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Title: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: adaseb on November 21, 2023, 11:03:35 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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: dothebeats on November 21, 2023, 11:08:44 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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Churchillvv on November 21, 2023, 11:30:23 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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: franky1 on November 21, 2023, 11:32:54 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. from 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 binance has to pay(of the $4.3b): $1.8Bill within 15 months (overall fine for crimes) $1.6bill within 6 months (forfeiture of profits/fee's of running the business) $0.9bill within 30days (clawback of funds sent to IRAN) it only became unsealed and newsworthy today (last weeks charges filing) https://storage.courtlistener.com/recap/gov.uscourts.wawd.328551/gov.uscourts.wawd.328551.1.0.pdf (motion to unseal) https://storage.courtlistener.com/recap/gov.uscourts.wawd.328551/gov.uscourts.wawd.328551.7.0.pdf (yesterdays motions to plea) https://storage.courtlistener.com/recap/gov.uscourts.wawd.328551/gov.uscourts.wawd.328551.9.0.pdf CZ's "crimes" 1. operating a money transmitter service 2. not registering a money transmitter service 3. facilitating money transmits to iran binance "crime" Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: hatshepsut93 on November 21, 2023, 11:35:29 PM The bad news is that Binance will have to pay over $4B and for that they will likely have to liquidate some BTC which would negative affect the price in short term. Also the largest crypto exchange admitting to violating the law is not good for the market, but at least Binance will only have to pay the fine and they are not getting shut down. Unless they don't have that kind of money and will file for bankruptcy.
Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: sokani on November 21, 2023, 11:57:26 PM Binance didn't crashed, It just CZ pleading guilty to a crime and it cannot be compared to what FTX bankruptcy did to the cryptosphere.
I must admit that with everything been thrown at Binance by SEC right from the onset, I never saw this coming and its really took everyone by surprise. I'm still trying to figure out how this recent development is going to affect Binance and their standing in the crypto space, and I hope it's not going to be the beginning of its downfall. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Darker45 on November 22, 2023, 12:04:39 AM I don't think BitMEX was as huge as Binance when the arrest happened. I also don't think Arthur Hayes was as influential as CZ. And whether they're equal or not, I can't see a reason how it would be beneficial to Bitcoin's price. As a matter of fact, the price has already reacted. And it's moving southward.
Anyway, these are harsh punishments. And the fact that it involved a cryptocurrency platform must have contributed to its severity. I'm not sure if this was a wise decision on the part of CZ. Probably, if only to make sure that Binance stays afloat in a largely hostile environment, but what if he actually ends up in jail and Binance went bankrupt just the same? All these so-called sacrifices would all be for naught. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Catenaccio on November 22, 2023, 01:02:24 AM Some information about BitMEX and their legal case in 2020. Their trading volume shrank a lot as consequence of the charge from the US. authorities.
BitMEX CEO Arthur Hayes Leaves Role After US Charges (https://www.coindesk.com/business/2020/10/08/bitmex-ceo-arthur-hayes-leaves-role-after-us-charges/) Coingecko's 2020 October Monthly Report (https://assets.coingecko.com/reports/Monthly-Reports/2020-10.pdf) https://i.ibb.co/rw6w7xK/Bitmex1.png (https://ibb.co/S3n3stD) https://i.ibb.co/tY9fBv8/Bitmex2.png (https://ibb.co/p4SD2MJ) https://i.ibb.co/wgjM3JK/bitmex3.png (https://ibb.co/tKF8kZb) https://i.ibb.co/HFPmM2T/bitmex4.png (https://ibb.co/kHDYry2) Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: franky1 on November 22, 2023, 01:17:06 AM reading through the court docs. part of the deal/plea/settlement was binance to release CZ of his CEO title. and put in compliance officers for the next 3 years. so this is not banning binance from operating. its settling the legality of operating unlicenced and setting them up to be in compliance
Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: larry_vw_1955 on November 22, 2023, 01:18:48 AM CZ's "crimes" 1. operating a money transmitter service 2. not registering a money transmitter service 3. facilitating money transmits to iran binance "crime" you don't think he should have to do jail time? those are very serious things. someone shouldn't be able to just pay their way out of time in the joint like that. sad to see... Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: hd49728 on November 22, 2023, 01:20:51 AM reading through the court docs. part of the deal/plea/settlement was binance to release CZ of his CEO title. and put in compliance officers for the next 3 years. so this is not banning binance from operating. its settling the legality of operating unlicenced and setting them up to be in compliance They are going to be like BitMEX, will continue their operation after paying penalty fees to the US. authorities.This is still a shock to Binance and they will certainly lose users to other exchanges and will struggle to get it back. It will take a lot of time for them to regain customers who leave their exchanges. However I always believe in "What can not kill you, make you stronger". It can be applied for Binance too if they can go through this hard time, the hardest time in history of their exchange. you don't think he should have to do jail time? those are very serious things. someone shouldn't be able to just pay their way out of time in the joint like that. sad to see... We will have to wait till February when the sentence on him is announced to know about that.Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Odohu on November 22, 2023, 01:45:28 AM CZ's "crimes" Thanks for this details. This make more sense now. Iran have always been blacklisted by most financial system probably the reason CZ followed the backdoor of rendering service to Iran through an unregistered transmitter service. It is politics after all and CZ allowed himself to get involved. 1. operating a money transmitter service 2. not registering a money transmitter service 3. facilitating money transmits to iran binance "crime" I will call it a bad business decision by CZ and Binance considering the fact that they have always been on the US radar for long. Exposing himself and the business he lead to the US government might not end well for him since the US still controls a lot of things. My major concern is how this will affect the entire cryptocurrency market because Binance is a leading figure in this space. Secondly, CZ stepping aside might lead to some form of risk in the future and I will advice everyone to be careful on the amount of funds kept in Binance for now. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: franky1 on November 22, 2023, 02:28:26 AM CZ's "crimes" 1. operating a money transmitter service 2. not registering a money transmitter service 3. facilitating money transmits to iran you don't think he should have to do jail time? those are very serious things. someone shouldn't be able to just pay their way out of time in the joint like that. sad to see... plea settlement deal* if he pays $50m before february sentencing deadline also his "crimes" were NOT of theft. rape, or murder.. in short no one was physically harmed.. its more bureaucratic "criminal civil violation" of moving money without US government consent to be a money mover *still sketchy on this detail of possible prison time.. because the whole point of plea settlements is to get a deal to settle the case. media is announcing upto 18months.. but reading CZ tweets he is not prepping for prison time but wanting to passively invest, do some work on DeFi and some mentoring.. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: goldkingcoiner on November 22, 2023, 02:42:29 AM We warned people years ago, that this was coming. Keep your coins off centralized exchanges or other centralized platforms. Now we have all these exchanges getting "hacked", scamming their customers and going down after the law knocks their doors in for whatever reason they want. Now Poloniex users can't withdraw Binance is next in line. Anyone not holding their bags on their own wallet is at huge risk.
