Looks like every country now are milking binance... - page 2.

Sanitough

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Quote from: Charles-Tim on January 30, 2025, 02:36:56 PM

They want to milk Binanace or Binanace is milking from their citizens? The exchanges wants to provide crypto products and services to as many countries as possible. That means they should be ready for more issues from the government of each countries. If not because some countries do not mind, Binance has a lot of money that it should have paid.

I will not be surprised if Binance is guilty after the investigation.

Since they’re investigating past transactions, it’s pretty obvious that they’ll uncover a lot of violations. If I’m not mistaken, Binance was already found guilty in the U.S. for similar issues in their past operations. So for sure, their operations in other countries weren’t that different, and most likely, it’s the same story all over again, just with a different country and a different penalty amount that Binance will have to pay.

slapper

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We are headed for a settlement greater than pocket change, perhaps in more of a billion dollars. That kind of money gets headlines, right? And oddly, it is almost expected. Like when a record-breaking contract is signed by a star quarterback, you shake your head at the number, but part of you saw it approaching a mile away

Fascinating is how this ripple effect might alter the crypto scene for regular people. Once regulations clamp down, sometimes you see mainstream confidence actually go up, people think, “Hey, if the big guys are getting reined in, then maybe this is safer for me to jump in.” More generally, the EU has been experimenting with new frameworks and rules (like MiCA), thus this could force them to speed up the process - get all that red tape in place to manage significant transfers. Could it be a headache for Binance? Sure. However, it could also provide the means for them to rebuild trust, particularly if they wish a strong basis in a big area like Europe. It is a typical illustration of temporary suffering for long-term stability

Synchronice

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Quote from: Distinctin on January 30, 2025, 07:30:26 AM

in the recent news, "French investigators open fraud probe against crypto platform Binance"..

https://www.reuters.com/technology/french-investigators-open-money-laundering-probe-against-crypto-platform-binance-2025-01-28/

So this will be the period that they will be investigating,

Quote

The investigation is examining the period from 2019 to 2024, involving offences committed in France but also in all European Union countries, JUNALCO said.

For sure, there will be a lot of violations found, and I’m pretty sure the French government is just trying to follow what the U.S. did in investigating Binance.

No jail time here for sure as Binance has more than enough resources to handle this. So most likely, we’re looking at another billion-dollar settlement, maybe even more.

Binance and CEXs have been milking people for years. They are charging people 0.1% fee on each trade, that's ridiculously high amount because there are millions of trades done daily. That's why these exchanges are so rich and capable to pay billion dollar fines.

Quote from: Z-tight on January 30, 2025, 02:50:00 PM

I don't think this is a case of every country trying to milk binance, rather it is about binance failing to fully comply with regulators and follow their laws and regulations.

Of course Binance always fails to comply with regulators and they regularly break the law but I think that countries really try to milk it. What were they doing till 2024? All of a sudden, every country decided that Binance breaks the law and they should pay charges while they could do it in 2020, 2021, 2022 and 2023.
In the US, I think that the reason mostly was Bitcoin ETF approval cause these companies don't want Binance as their competitor.

Ojima-ojo

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Quote from: Distinctin on January 30, 2025, 07:30:26 AM

in the recent news, "French investigators open fraud probe against crypto platform Binance"..

https://www.reuters.com/technology/french-investigators-open-money-laundering-probe-against-crypto-platform-binance-2025-01-28/

So this will be the period that they will be investigating,

Quote

The investigation is examining the period from 2019 to 2024, involving offences committed in France but also in all European Union countries, JUNALCO said.

For sure, there will be a lot of violations found, and I’m pretty sure the French government is just trying to follow what the U.S. did in investigating Binance.

No jail time here for sure as Binance has more than enough resources to handle this. So most likely, we’re looking at another billion-dollar settlement, maybe even more.

