SEC vs Binance - page 2. | Bitcointalksearch.org

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Quote from: blckhawk on June 07, 2024, 09:48:52 PM

Quote from: bbc.reporter on June 03, 2024, 08:46:33 PM

@zasad. You can argue that CZ is more nimble than Sam Bankman Fried and people may agree or disagree. However, that is not applicable in this argument. They are different cases where on CZ's case, they American government can create a deal with CZ. On Sam Bankman Fried's case, it is difficult to make a similar deal because Sam Bankman Fried committed fraud, a higher type of crime according to US law.

Exactly and I think that in terms of friends in higher places and influential positions, I'd say that CZ has more of that in his list of contacts compared to SBF, I mean CZ is also a Chinese so that means that contact list that he's got is probably in a global reach, there's no way that he's not in any way connected to someone influential in China. SBF also got a really bad legal team so I don't know if that's also a factor that lead to him getting more jail time compared to CZ.

This means that CZ is a businessman and SBF is a clown who performed the manipulators' tasks. No wonder he's the only one in jail.
The other members of his team have either very short sentences or no charges against them.

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Quote from: bbc.reporter on June 03, 2024, 08:46:33 PM

@zasad. You can argue that CZ is more nimble than Sam Bankman Fried and people may agree or disagree. However, that is not applicable in this argument. They are different cases where on CZ's case, they American government can create a deal with CZ. On Sam Bankman Fried's case, it is difficult to make a similar deal because Sam Bankman Fried committed fraud, a higher type of crime according to US law.

Exactly and I think that in terms of friends in higher places and influential positions, I'd say that CZ has more of that in his list of contacts compared to SBF, I mean CZ is also a Chinese so that means that contact list that he's got is probably in a global reach, there's no way that he's not in any way connected to someone influential in China. SBF also got a really bad legal team so I don't know if that's also a factor that lead to him getting more jail time compared to CZ.

zasad@

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Quote from: bbc.reporter on June 06, 2024, 09:29:36 PM

@zasad@. It would be very headshaking if your argument is that a regulated mainstream media news outlet that values their business license to continue operating is publishing fake articles. However, if you are telling everyone that CZ stole $4.32 billion from his own customers to personally pay this to the American government then the burden of proof is to you.

If you lost 10000 dollars in a casino, does it mean that the casino owner stole that money from you?
Aren't prominent news outlets sad fakes?
They'd print it and then explain it away as a mistake.
I'm sharing my opinion, but I'm not going to prove that the crypto market is run by big manipulators.

bbc.reporter

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@zasad@. It would be very headshaking if your argument is that a regulated mainstream media news outlet that values their business license to continue operating is publishing fake articles. However, if you are telling everyone that CZ stole $4.32 billion from his own customers to personally pay this to the American government then the burden of proof is to you.

zasad@

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Quote from: bbc.reporter on June 05, 2024, 07:22:40 PM

It was Binance Holdings Ltd. that paid for the fine of $4.3 billion.

Binance Holdings Ltd. will pay $4.3 billion after a judge approved a plea deal that levies one of the largest criminal penalties in US history against the world’s biggest cryptocurrency exchange.

Source https://www.bloomberg.com/news/articles/2024-02-23/binance-4-3-billion-payment-in-us-plea-deal-approved-by-judge

Where did they get the money for this? According to this article, the revenue of Binance was $5.5 billion for 2020, $20 billion for 2021 and $12 billion for 2022. I speculate that 2023 might be more than $5 billion.

https://www.businessofapps.com/data/binance-statistics/

In any case, it would be difficult to discuss if you are telling me something is real, however, you have no proof. I reckon CZ is an alien from outerspace who began investing in bitcoin on 2010 but I have no proof.