Although having said that, I understand the temptation of CEXs. They are easier, cheaper and simpler to trade on. I indulge sometimes, as well. Nobody is perfect. But I would never put the full amount of all my money in centralized wallets. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: franky1 on November 22, 2023, 02:46:50 AM We warned people years ago, that this was coming. Keep your coins off centralized exchanges or other centralized platforms. it is cautionary warning however the government have not accused, charged or made him plead to any claims of user fund fraud. lets use CZ's words in his tweet Quote On that note, I am proud to point out that in our resolutions with the U.S. agencies they: - do not allege that Binance misappropriated any user funds, and - do not allege that Binance engaged in any market manipulation. but yes best advice.. keep coins off an exchange.. an exchange should be 'value-in swap value-out' same day. its an exchange not a bank. its a exchange not a savings account. so do your exchanging and get funds out same day Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: tech30338 on November 22, 2023, 02:53:36 AM The typical US trying to hold everyone in the neck, to take control of everything, but the issue is bigger than that, Binance is big wall stopping the US from taking control of a big part of the crypto industry, and if they will not yield find something against them, this BlackRock and other big companies scrambling to enter into crypto is part of the US.
Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Qiubell5 on November 22, 2023, 02:56:31 AM I didn't think someone like Shizu could make a mistake like that. Because it is proven that his actions will definitely seriously damage the reputation he has built so far. Binance is also reportedly going to replace its current CEO. Apart from that, with the proven accusations leveled at CZ, the crypto exchange also experienced a decline in market capitalization. But perhaps this will not have an effect for long, because the decline in market capitalization is probably just a surprised response from crypto investors. So after this, I am sure that market capitalization on crypto exchanges will return to normal, and may even experience a higher increase in market capitalization.
Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: jrrsparkles on November 22, 2023, 03:05:53 AM binance has to pay(of the $4.3b): $1.8Bill within 15 months (overall fine for crimes) $1.6bill within 6 months (forfeiture of profits/fee's of running the business) $0.9bill within 30days (clawback of funds sent to IRAN) This won't be a problem at all for Binance because their revenue generation per year will be around 20 Billion so they can clear the penalty even before the due date. But if federal authorities snoop into something they won't let go until they burn it into ashes so investors and traders be aware of holding any funds in the Binance exchange hereafter. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: crwth on November 22, 2023, 03:12:49 AM This is big news and the cryptocurrency market would probably receive a big fallback with what is happening. A lot of people might have their money stashed in crypto and they need to at least liquidate it along with a big player like Binance.
I wasn't fully aware that they have this going on in the news. I probably haven't read much in this case. I did see the link sent by franky1 and it was just recently, November 14, 2023, when it was signed. So maybe not much news yet has spread? What I'm curious about is with this going on, what would be the effect of it to us, individuals? Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: larry_vw_1955 on November 22, 2023, 03:23:18 AM plea settlement deal* if he pays $50m before february sentencing deadline also his "crimes" were NOT of theft. rape, or murder.. in short no one was physically harmed.. its more bureaucratic "criminal civil violation" of moving money without US government consent to be a money mover but how come he is subject to the US government at all? he's not an American citizen is he? he doesn't live in the USA does he? So his own country doesn't even punish him but somehow the foreign US government decides they are going to throw him in their jail if he doesn't pay up and he's not even an American. I know Binance had a site for USA members but I would hardly think that would make him become subject to being thrown in an American jail. its just a website. :o Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: freedomgo on November 22, 2023, 03:42:45 AM The bad news is that Binance will have to pay over $4B and for that they will likely have to liquidate some BTC which would negative affect the price in short term. Also the largest crypto exchange admitting to violating the law is not good for the market, but at least Binance will only have to pay the fine and they are not getting shut down. Unless they don't have that kind of money and will file for bankruptcy. I have my doubts; there was a negotiation, and they won't agree if they don't have enough funds to cover those penalties. Once Binance manages to overcome this issue, it's unlikely to recur, and that could positively impact their reputation, showcasing their ability to navigate challenges. CZ is required to pay $50 million, but he should be able to afford it, considering his reported net worth of $12 billion. https://fortune.com/crypto/2023/10/27/changpeng-cz-zhao-net-worth-drops-11-billion-dollars-binance/ This is good news for me because, despite their violation, Binance is still operational. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Freddie Boyer on November 22, 2023, 03:45:25 AM from 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 binance has to pay(of the $4.3b): $1.8Bill within 15 months (overall fine for crimes) $1.6bill within 6 months (forfeiture of profits/fee's of running the business) $0.9bill within 30days (clawback of funds sent to IRAN) it only became unsealed and newsworthy today Why? Is there any indication of pressure, so that CZ is like that? Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Smack That Ace on November 22, 2023, 04:17:05 AM 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 is the similarity that the community has discovered and excitedly discussed everywhere. History doesn't repeat every detail exactly, but it has similarities as you said. My theory is that with the news of CZ's resignation and imprisonment, the market will panic and many people will dump but the ETFs will suddenly be approved and we will enter the bull season in everyone doubting. I expect that scenario to happen and many people will miss out on this bull season but that's how this market works.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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: pooya87 on November 22, 2023, 05:14:40 AM 3. facilitating money transmits to iran Did they just throw this randomly in the mix :DBinance doesn't accept anyone from Iran and also considering that it has a strict KYC policy there is no way to circumvent that either. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Kakmakr on November 22, 2023, 05:26:50 AM Ok, so CZ has to be the fall guy in this and the company goes on as normal, under the rules and regulations that are stipulated by the SEC. This is why centralized organizations are easy targets for governments and why they can milk them like cows, whenever they want to. ::)