At least the exchange has enjoyed huge illegal tax holidays and countries are beginning to put on their searchlight towards Binance another thing is that Binance has been used for a lot of illegal financial transactions and that also calls for investigations.

The fact that Binance claims to be a centralized regulatory compliance exchange, makes it mandated for them to pay taxes to the government of each country in that they have operations and generate huge revenue, there must be some point where licensing becomes very important.

Z-tight

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I don't think this is a case of every country trying to milk binance, rather it is about binance failing to fully comply with regulators and follow their laws and regulations. They paid ~ $4.3 billion in a plea deal with the U.S. doj, in this case their representative who has replied so far denies the allegations and says they are going to 'fight' it, does that send any signal that there won't be any plea deal agreed this time around.

Charles-Tim

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They want to milk Binanace or Binanace is milking from their citizens? The exchanges wants to provide crypto products and services to as many countries as possible. That means they should be ready for more issues from the government of each countries. If not because some countries do not mind, Binance has a lot of money that it should have paid.

I will not be surprised if Binance is guilty after the investigation.

BIT-BENDER

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When you say maybe even more do you mean a trillion dollar settlement? Lol. By the way it would be hard to find a flawless exchange after investigating them.
I can speak for or against binance but there has been lots of complaints from binance users against the platform and how easily they can seize the funds of their users, all this coupled with the hack attacks on the platform here and there.
Although some other part of be feel that some of this country are carrying out a vendetta against the binance CEO and platform in general.

aylabadia05

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Binance's main problem in my opinion is only one, namely taxes. Binance, as I know, often has problems with licensing in the countries where they operate.
If the problem in France is also a problem with operational permits and is related to things that tarnish the good name of the crypto industry, I think there must be strict action taken by the authorities there.
When a defense like the one reported, for me, is the most common thing to do.

avikz

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Well, that's how impactful it is when governments get involved into crypto. Governments will want 100% KYC coverage from all crypto exchanges and failure to do so, will attract a fine worth billions of dollars. That's the future to be honest!

Seriously I am ready to go back to that regime where crypto used to be a less known currency system growing parallely with the mainstream economy. At least our money was safe with us and no one used to put their evil eye on it.

batang_bitcoin

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They now have an idea that if they can do this with Binance, it means that they can also do it with other foreign known crypto exchanges. There is a huge money in regulatory bodies of each country and that's why they're not just simply allowing this to pass. And with that, it means that they want to have it for as soon as possible because money that will be earned through fines in there is likely willing to be settled by Binance's management, as if that's what they can see with their POV.

Die_empty

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Quote from: Distinctin on January 30, 2025, 07:30:26 AM

For sure, there will be a lot of violations found, and I’m pretty sure the French government is just trying to follow what the U.S. did in investigating Binance.

No jail time here for sure as Binance has more than enough resources to handle this. So most likely, we’re looking at another billion-dollar settlement, maybe even more.

Crypto laws in most countries are too complicated and complex that it will become very difficult to obey. Sometimes it is assumed by some crypto industry players that these laws are designed not just to protect citizens from fraud but to milk them through fines. The laws are also targeted at making these firms to be fully under the surveillance of the government. If they keep on using Binance as a cash cow, the exchange might soon declare bankruptcy and customers' funds will be in danger. Let's see how the investigation will end.

headingnorth

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Don't forget, the greatest financial scandal in history occurred in 2008, involving the world's biggest banks in the US and Europe and almost led to the second worldwide depression. These banks got away with a massive fraud, with the help of their governments. That is why bitcoin was created in 2009.

