Is Binance laundremat?

[FAtrader]

The Trump administration has filed a $100 million lawsuit against infamous #crypto exchange BTC-e and its alleged operator, Alexander Vinnik.
https://finance.yahoo.com/news/trump-doj-sues-infamous-bitcoin-120414570.html

Changpeng Zhao is next?



I found that the Binance is registered at the Malta and Changpeng Zhao(CEO of Binance) personally knows the Joseph Muscat(prime minister of Malta)
https://news.bitcoin.com/malta-prime-minister-welcomes-binance-to-its-blockchain-island/
https://twitter.com/JosephMuscat_JM/status/977115588614086656



Joseph Muscat is known thanks to the money laundering scandals(Panapa papers),
https://www.occrp.org/ru/home/27-ccwatch/cc-watch-briefs/6392-maltese-pm-calls-snap-election-amid-offshore-allegations 
https://www.occrp.org/ru/daily/7456-former-maltese-anti-graft-agent-says-he-fears-for-his-life

as the journalist Daphne Caruana Galizia told ( later journalist Daphne Caruana Galizia has been murdered with a car bomb https://www.occrp.org/en/projects/27-ccwatch/cc-watch-briefs/7141-maltese-corruption-and-organized-crime-reporter-murdered-by-car-bomb
https://twitter.com/DefendAssange/status/920008980444872706 )


It is possible that through Changpeng Zhao the exchange takes part in the money laundering and the next time we will see as the FBI deals with the exchanges, which launder money.

Be careful, probably soon we will see the same image during logging the exchange, which we have just seen at the other exchanges:

http://i66.tinypic.com/bff5vc.jpg



#BinanceLaundremat

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[mk4]

As far as I know, Binance has just been pretty much running from the law hence we see them country hop a few times. Not sure if such a seizing would occur with Binance though, as they're blocking out US users on September 12[1] anyway. US users are going to move to Binance.us, which is as far as I know, a different entity and a more regulated exchange.

Unfortunately for most, they will only be able to trade a small number of coins.

[1] https://www.coindesk.com/binance-exchange-to-block-crypto-trading-for-u-s-customers

[gentlemand]

Binance certainly ignores laws where they feel like it. There's nothing to indicate they're a flat out criminal enterprise like BTC-e.

BTC-e was always extremely enigmatic and everything that's emerged since about it makes plenty of sense.

[dothebeats]

The case was different from BTC-e. That exchange is one shady platform where everything up to its core was faked, and it was only recently qwhere authorities took action on the platform's practices. At least Binance is doing something good despite the fact that it is trying to avoid harsh regulations. One reason is because they want to serve a huge customer base and avoid complying to KYC regulations. They have done so for a good year or so and now they have to comply, as FATF and other regulatory bodies across the globe have banded together to prevent the use of crypto as a vehicle for money laundering.

Or maybe that's what they would like us to think.

[2double0]

I won't compare Binance to BTC-e as both were a lot different in regards to following laws. BTC-e had been shady in my views whenever I used to trade there as they allowed high-profile trading with least KYC docs required but Binance does not let you trade with bigger numbers without knowing you better. Binance had been working under Malta's regulations and I don't find them to be proven guilty by any Government unless they do commit a crime that gets exposed later.

If we use these exchanges, are we also going to get scrutinized for the same if they [exchanges] are proven to be engaged in money-laundering cases? Will there be any enquiry to innocent traders for being a part of them?

[btc_angela]

CZ is more intelligent that your average exchange founder. He has flown to Malta when Japan is heavily on his ass. So I don't know how US can extend their hands against Binance unless they cater US residents which apparently they don't want to serve no more. However, they have their US Binance so how can they US take them down?

[exstasie]

As far as I know, Binance has just been pretty much running from the law hence we see them country hop a few times. Not sure if such a seizing would occur with Binance though, as they're blocking out US users on September 12[1] anyway.

The US government could still come after them for all activity prior to blocking US customers. It wouldn't be the first time. In fact, it looks like Binance has never registered as an MSB in the US, just like BTC-E.

Still, I doubt we'll see an FBI seizure notice anytime soon. Kicking out US customers definitely shows intent to get in line. I'm guessing CZ has calculated that's enough to save his skin.