Also shows you that it is all about money..... and topping up the government's pockets. Let's hope they take with one hand and gives with the other.... by approving the BlackRock application. ::) Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: OcTradism on November 22, 2023, 05:29:18 AM Did they just throw this randomly in the mix :D They just did not mention when the violation happened. If they counted it since Binance birthday in 2017 and a few years later before the exchange required KYC on their users, it is very possible that there are users from Iran or other sanctioned countries, locations used Binance and laundered their criminal money through cryptocurrencies and Binance.Binance doesn't accept anyone from Iran and also considering that it has a strict KYC policy there is no way to circumvent that either. They only started to do KYC since 2021 How KYC Helps Keep Users Safe in the EEA & UK (https://www.binance.com/en/blog/markets/how-kyc-helps-keep-users-safe-in-the-eea--uk-421499824684903175) Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: naira on November 22, 2023, 05:30:09 AM And this also coincides with 1 year of FTX collapse, is there a connection? maybe it's not possible either. But I don't want to know more. Because the most important thing now is that your assets must be temporarily secured from any exchange. Any centralized exchange will not escape the scrutiny of the SEC because this is where it all begins and ends. CZ had to face trial without re-involving Binance so it was reasonable for him to step down. Regardless of the crimes, the regulations that we all know are almost imposed by the SEC on every centralized exchange. Now that no one can escape, as big as Binance was quickly targeted, then what about the fate of other exchanges? please prepare your seat belt.
Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: 2Pizza410000BTC on November 22, 2023, 05:42:49 AM So as you all know they charged CZ and he stepped down. Most likely he will get arrested as he goes on US soil. We have already seen that Binance CEO CZ has already resigned from his post as CEO. The issue shook the entire cryptocurrency market. The Binance CEO pleaded guilty to all of his criminal activities and anti-money laundering charges and was fined $4.3 billion. Meanwhile, the Binance CEO has hunted down all his activities. But how risky it is for the binance holders I can't guess now. But I think since the new CZ has appointed I think the environment will be much calmer and the BNB market will be safe very soon.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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: adaseb on November 22, 2023, 05:57:10 AM Back in 2019-2020 the largest exchange at the time was Bitmex, similar to how Binance now has the largest volumes. Binance started to gain popularity around that time but still didn’t have the same volume as Bitmex.
When he stepped down and was charged, we assumed crypto would crash but the complete opposite happened. Some speculated they had to bring Bitmex down to pave the way for the Coin IPO and the Bitcoin futures etf listed on the stock market. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: NotATether on November 22, 2023, 08:40:39 AM Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Come on man, this is click-bait. He hasn't been arrested yet, and why would he they arrest him anyway if he entered a settlement with the US government to pay a (enormous) fine and step down? I don't think anything bad is going to happen to Binance without CZ, except I guess for luna-trader-tics dumping BNB and BUSD, but that's kinda expected from them. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: rohang on November 22, 2023, 08:42:38 AM Regardless of how likely it might or might not be, nobody has been arrested yet.
I would ask OP to change the title accordingly as this hasnt happened yet and titles like this shouldnt be posted, yet Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: KiaKia on November 22, 2023, 10:12:25 AM He hasn't been arrested yet doesn't mean he won't be arrested later, give it time first, let some fresh air flow by this news for few weeks, honestly getting him arrested is still possible.
Now I bet Kevin O'Leary will be happy about this, he vowed to make this happen, he promised CZ that he will fall just like CZ made FTX fell, I should have saved that video for myself, but I still clearly remember how hateful this man sounded towards CZ, he meant to ruin him and now I think he is part of the group that did this. I think its too early to think that CZ is free, I doubt it, they have some menace for this man since FTX secret was let out of the bag, I strongly believe that there is more to this than we know right now, few weeks from now will tell if I am wrong or not. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: heslylamba on November 22, 2023, 12:05:20 PM How do we still trust crypto exchanges after that? I'm just in shock and I don't think it will benefit bitcoin and the entire crypto community.
Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Nrcewker on November 22, 2023, 12:24:05 PM Yes last time when it happened, the market went crazy. But I highly doubt that the same might happen again. We have seen normally that when bad news appear about the crypto, the market goes down and all over crashes of coins are seen, but when there is a good news about coin, like a big company buying large number of coins, the market goes up. So we need to evaluate the situation like this and then can conclude that whether we going towards a bear market or bull market.
Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: milewilda on November 22, 2023, 12:39:51 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. Not totally shocking whenever we are really that near on Bull run event on which these kind of situations do really happens which is usually end of the year? Negative news and events are alreadyWhat 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. coming out on a certain extent in speaking about on how often and how bad or severe those situations. Are they planning to make the market drop that hard? Not something new. Getting in with very cheap price would really be always their main target. US does really have on controlling on everything and would love on monopolizing but since there are people or platforms or companies which cant really be controlled then expect that they would really be actively be attacked or raised up issues. The good thing here is that the market didnt really react that much with this kind of news, BTC dropped only -2k almost which it isnt really that severe. If they do have plans on taking down the market then they did fail on this one. :D Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: n00ber on November 22, 2023, 12:56:13 PM How do we still trust crypto exchanges after that? I'm just in shock and I don't think it will benefit bitcoin and the entire crypto community. I don't know what benefit you have brought to the crypto community but from many years in the market, I know that centralized exchanges are an integral part of the market and have made a lot of contributions both negative and positive for the market. If they don't work, why are there hundreds of millions of users? Are hundreds of millions of investors out there stupid and only you are smart? The cryptocurrency industry has grown so far thanks to the massive encapsulation of centralized exchanges although many people hate them but the majority of those who hate them do not bring any benefit or value to crypto industry like you. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Tigerheart3026 on November 22, 2023, 01:34:40 PM How do we still trust crypto exchanges after that? I'm just in shock and I don't think it will benefit bitcoin and the entire crypto community. nothing secure in crypto, centralized exchanges too risky but i think at least binance has gained everyone's trust because it's a top crypto exchange in their 150 million users,even they guarantee to keep your money safe, fully refundable by their SAFU (secure asset fund for users) in case of any loss of money in hacked, Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: krishnaverma on November 22, 2023, 01:40:11 PM This had less effect on prices because he is not going to be arrested. He just has to pay fine which he can comfortably pay.
Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: kryptqnick on November 22, 2023, 01:49:19 PM Wow, $4.3 billion as a settlement is absolutely huge! It's good that they've reached a deal that will allow the company to continue operating, so it means that Binance won't go down, but is $4.3 billion really the kind of money Binance can easily pay without it affecting the operations of the exchange?
It seems unclear from the articles what sort of punishment (incarceration, probation) CZ is likely to get, but I've also seen that it's unlikely that he'll be sentenced over the next 6 months. Bitcoin seems to be doing okay, so this negative news doesn't seem to have shaken the market. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Synchronice on November 22, 2023, 02:00:59 PM a whopping $4.3billion penalty for binance and $50m for CZ personally When I said that Bitcoin exchange is the money making machine because trading fees are extremely high on every of them, many people replied me that fees aren't high and exchanges have so many expenses that they barely make net profit and so on. But here we go, Binance will pay this money without a problem because they collect millions of dollars daily just from spot trading fees.$1.8Bill within 15 months (overall fine for crimes) Just another proof that you can pay for crimes with money. Rob as many people as you want, just pay fines in the end of the day and you are fine :D$1.6bill within 6 months (forfeiture of profits/fee's of running the business) $0.9bill within 30days (clawback of funds sent to IRAN) CZ's "crimes" I might be the only one who says this but I have to admit again, CZ knows the language of business and is smart as F. He had so many problems, he broke so many rules, still manages to keep Binance number one exchange and still manages to avoid arrest. CZ really reminds me Kim Dotcom, they would be a great couple :D1. operating a money transmitter service 2. not registering a money transmitter service 3. facilitating money transmits to iran binance "crime" Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: pooya87 on November 22, 2023, 02:02:04 PM Did they just throw this randomly in the mix :D They just did not mention when the violation happened. If they counted it since Binance birthday in 2017 and a few years later before the exchange required KYC on their users, it is very possible that there are users from Iran or other sanctioned countries, locations used Binance and laundered their criminal money through cryptocurrencies and Binance.Binance doesn't accept anyone from Iran and also considering that it has a strict KYC policy there is no way to circumvent that either. They only started to do KYC since 2021 How KYC Helps Keep Users Safe in the EEA & UK (https://www.binance.com/en/blog/markets/how-kyc-helps-keep-users-safe-in-the-eea--uk-421499824684903175) users from Iran or other sanctioned countries, locations used Binance and laundered their criminal money through cryptocurrencies and Binance. Just because someone is from a sanctioned country doesn't mean they own "criminal money" and want to "launder" it :)BTW providing service to users from sanctioned countries is not counted as money laundering. It is counted as breaking US sanctions and would subject the business to sanctions or fines. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: philipma1957 on November 22, 2023, 02:07:20 PM Did they just throw this randomly in the mix :D They just did not mention when the violation happened. If they counted it since Binance birthday in 2017 and a few years later before the exchange required KYC on their users, it is very possible that there are users from Iran or other sanctioned countries, locations used Binance and laundered their criminal money through cryptocurrencies and Binance.Binance doesn't accept anyone from Iran and also considering that it has a strict KYC policy there is no way to circumvent that either. They only started to do KYC since 2021 How KYC Helps Keep Users Safe in the EEA & UK (https://www.binance.com/en/blog/markets/how-kyc-helps-keep-users-safe-in-the-eea--uk-421499824684903175) users from Iran or other sanctioned countries, locations used Binance and laundered their criminal money through cryptocurrencies and Binance. Just because someone is from a sanctioned country doesn't mean they own "criminal money" and want to "launder" it :)BTW providing service to users from sanctioned countries is not counted as money laundering. It is counted as breaking US sanctions and would subject the business to sanctions or fines. they operate binance.us and to fully say cz has zero to do with binance.us was likely impossible. thus the us went after them. I always wonder why they would operate binance.us as it would tie them into usa taw rules. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: bluebit25 on November 22, 2023, 02:13:32 PM Perhaps both speculation and conspiracy theories, but this time it was necessary for CZ to resign and accept the charges.