And what is proof to you?
Any article can be called fake.
I'm telling you that logic and common sense come first for me.
You can wait many years for proof that the crypto market is being manipulated, or you can try to analyze the actions of the manipulators and make money.
For example, I believe that the manipulator himself is buying fundamental assets, but the crowd is distracted by a lot of meme tokens and useless activity to make a couple hundred dollars.

bbc.reporter

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It was Binance Holdings Ltd. that paid for the fine of $4.3 billion.

Binance Holdings Ltd. will pay $4.3 billion after a judge approved a plea deal that levies one of the largest criminal penalties in US history against the world’s biggest cryptocurrency exchange.

Source https://www.bloomberg.com/news/articles/2024-02-23/binance-4-3-billion-payment-in-us-plea-deal-approved-by-judge

Where did they get the money for this? According to this article, the revenue of Binance was $5.5 billion for 2020, $20 billion for 2021 and $12 billion for 2022. I speculate that 2023 might be more than $5 billion.

https://www.businessofapps.com/data/binance-statistics/

In any case, it would be difficult to discuss if you are telling me something is real, however, you have no proof. I reckon CZ is an alien from outerspace who began investing in bitcoin on 2010 but I have no proof.

zasad@

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Quote from: bbc.reporter on June 04, 2024, 09:08:13 PM

@zasad@. No, I do not know what CZ did. If you are implying that he stole billions in customer funds, can you tell me when this has occurred and show me the proof of this?

Also, it was Binance that paid for the $4.32 billion penalty to the American government. CZ's personal fine was less than 3% of $4.32 billion that Binance has paid.

I'll answer your question - no I can't prove it. I have already written to you that we think differently too.
Tell me where CZ got billions of dollars in fines?
You say that CZ's personal fine is very small, but Binance does not want to pay fines for other exchange managers in other countries. Binance took all the cream from the market in many countries, the company made billions. There was a lot of information about the ways exchanges legally take money from their customers.
Who needs proofs? CZ did well, he made history and now he is one of the richest prisoners in the US.

bbc.reporter

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@zasad@. No, I do not know what CZ did. If you are implying that he stole billions in customer funds, can you tell me when this has occurred and show me the proof of this?

Also, it was Binance that paid for the $4.32 billion penalty to the American government. CZ's personal fine was less than 3% of $4.32 billion that Binance has paid.

zasad@

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Quote from: bbc.reporter on June 03, 2024, 08:46:33 PM

@zasad. You can argue that CZ is more nimble than Sam Bankman Fried and people may agree or disagree. However, that is not applicable in this argument. They are different cases where on CZ's case, they American government can create a deal with CZ. On Sam Bankman Fried's case, it is difficult to make a similar deal because Sam Bankman Fried committed fraud, a higher type of crime according to US law.

And do you remember what CZ did?
Where do you think CZ got the money to pay such huge fines? It didn't do due diligence on its platform and all the US investors could trade where they were not allowed. CZ doesn't care about all US laws and I think he got more naked Grin

bbc.reporter

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@zasad. You can argue that CZ is more nimble than Sam Bankman Fried and people may agree or disagree. However, that is not applicable in this argument. They are different cases where on CZ's case, they American government can create a deal with CZ. On Sam Bankman Fried's case, it is difficult to make a similar deal because Sam Bankman Fried committed fraud, a higher type of crime according to US law.

zasad@

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Quote from: bbc.reporter on June 02, 2024, 07:29:26 PM

Quote from: zasad@ on May 11, 2024, 06:33:15 AM

Quote from: safar1980 on May 10, 2024, 10:42:39 AM

Binance CEO Teng Says Nigeria Must Release 'Beloved Colleague' Gambaryan
Binance CEO Richard Teng called on the Nigerian government to release Tigran Gambaryan, head of the crypto exchange's Financial Crime Compliance team, who flew to the country in February for talks on regulatory supervision.