AVE5

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Don't mind the governments, they're just crooks and oppressors operating in legal combats.
All regulatory authority eyes are getting vested in every crypto platforms with their alleged allegations of frauds.
This is also how my country Nigerian government accused binance of being indulged of manipulating our local currency Naira (#) to be devalued with the foreign exchanges, they accused binance of scamming pointlessly with no evidence provided, binance was fined for damage of pointless violation by the government, the government banned the facilitation of bitcoin and other cryptocurrencies in the country Nigerian and also arrested 3 binance officials who where later charged to court with the justice of "not guilty".
I'm not against them fighting against the fraudulent acts within the crypto because it'd contribute to scamper incoming and existed scamming platforms around the industry so crypto scamming exercises around bitcoin and cryptocurrencies can me minimized but it's alarming about the government channeling the economy fraudulent cases on the crypto industry.

hugeblack

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Sometimes the goal is not milking binance but forcing them to fully cooperate in all data and exchange it with governments such as customer data or their tax returns and other data useful to governments.
Judicial levels of a million or several million dollars will not be a problem for binance but many fines may force them to leave the market.

SquirrelJulietGarden

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Quote from: Distinctin on January 30, 2025, 07:30:26 AM

For sure, there will be a lot of violations found, and I’m pretty sure the French government is just trying to follow what the U.S. did in investigating Binance.

No jail time here for sure as Binance has more than enough resources to handle this. So most likely, we’re looking at another billion-dollar settlement, maybe even more.

When there is a bad precedent, it creates space for more similar things, and we know many nations globally are following the USA in many things. Regulations for example, started in the USA against Binance, then other nations followed it.

Before France, months ago Nigeria tried to put two Binance staffs in jail temporarily for blackmailing money from Binance. Their reason is funny and unreasonable that Binance destroyed their national currency Naira.

France with their action to arrest Pavel Durov, the founder of Telegram, shows that they can do severe regulation for their national benefit.

Sure after The USA, France there will be more countries want to milk money from Binance.

arwin100

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Quote from: Distinctin on January 30, 2025, 07:30:26 AM

in the recent news, "French investigators open fraud probe against crypto platform Binance"..

https://www.reuters.com/technology/french-investigators-open-money-laundering-probe-against-crypto-platform-binance-2025-01-28/

So this will be the period that they will be investigating,

Quote

The investigation is examining the period from 2019 to 2024, involving offences committed in France but also in all European Union countries, JUNALCO said.

For sure, there will be a lot of violations found, and I’m pretty sure the French government is just trying to follow what the U.S. did in investigating Binance.

No jail time here for sure as Binance has more than enough resources to handle this. So most likely, we’re looking at another billion-dollar settlement, maybe even more.

Maybe each countries want to get their own share and got amazed on how much money settlement gotten by US to them. For context people could read this here https://www.justice.gov/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution

If they can sue Binance to and force them to pay huge amount then this is beneficial to them. To bad that Binance experiencing this situation and I guess this might be the reason of their Bankruptcy.

Don't know how long they can get over with those cases they get and hopefully we will not see Binance will collapsed due to this situation.

freedomgo

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There’s really no escaping this, even if regulators are only looking at past transactions. Binance better have a lot of money set aside because more countries will likely follow suit. Even in the Philippines, Binance is already banned, though I’m not sure if the Philippine government will also go after them for a monetary settlement like the U.S. and France.

With all these cases, one thing is clear, the governments believe Binance is so liquid that it can afford to pay whatever settlement they demand. That’s why they’re being targeted. But if this leads to criminal charges, is there a chance CZ could be jailed again? This is a different country, so it would be another legal battle for him to face.

Distinctin

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in the recent news, "French investigators open fraud probe against crypto platform Binance"..

https://www.reuters.com/technology/french-investigators-open-money-laundering-probe-against-crypto-platform-binance-2025-01-28/

So this will be the period that they will be investigating,

Quote

The investigation is examining the period from 2019 to 2024, involving offences committed in France but also in all European Union countries, JUNALCO said.

For sure, there will be a lot of violations found, and I’m pretty sure the French government is just trying to follow what the U.S. did in investigating Binance.

No jail time here for sure as Binance has more than enough resources to handle this. So most likely, we’re looking at another billion-dollar settlement, maybe even more.

Topic: Looks like every country now are milking binance... - page 2. (Read 272 times)