And perhaps Binance CZ's market share and influence has brought obstacles from more powerful people. So it's easy to understand that competition in this market is always fierce, but accusations and bans or acceptance from one side... But anyway, I still think this is more beneficial than CZ refusing and appeal, perhaps the scenario will follow but similar cases are limited contact as well as house arrest but still have a very luxurious life. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: pooya87 on November 22, 2023, 02:20:07 PM they operate binance.us and to fully say cz has zero to do with binance.us was likely impossible. thus the us went after them. They started binance.us as a separate thing to avoid problems such as this. Apparently that didn't work as well as they hoped.Quote I always wonder why they would operate binance.us as it would tie them into usa taw rules. Because US market is always a good revenue from a business perspective. The population is high and so is the number of potential customers. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: yazher on November 22, 2023, 02:23:08 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. There is no doubt that he is really good when protecting the user's crypto assets inside their exchange and one thing that made him shine is their way of recovering the users' funds when it gets affected by hackers, they pay it for them. It won't be the same for sure after his resignation and it would be good for them not to exaggerate some new updates because the recent changes will leave their users hanging for a moment and any bad move will gonna make a huge change on their platform right now. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: tbct_mt2 on November 22, 2023, 02:30:36 PM they operate binance.us and to fully say cz has zero to do with binance.us was likely impossible. thus the us went after them. I always wonder why they would operate binance.us as it would tie them into usa taw rules. They started binance.us as a separate thing to avoid problems such as this. Apparently that didn't work as well as they hoped. Only Binance know why they did it but I thought Binance did it when they felt bigger risk from the trade war between two big nations.Crypto Exchange Giant Binance to Launch US Trading Tuesday (https://www.coindesk.com/markets/2019/09/23/crypto-exchange-giant-binance-to-launch-us-trading-tuesday/). It is in September 2019. The China–United States trade war (https://en.wikipedia.org/wiki/China%E2%80%93United_States_trade_war) began since January 2018 but was escalated more some months later. It can be one of reasons or coincidence but it is not a matter now for Binance. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: franky1 on November 22, 2023, 03:06:02 PM they operate binance.us and to fully say cz has zero to do with binance.us was likely impossible. thus the us went after them. I always wonder why they would operate binance.us as it would tie them into usa taw rules. They started binance.us as a separate thing to avoid problems such as this. Apparently that didn't work as well as they hoped. Only Binance know why they did it but I thought Binance did it when they felt bigger risk from the trade war between two big nations.Crypto Exchange Giant Binance to Launch US Trading Tuesday (https://www.coindesk.com/markets/2019/09/23/crypto-exchange-giant-binance-to-launch-us-trading-tuesday/). It is in September 2019. The China–United States trade war (https://en.wikipedia.org/wiki/China%E2%80%93United_States_trade_war) began since January 2018 but was escalated more some months later. It can be one of reasons or coincidence but it is not a matter now for Binance. the charges clearly state... from 2017 to october 2022 CZ and binance.com they 'conspired' to not do full KYC to identify US residences to then comply with regulations from 2018 to may 2022 CZ and binance.com they 'conspired' to not do full KYC to identify iranian residences to then comply with regulations they cared more about increasing their customer base, rather than putting in restrictions that would turn people away https://storage.courtlistener.com/recap/gov.uscourts.wawd.328551/gov.uscourts.wawd.328551.1.0.pdf starting from middle of page 6 Quote 17 E. THE SCHEME 18 18. Beginning no later than August 2017 and continuing until October 2022, 19 Defendant and its co-conspirators, including Zhao and Individuals 1 and 2, knowingly and 20 willfully conspired (i) to operate as an unlicensed MTB that failed to comply with 21 registration requirements under U.S. law and (ii) to violate the BSA by failing to establish, 22 implement, and maintain an effective AML program at Binance. 23 19. MSBs, including money transmitters with effective AML programs, collect 24 KYC information that allows them to, among other things, identify users who are subject 25 to U.S. sanctions programs and prevent U.S. persons from conducting prohibited 26 transactions with persons subject to U.S. sanctions. During the relevant time period, many 27 MSBs, particularly those doing business wholly or in substantial part in the United States, 1 had AML programs that used KYC and other information to identify users subject to U.S. 2 sanctions programs and prevent U.S. persons from conducting prohibited transactions with 3 persons subject to U.S. sanctions. 4 20. The purpose of the conspiracy was to allow Binance to operate as a virtual 5 currency exchange and gain market share and profit as quickly as possible. Defendant and 6 its co-conspirators accomplished this goal by attracting a substantial number of U.S. users 7 to Binance.com—particularly U.S. VIP users, who accounted for a significant percentage 8 of the overall trading volume on Binance.com. Defendant chose not to comply with U.S. 9 legal and regulatory requirements because it determined that doing so would limit its ability 10 to attract and maintain U.S. users. Defendant and its co-conspirators concealed Binance’s 11 avoidance and noncompliance with U.S. law. 12 21. Defendant’s decision to prioritize its growth over compliance with U.S. legal 13 requirements meant that it facilitated billions of dollars of cryptocurrency transactions on 14 behalf of lts customers, including users in comprehensively sanctioned jurisdictions such 15 as Iran, without implementing appropriate KYC procedures or conducting adequate 16 transaction monitoring. During the relevant period, Defendant knew that U.S. law 17 prohibited U.S. persons from conducting certain financial transactions with countries, 18 groups, entities, or persons sanctioned by the U.S. government. Defendant knew that it 19 serviced users from comprehensively sanctioned jurisdictions and that these users were 20 prohibited from conducting transactions with U.S. persons. Defendant further l‹new that its 21 matching engine, i.e., Binance’s tool that matched customer bids and offers to execute 22 cryptocurrency trades, had been designed to execute cryptocurrency trades based on price 23 and time without regard to whether the matched customers were prohibited by law from 24 transacting with one another. Defendant also 1‹new that it did not block transactions 25 between users subject to U.S. sanctions and U.S. users and that its matching engine would 26 necessarily cause such transactions, in violation of U.S. law. During the relevant period, 27 Defendant nonetheless did not implement the necessary controls that would have prevented 1 Binance from causing U.S. users to conduct cryptocuiTency transactions with users in 2 comprehensively sanctioned jurisdictions. Quote As a result of Defendant’s decision not to implement comprehensive controls 4 blocking illegal transactions between sanctioned users and U.S. users, Defendant willfully 5 caused transactions between U.S. users and users in comprehensively sanctioned 6 jurisdictions in violation of U.S. law. Specifically, between in or about January 2018 7 through May 2022, Defendant caused at least 1.1 million transactions in violation of IEEPA 8 between users it had reason to believe were U.S. persons and persons it had reason to 9 believe resided in Iran Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: JunaidAzizi on November 22, 2023, 03:11:09 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. Yes, I just watched the news about it and I am very wonder that how a CEO does an illegal work. The first thing is why he does the money laundering and the second is why he accepts it. He is not a criminal or any type of person that he did money laundering in such big digits. He may not have come into the eyes if he did this in other countries but unfortunately, there is a law of the US against money laundering. He said he is so guilty about what was done and that's why he resigned. He also said that he gets some time for himself and he is going to do some rest. He Announces a new CEO named Richard, ex-CEO of the financial services regulatory authority at Abu Dhabi global market ADGM. He said Richard has 3 decades of experience and will put binance to the next level. If he is so sure about him then we also need to trust him and give some time to him because I saw some other news suggesting people withdraw their money from Binance. Because the Binance is going to be down. 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 Bitcoin history. History doesn’t repeat itself but it often rhymes. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Victorik on November 22, 2023, 04:22:22 PM Yea. I am sensing that too. In my opinion, I think CZ sacrificed his position for the bull run.
