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Quote from: adaseb on November 21, 2023, 06:03:35 PM

So as you all know they charged CZ and he stepped down. Most likely he will get arrested as he goes on US soil.

What I find strange about all this, is that it’s all familiar. Anyone know what I am taking about?

Remember Bitmex and it’s CEO Arthur Hayes who was arrested. What happened right after? One of the biggest bull runs in Bitcoins history.

History doesn’t repeat itself but it often rhymes.

It is my understanding that they have reached an agreement, so CZ won't be arrested. If he decided to confess and collaborate I guess it's exactly because he already knew that in that case he wouldn't be arrested, otherwise why confessing? He could have simply stayed in Dubai and the US couldn't do anything about it.

BitSwapNow

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I think everything will be fine and continue on better honestly. Regulation is there more so for terrorism, KYC and anti-money laundering. CZ is a great role model for crypto and an avid person who has done greater good for the community and adoption worldwide. I believe he will come to some agreement with the US authorities and pay a hefty fine and keep it moving. I also believe this was part of the agreement that he would step down from CEO. Crypto will move on and upwards hopefully with more great news and more over sight, less scams and real world use/adoption. BTC halving coming is also a big plus!!

blckhawk

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Quote from: dothebeats on November 21, 2023, 06:08:44 PM

Damn, I just read the news. How often would a CEO confess to some crime they commit? Money laundering isn't that big of a crime, but if you do it with billions, you are in for a treat. I wonder how the crypto world is feeling about this right now, because I am honestly in shock that he admits to it. I know that they are doing these things and then some, and are expert in playing it safe. But to be accepting the charges? That's something.

Hopefully it brings in good numbers for bitcoin, but I doubt it. It may even cause ripples of uncertainties in the crypto space, but only time will tell.

Dude, you do not want the rich people getting away with all the profits, it is not a big deal to you because the government is not getting a lot of taxes from you but when it comes to businesses and rich people, taxes are in millions or in billions so it is a big deal if you are in the government, not to mention that criminals can get away with all the money that they have taken when they launder their money to make it look legitimate, instead of a total asset seizure, they will only pay taxes. Regards to how the crypto space is taking it, it seems to be nothing to them because if you look at the price of bitcoin right now, it is not going down that low and even if it goes down, it eventually recovers the next day. What I am worried is how the Binance will move with the new CEO Richard Teng.

Tigerheart3026

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Quote from: SamReomo on November 23, 2023, 12:33:11 AM

I don't know why but I can feel that there will be a short term dump that will take place very soon and if that happens then we won't be able to see Bitcoin going to $50k levels before 2024. CZ, isn't arrested yet and I'm pretty sure that guy won't be arrested because he has enough money to avoid such arrests and have a better settlement with the US government.

@cz have already accepted the accusations brought against him, and now there are no way to pay penalty over 4 billion dollars to us government, if he will denial to pay then i think there might be an arrest warrant against him, but it will not be happened because binance have enough own fund to pay and such a settlement has already been discussed.

PX-Z

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Quite misleading subject lol. But not yet though, they even made a deal so he won't get arrested at least months ahead. The +$4B amount charges is the solution for this and probably the company can pay it in due for several months ^{(well they can even make a request for extension just depends on the deal)}. But that would change if the exchange will lost hundred of users after this, which i don't think it will, but still, let's see...

gunhell16

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Quote from: adaseb on November 21, 2023, 06:03:35 PM

So as you all know they charged CZ and he stepped down. Most likely he will get arrested as he goes on US soil.

What I find strange about all this, is that it’s all familiar. Anyone know what I am taking about?

Remember Bitmex and it’s CEO Arthur Hayes who was arrested. What happened right after? One of the biggest bull runs in Bitcoins history.

History doesn’t repeat itself but it often rhymes.

But I think Binance is different from Bitmex, because from what I see in the post you made, you seem to want to release that what happened to Bitmex will also happen now to Binance. You didn't mention anything, but that's what you want to emphasize in your post.

Not that I'm defending Binance; the question is, when Bitmex was at its peak in the crypto space, was it in the top 1 exchange? Isn't it true that Binance is the top 1 exchange holder according to history, but Bitmex is not? Although Bitmex is only included in the top exchange, I know that even if CZ steps down, Binance will continue to be popular, and there will still be many users who will trust it. And I'm still one of those who will continue to use Binance; even if you OP will still use Binance, it's impossible not to. I don't think so. My thoughts are just an opinion.

Blitzboy

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Its interesting that CZ's position is similar to Arthur Hayes'. Yes, there was a Bitcoin rise after what happened at Bitmex. What causes these wild stock market moves after major lawsuits? Its not just coincidence; its human psychology at play.

Investors often see these events as governmental clean-ups that make the market more stable. A tree falls over when you shake it, but the tree stands taller afterward. This cleaning gives investors confidence, which leads to good market movements. So, history doesnt really repeat itself, but feelings do. In the case of Bitcoin, it seems to reflect the overall bullish mood after regulatory moves. This trend shows how strong Bitcoin is and how the crypto market can adapt and grow even when things go wrong.

SPARE

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With the money laundering case against Binance Exchange CEO, many may think that Next FTX exchange will be like that but I think it won't be, because CZ is a very honest guy, he doesn't want his exchange to suffer any harm. The CEO has stepped down and announced the new CEO so that there is no effect on his exchange. Let him go on his own. I think he will come out of this mess very soon because he has a lot of money to settle with the US Govt. He will get out of this case because he has a lot of money so I don't think Binance will suffer any losses.

PLease No one should spread fake news CZ is not yet arrested or in any such situation

Topic: Largest crypto exchange CEO arrested! Anyone getting deja vu? (Read 803 times)