"As you may be aware, one of our beloved colleagues, Tigran Gambaryan, continues to be held by the government in Nigeria for more than 70 days," Teng wrote in a blog post. "I also feel that it's time to speak out about this issue on behalf of the global business community. To invite a company's mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide."
The exchange's Regional Manager for Africa, Nadeem Anjarwalla, was also detained in February, and made headlines in March after escaping custody.

blah.. blah
CZ paid 4 billion and received a prison sentence of 5 months. SBF did not pay and received 25 years in prison.
Binance has earned good profits in Nigeria. The important question is whether they are ready to spend resources on freeing their former employees or whether they will receive long prison sentences.

However, we should also put in consideration that they have different cases. CZ's case is very much similar to the offenses of the traditional banks where their platforms were used for moneylaundering but they did not scam their own customers and used their money to gamble on the market with high leverage. Sam Bankman Fried performed a fraudulent act, CZ was not proven to directly launder dirty money for criminals.

Technically, you're right. But to be fair, CZ and SBC were doing the same thing, and both have a lot of violations of US law.
Only CZ was more nimble and got a better deal. After CZ gets out of jail he will be a billionaire and SBF will be poor.

bbc.reporter

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Quote from: zasad@ on May 11, 2024, 06:33:15 AM

Quote from: safar1980 on May 10, 2024, 10:42:39 AM

Binance CEO Teng Says Nigeria Must Release 'Beloved Colleague' Gambaryan
Binance CEO Richard Teng called on the Nigerian government to release Tigran Gambaryan, head of the crypto exchange's Financial Crime Compliance team, who flew to the country in February for talks on regulatory supervision.

"As you may be aware, one of our beloved colleagues, Tigran Gambaryan, continues to be held by the government in Nigeria for more than 70 days," Teng wrote in a blog post. "I also feel that it's time to speak out about this issue on behalf of the global business community. To invite a company's mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide."
The exchange's Regional Manager for Africa, Nadeem Anjarwalla, was also detained in February, and made headlines in March after escaping custody.

blah.. blah
CZ paid 4 billion and received a prison sentence of 5 months. SBF did not pay and received 25 years in prison.
Binance has earned good profits in Nigeria. The important question is whether they are ready to spend resources on freeing their former employees or whether they will receive long prison sentences.

However, we should also put in consideration that they have different cases. CZ's case is very much similar to the offenses of the traditional banks where their platforms were used for moneylaundering but they did not scam their own customers and used their money to gamble on the market with high leverage. Sam Bankman Fried performed a fraudulent act, CZ was not proven to directly launder dirty money for criminals.

safar1980

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Binance's ex-CEO begins prison sentence in California
Binance's billionaire founder Changpeng Zhao has reported to a low-security federal prison in Lompoc, California.
Zhao was sentenced to four months in prison in April after pleading guilty to charges of enabling money laundering at his crypto exchange.
The sentence handed down to the former Binance chief was significantly less than the three years that federal prosecutors had been seeking for him.

zasad@

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https://protos.com/no-changpeng-zhao-isnt-in-prison-yet-heres-why/
No, Changpeng Zhao isn’t in prison yet — here’s why
"Possibilities for sentenced criminals who don’t immediately go to prison
According to federal statute 18 U.S.C. § 3585(a), a criminal’s sentence begins when that person is ‘received in custody awaiting transportation to, or voluntarily surrenders to, the official detention facility at which her sentence is to be served.’ Although that sentence can begin immediately on the day of sentencing, there are three possibilities for delay.

A judge might force a defendant to first surrender to the US Marshalls, who may then escort or later notify the criminal of when to physically go to prison.
A judge might authorize the Probation or Pretrial Services Office to notify the defendant of their prison entry date.
The judge might allow a defendant to voluntarily go to prison. Judges usually reserve this option for defendants with the shortest sentence or the lowest likelihood of fleeing."

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Quote from: safar1980 on May 10, 2024, 10:42:39 AM

Binance CEO Teng Says Nigeria Must Release 'Beloved Colleague' Gambaryan
Binance CEO Richard Teng called on the Nigerian government to release Tigran Gambaryan, head of the crypto exchange's Financial Crime Compliance team, who flew to the country in February for talks on regulatory supervision.