The whole game play is to get CZ out of the way, because there's no way blackrock ETF was going to be approved with CZ in the helms of affairs at binance, but now that he has stepped down to face criminal charges, the ETF is going to be approved. But let's keep our fingers crossed and see as this pans out. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: philipma1957 on November 22, 2023, 04:59:18 PM they operate binance.us and to fully say cz has zero to do with binance.us was likely impossible. thus the us went after them. They started binance.us as a separate thing to avoid problems such as this. Apparently that didn't work as well as they hoped.Quote I always wonder why they would operate binance.us as it would tie them into usa taw rules. Because US market is always a good revenue from a business perspective. The population is high and so is the number of potential customers. But the laws and regs are fucking nuts in the US. I have bookcases filled with tax books from my accounting days. I just think he was a bit greedy to think he could get away with binance.us. I think they will leave the us and coinbase will be it. leaving a true choke point for cash to coin to cash here in the USA Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Faisal2202 on November 22, 2023, 05:43:18 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. You are right but CZ might be released from custody if he pays 190+ million dollars in the upcoming days till the 27 of November and to be honest, I am seeing everyone saying CZ resigns while none of the officials of Binance, or the law enforcers mentioned the term "resign" or maybe they did and I am not aware of it but, after reading the plea pdf I can say this is a contract base fine everything is set up and Binance will come under CZ's control again.............. History doesn’t repeat itself but it often rhymes. As they said, CZ will not deal in any of the activities directly or indirectly related to Binance for 3 years, so after 3 years, CZ will be free or what? that only time traveler can tell but for now media created fud and many whales took benefit of it. Many even said Binance is going to be the next FTX but I say this prevents it from becoming one. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: leonair on November 22, 2023, 06:09:40 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. 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 BinanceI'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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Abu-Naim on November 22, 2023, 06:20:56 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. I wish the history looks similar so that we can all forget the little correction bitcoin price and the market already did since yesterday.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. Binance is just a crypto exchange, its business mistake should not affect the general bitcoin or crypto world since there are other exchanges that have failed in the past and others are still in existence; and even the Binance is still in operation. They should pay the agree fee for charges, face the little penalty they will be given and we move on. I never expect Binance with their reputation to violate any rule financially because they are one of the leading crypto exchanges. They are showing people that they are not also clean for people to trust them with their money. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: kentrolla on November 22, 2023, 06:50:42 PM I think we are missing out on something which has taken place between CZ and SEC, because I am not in shock because he has charged but rather for the fact he has accepted the crime and it's such a crime which will tarnish his image which he has created all these years. I feel there is some sort of deal which has not come to light, may be between CZ and SEC because we usually don't see any CEO accepting charges against them. Let's wait and see how the story unfolds and if this will have any impact on crypto prices? No it won't but rather on BNB but he stepped down from Binance hence it's saved as well.
Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: panganib999 on November 22, 2023, 07:31:48 PM Welp. This is just disappointing, to think that I was adamant about protecting and believing that he's the last stand against the CEX hate last year, what an eye-opening disappointment. Although is Binance directly involved in this money laundering business, or is binance only fined cause CZ was the CEO at the moment they made these vile things? Anybody willing to shed the light on me in this one? So, apparently the hate that the SEC is sending towards CEXs aren't necessarily unwarranted, they probably do have some sort of monkey business going on, either involving the business itself, or the founder of said business only. This sucks, cause this would practically mean that millions of people who are into crypto's gonna get into a massive culture shock.
Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: canudinho on November 22, 2023, 07:33:16 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. Well, i've heard some good point considering that in fact this happened to prepare the world for the institutions on BTC. Until they (Blackrock, JP, Fidelity) clean all the exchanges and risks of FUD, they are not going to put money on that and convince their customers to put their savings on it, so they have to make this business more formal and controllable. For me it seems a good point, and reasonable. Pump it Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Nwada001 on November 22, 2023, 07:52:17 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. He is just a big name in the crypto space, and such news can just add a little effect on the price of coins, which could be as a result of people making large withdrawals from the exchange to play safe and some panic sellers. The only coins you should be worried about, if need be, should be BNB and TWT (trust wallet token), which are the two major coins or tokens owned by the exchange. For crypto at large, it will definitely survive. Quote 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. Things might be a little different, but they will have to keep the exchange together. He is just stepping down, but that does not mean he won't have a share of the exchange revenue. As such, he could also forward some security tips and suggestions to them. This won't be a problem at all for Binance because their revenue generation per year will be around 20 Billion so they can clear the penalty even before the due date. Any source link to this?I know the exchange is a big one and there is a lot of revenue from it, but 20 billion annually in revenue is really a big amount, and I doubt they make up to such an amount legally on a year basis. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: larry_vw_1955 on November 23, 2023, 12:30:38 AM they operate binance.us ... Binance to Make 'Complete Exit' From U.S., Pay Billions to FinCEN, OFAC on Top of DOJ Settlement https://www.coindesk.com/policy/2023/11/21/binance-to-make-complete-exit-from-us-pay-billions-to-fincen-ofac-on-top-of-doj-settlement/ Treasury Secretary Janet Yellen said that Tuesday's action was the largest settlement in the department's history. "I want to make sure that folks really understand how unprecedented this monitorship is," a senior official told reporters earlier on Tuesday. "We're not just going after the egregious conduct … but we're also … getting Binance out of the U.S. entirely." binance.us is still online though right now just goes to show how binance doesn't really take things too seriously. if they had any sense they would have an announcement on the very front page saying "DON'T CREATE A NEW ACCOUNT WE'RE CLOSING DOWN!". irresponsible behavior towards their us customers... Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: philipma1957 on November 23, 2023, 12:38:17 AM they operate binance.us ... Binance to Make 'Complete Exit' From U.S., Pay Billions to FinCEN, OFAC on Top of DOJ Settlement https://www.coindesk.com/policy/2023/11/21/binance-to-make-complete-exit-from-us-pay-billions-to-fincen-ofac-on-top-of-doj-settlement/ Treasury Secretary Janet Yellen said that Tuesday's action was the largest settlement in the department's history. "I want to make sure that folks really understand how unprecedented this monitorship is," a senior official told reporters earlier on Tuesday. "We're not just going after the egregious conduct … but we're also … getting Binance out of the U.S. entirely." binance.us is still online though right now just goes to show how binance doesn't really take things too seriously. if they had any sense they would have an announcement on the very front page saying "DON'T CREATE A NEW ACCOUNT WE'RE CLOSING DOWN!". irresponsible behavior towards their us customers... Frankly it looks to me like the USA is backing coinbase and allowed this attack. I don't understand why CZ went into the US in the first place it was very likely going to be this way. What I don't like is Coinbase may end up being the only exchange for USA citizens. And topped with F2Pool dropping US banned tx in mined blocks the US is flexing some serious muscle here. https://www.coindesk.com/tech/2023/11/22/bitcoins-anti-censorship-ethos-surfaces-after-mining-pool-f2pool-acknowledges-filter/ Now combine both and it looks like USA is going for the lockdown and control of BTC. I wonder if they go after private wallets and addresses next? Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: GreatArkansas on November 23, 2023, 12:46:48 AM Remember Bitmex and it’s CEO Arthur Hayes who was arrested. What happened right after? One of the biggest bull runs in Bitcoins history. For me, this was just a coincidence. What I am worried about this time is the FUD. Just like when the CEO of Binance announced that the company stepped down, the market felt it, we saw a small dump in the entire market, not only their token BNB but also Bitcoin. But after that, we did pull back.Me, I agree with what happened with BITMEX's CEO before. But the bull run thing, it's not because of these CEOs stepping down. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: terrific on November 23, 2023, 12:48:44 AM We might literally get into the bull run now as we get the indications, arrest of CZ, etfs, halving and so on.
Who's next? I don't know but who's the loudest on the market recently? I haven't seen someone done that. It's always CZ that takes the spotlight. Paying the fine, getting arrested and then getting out of the US market. Pheew. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: 2Pizza410000BTC on November 23, 2023, 01:18:44 AM 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. 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 BinanceI'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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: franky1 on November 23, 2023, 01:35:19 AM Treasury Secretary Janet Yellen said that Tuesday's action was the largest settlement in the department's history. "I want to make sure that folks really understand how unprecedented this monitorship is," a senior official told reporters earlier on Tuesday. "We're not just going after the egregious conduct … but we're also … getting Binance out of the U.S. entirely." binance.us is still online though right now just goes to show how binance doesn't really take things too seriously. if they had any sense they would have an announcement on the very front page saying "DON'T CREATE A NEW ACCOUNT WE'RE CLOSING DOWN!". irresponsible behavior towards their us customers... Frankly it looks to me like the USA is backing coinbase and allowed this attack. I don't understand why CZ went into the US in the first place it was very likely going to be this way. What I don't like is Coinbase may end up being the only exchange for USA citizens. binance.COM has to exit servicing US customers binance.us will be allowed to continue to operate with US customers it even says it in your own coindesk link Quote The official clarified that the separate exchange called Binance.US, which is the operating name for BAM Trading Services, a U.S. affiliate for Binance, is a registered money services business and therefore is not affected by Binance's exit. binance.com is under probation (monitoring) binance.US has not been charged, not plead, nor sentenced. binance.us is not in trouble Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: larry_vw_1955 on November 23, 2023, 02:24:01 AM binance.COM has to exit servicing US customers that's what's so confusing. binance.COM stopped serving USA customers YEARS ago if my memory serves me correctly. then they came up with binance.US shortly thereafter but it was a watered down version of the .COM site. Quote binance.us will be allowed to continue to operate with US customers it even says it in your own coindesk link Quote The official clarified that the separate exchange called Binance.US, which is the operating name for BAM Trading Services, a U.S. affiliate for Binance, is a registered money services business and therefore is not affected by Binance's exit. you're right. but then whoever the senior official that said this they was just blowing smoke up everybody's ass. "We're not just going after the egregious conduct … but we're also … getting Binance out of the U.S. entirely." Quote binance.US has not been charged, not plead, nor sentenced. binance.us is not in trouble Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: thecodebear on November 23, 2023, 04:17:31 AM Hopefully crypto exchange CEOs will start getting the message that they need to not do illegal stuff lol. it's not worth doing illegal stuff in order to make a bit more money. If you're a centralized exchange ya gotta follow all the KYC and AML rules and follow the restrictions certain countries place on their citizens using certain exchanges. Just not worth it to do illegal stuff for money cuz eventually you get caught.