[CryptoBry]

Binance is known to be pro-active as far as compliance is concerned and it won't wait for authorities to act on anything s they have an open communication with those in power. Certainly, a big enterprise like Binance has learned all the big lessons of the past and it is trying to avoid those mistakes at all cost. Well, nothing can be perfect but then again if we have to determine the odds that Binance can be the next BTC-e is slim (though not zero). This can be the reason why Binance is technically out of the USA market and relegated the same business to a subsidiary based in the said country.

[mk4]

That makes sense. If anything, I don't think it would be seizing or a force-close though. I think the likely outcome would probably be Binance being forced to hand over the information of the US users that has been using their platform in the past. You know, for tax reasons as per usual.

[2double0]

That makes sense. If anything, I don't think it would be seizing or a force-close though. I think the likely outcome would probably be Binance being forced to hand over the information of the US users that has been using their platform in the past. You know, for tax reasons as per usual.

Their Government is already behind users and sending a lot of notices to tax-hiding people and tax-evaders. But I don't think Binance will ever produce their US customers' data to their Government even after allowing US users to take part into trading through their platform, though they may go for more strict actions and indulge into getting all the information of users trading there to keep a hold of whom they are allowing to stretch out with their platform.

What does Binance need to register itself as in US to keep their foot safe at that place?

[mk4]

What does Binance need to register itself as in US to keep their foot safe at that place?

While I'm not sure, they're definitely trying to keep their US customers, hence the move they took by creating a US version of Binance(binance.us) instead. Like how they created a Binance version specifically for Jersey(binance.je).

https://cointelegraph.com/news/binance-to-stop-serving-us-traders-following-announcement-of-us-dedicated-platform

[Naida_BR]

So with your logic, everyone who has a company and operates in Malta should be alleged for money laundring?
Thats not the case... Companies have established offices in malta because Malta is a tax paradise and they pay less taxes rather than other countries. Also, Malta is open to crypto-blockchain companies...

[gentlemand]

What does Binance need to register itself as in US to keep their foot safe at that place?

They partnered with a separate company, BAM Trading Services, to keep a place in US markets. The only reason I can think why is that BAM must have the relevant licences in place already. It seems a bit weird considering Binance is dripping with money but it could save time.

[SquallLeonhart]

I think that united State is just bitter for the fact that they are not able to make money from these people again, and this is why they have been quite after Binance, they should quit shadow hunting Binance, because Binance is already dropping all their citizens for them soon, if that is what they feel is making them have power over these exchanges.

I guess this is one of the reasons why Bitcoin created a decentralized technology, now they have seen the repercussion of running a centralized system. Most of the people you see are being suspected because they are well known is not someone that still built Dex exchange why is trump administration now filling law suits again those, but because they chose to run on centralized technology, that is why trump could be pock nosing.

[exstasie]

They partnered with a separate company, BAM Trading Services, to keep a place in US markets. The only reason I can think why is that BAM must have the relevant licences in place already. It seems a bit weird considering Binance is dripping with money but it could save time.

Who the hell is BAM Trading Services anyway? They haven't been around long, whoever they are. Their Twitter and Medium accounts sprung up out of nowhere, and their first ever posts were announcing the Binance partnership. Their only presence on FINCEN is the Binance.US registration.

It's probably just a spinoff of Binance itself. They seem to love announcing partnerships as if it gives them legitimacy or something.

[joniboini]

It's probably just a spinoff of Binance itself. They seem to love announcing partnerships as if it gives them legitimacy or something.

I suspect the same thing. This BAM thing is a new service, probably launched around June to increase Binance exposure and hype, while there is no previous public info about them. Their first public tweet was made on the 13th of June, with no mention of website or portfolio whatsoever.

Well played.

[gentlemand]

It's probably just a spinoff of Binance itself. They seem to love announcing partnerships as if it gives them legitimacy or something.

More than likely. It adds a bit of excitement. The letdown comes when you start looking things up and realise they effectively don't exist or are not reassuring and it makes Binance look stupid.

Kraken announced a bunch of new fiat options recently. The company they're using sound just as shit and shaky as Crypto Capital. They'd be better off buying them out and giving them a Kraken-esque name as there's no way I want to go anywhere near them.