"As you may be aware, one of our beloved colleagues, Tigran Gambaryan, continues to be held by the government in Nigeria for more than 70 days," Teng wrote in a blog post. "I also feel that it's time to speak out about this issue on behalf of the global business community. To invite a company's mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide."
The exchange's Regional Manager for Africa, Nadeem Anjarwalla, was also detained in February, and made headlines in March after escaping custody.

blah.. blah
CZ paid 4 billion and received a prison sentence of 5 months. SBF did not pay and received 25 years in prison.
Binance has earned good profits in Nigeria. The important question is whether they are ready to spend resources on freeing their former employees or whether they will receive long prison sentences.

safar1980

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Binance CEO Teng Says Nigeria Must Release 'Beloved Colleague' Gambaryan
Binance CEO Richard Teng called on the Nigerian government to release Tigran Gambaryan, head of the crypto exchange's Financial Crime Compliance team, who flew to the country in February for talks on regulatory supervision.

"As you may be aware, one of our beloved colleagues, Tigran Gambaryan, continues to be held by the government in Nigeria for more than 70 days," Teng wrote in a blog post. "I also feel that it's time to speak out about this issue on behalf of the global business community. To invite a company's mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide."
The exchange's Regional Manager for Africa, Nadeem Anjarwalla, was also detained in February, and made headlines in March after escaping custody.

zasad@

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Quote from: UmerIdrees on May 10, 2024, 12:52:57 AM

Quote from: zasad@ on May 01, 2024, 06:01:02 AM

__
CZ got away with a very short prison sentence. Although there are many people in the United States who are dissatisfied with this decision, the first act of the play is over.

There are many opinions that there was no clear evidence against CZ and this trial of 4 months prison for CZ was just done for the face-saving of the SEC. If there were proof against the CZ, the prison duration would have been much worse for him.
This time will pass away and CZ will come back more strongly.

Man, this is a very funny read!
If CZ is not guilty, then why did he pay 4 billion dollars to the USA? Grin

There was a lot of evidence in this case, but apparently the politicians chose not to make public the huge pile of dirty bed linen and found a certain compromise.
Soon CZ will finish his rest in an American prison and will engage in other activities.

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Quote from: zasad@ on May 01, 2024, 06:01:02 AM

__
CZ got away with a very short prison sentence. Although there are many people in the United States who are dissatisfied with this decision, the first act of the play is over.

There are many opinions that there was no clear evidence against CZ and this trial of 4 months prison for CZ was just done for the face-saving of the SEC. If there were proof against the CZ, the prison duration would have been much worse for him.
This time will pass away and CZ will come back more strongly.

Quote from: safar1980 on May 02, 2024, 08:18:18 AM

A silver lining of this whole process is that Binance has been under the microscope. And funds are SAFU.

There were many occassions which were much more worse for binance , where people removed their funds from the exchange in big quantities yet the exchange survived and did not held the funds for any users. So this moment isn't much worse than before and therefore the users of Binance are not panicking.

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CZ twitter:

I would like to thank everyone for your care and support, be it writing letters, showing support on X, or in any other form. They all mean a lot to me and keep me strong. I will do my time, conclude this phase and focus on the next chapter of my life (education).

I will remain a passive investor (and holder) in crypto. Our industry has entered a new phase. Compliance is super important.

A silver lining of this whole process is that Binance has been under the microscope. And funds are SAFU.

Protect users!

zasad@

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Here's the story of the events in court
https://twitter.com/nikhileshde/status/1785350502949241039
"Good morning folks. I'm in a Seattle courthouse today with @realDannyNelson covering @cz_binance's sentencing hearing. The DOJ's asked for 3 years in prison; defense has asked for house arrest and probation. Thread starts here"

___
CZ got away with a very short prison sentence. Although there are many people in the United States who are dissatisfied with this decision, the first act of the play is over.

Topic: SEC vs Binance - page 2. (Read 2507 times)