And for the industry I think this is actually a good thing if it helps spread out the exchange market a bit more so Binance doesn't dominate it as much. Hopefully some people are pulling out of Binance to use other exchanges. While at the same time hopefully this means Binance will be operating in line with the law from here on out, helping to protect the industry from future reputational stains like this. Market-wise, I'd say its a good thing that this, plus news of the SEC suing Kraken hitting the same day, only made the market crash for a day and then the very next day it was all the way back up lol. Two major negative legal crypto exchange things in one day and like a day later the market is back up to where it was before. It's like great we got that out of the way and it only had basically a 24 hour effect on the Bitcoin market. Good signs for the market to start moving up again soon. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: thecodebear on November 23, 2023, 04:22:50 AM binance.COM has to exit servicing US customers that's what's so confusing. binance.COM stopped serving USA customers YEARS ago if my memory serves me correctly. then they came up with binance.US shortly thereafter but it was a watered down version of the .COM site. Quote binance.us will be allowed to continue to operate with US customers it even says it in your own coindesk link Quote The official clarified that the separate exchange called Binance.US, which is the operating name for BAM Trading Services, a U.S. affiliate for Binance, is a registered money services business and therefore is not affected by Binance's exit. you're right. but then whoever the senior official that said this they was just blowing smoke up everybody's ass. "We're not just going after the egregious conduct … but we're also … getting Binance out of the U.S. entirely." Quote binance.US has not been charged, not plead, nor sentenced. binance.us is not in trouble True binance.com hasn't served US customers for like 4 or 5 years now. But I've always heard if you just have a VPN you can get around that. Always sounded like Binance was following the letter of the law but didn't mind if US citizens found a way to get around that restriction. So I'm guessing the US govt is gonna make Binance take additional information or something from people to prove their identity so just using a VPN or something won't work. Thus kicking all US citizens off for good. I'm not clear on why exactly binance.com can't operate in the US. Is something they do like totally against US finance rules? Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: larry_vw_1955 on November 23, 2023, 05:21:37 AM True binance.com hasn't served US customers for like 4 or 5 years now. But I've always heard if you just have a VPN you can get around that. Always sounded like Binance was following the letter of the law but didn't mind if US citizens found a way to get around that restriction. So I'm guessing the US govt is gonna make Binance take additional information or something from people to prove their identity so just using a VPN or something won't work. Thus kicking all US citizens off for good. that's a good theory. there must be some reason people wanted to use binance.COM rather than binance.US (legally). it's because .US sucked i guess. limited offerings. no staking maybe? i'm not sure. but i know they sucked. i think the customer service probably was bad too. although i never tried emailing them or whatnot. but AFAI am concerned if i can't call them on the phone then they suck. :oQuote I'm not clear on why exactly binance.com can't operate in the US. Is something they do like totally against US finance rules? they probably could but they would have to disable certain features on the platform for US customers like staking maybe? i guess they thought it was simpler to just make a stupid little website for Americans...trimmed down in functionality so that they couldn't hurt themself.Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: SamReomo on November 23, 2023, 05:33:11 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.
There can be huge sell pressure on BNB coin and that may be the cause of another dump. Many of the BNB holders may develop a fake belief that Binance will have a similar fate like FTX and the investors will have to lose money like they have lost during the FTX fraud. The selling pressure can get way higher if something like that takes place. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: SPARE on November 23, 2023, 06:04:09 AM 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 Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Blitzboy on November 23, 2023, 06:12:57 AM 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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: gunhell16 on November 23, 2023, 06:50:33 AM 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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: PX-Z on November 23, 2023, 08:34:19 AM 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...
Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Tigerheart3026 on November 25, 2023, 03:28:42 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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: blckhawk on November 25, 2023, 03:42:16 AM 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. 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.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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: BitSwapNow on November 25, 2023, 03:46:59 AM 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!!
Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Ale88 on November 25, 2023, 09:54:32 AM So as you all know they charged CZ and he stepped down. Most likely he will get arrested as he goes on US soil. 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.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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: legendbtc on November 25, 2023, 12:51:30 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. 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.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 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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: OcTradism on November 28, 2023, 01:57:08 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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: EarnOnVictor on November 28, 2023, 02:22:18 AM 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. 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 BinanceI'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. 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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Seinlocko on November 28, 2023, 02:29:18 AM 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.What I find strange about all this, is that it’s all familiar. Anyone know what I am taking about? 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.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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: 2Pizza410000BTC on November 29, 2023, 11:49:33 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. 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 BinanceI'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. 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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: laurenB7742 on November 30, 2023, 04:34:29 AM 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. 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 BinanceI'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. 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. 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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: leonair on November 30, 2023, 04:41:21 AM 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. 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 BinanceI'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. 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. 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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: coinremitter on November 30, 2023, 11:39:33 AM 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!
Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: Franctoshi on November 30, 2023, 12:11:33 PM 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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: fuguebtc on November 30, 2023, 01:33:00 PM 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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: DubemIfedigbo001 on November 30, 2023, 01:50:50 PM 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. Title: Re: Largest crypto exchange CEO arrested! Anyone getting deja vu? Post by: larry_vw_1955 on December 02, 2023, 12:38:00 AM 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. |
