Global Drug Conspiracy Used Binance To Launder Millions In Crypto

[Z-tight]

This paints Binance not only as a platform for criminals but also as a platform that works directly and actively with the DEA and other government agencies, sharing users' private information to track them down.

I believe this should be common knowledge for crypto people, that exchanges are ever willing to work with the government and her agencies, and are ever willing to give users' private data to them when they request it, that remains one of the inescapable problem with centralized exchanges, once KYC is submitted, it can be lost, sold or given willingly to third parties.

Although the article also somehow put Binance in a good light, albeit mostly to authorities, by making it appear as if the platform can't be used for illegal activities, I think it is done at the expense of its users and its image. But it seems Binance's priority right now is to appear clean in front of regulators.

I believe Binance will care more about pleasing regulators and government authorities, as for their users they know many of them have already been convinced that they are safe, and even after all that has happened to other centralized exchanges they would still keep their money in Binance, the majority of crypto people would only distrust Binance if or when a day comes that they cannot withdraw their money. So the wise thing for Binance to do now is to please the authorities that can hurt them.

[Darker45]

~snip~

If CZ is sentenced with criminal charges, who will be the next biggest warlord in the cryptospace? There is no other person that can be speculated except Justin Sun, I reckon hehehe. It is also rumored that he has exchanged $2 billion of USDC to USD through Circle and has withdrawn this in his own bank accounts. This is only the declared part of his wealth. I am quite certain the larger part of these cryptowhales' wealth are undeclared and siphoned off the cryptospace and sent to their anonymous selves in Swiss bank accounts.

We can't tell. That Justin Sun is rich today and is already influential to a certain extent don't automatically mean he's the next in line for the throne. Prior to Binance becoming the largest exchange, CZ was not really somebody. Before FTX became a strong contender against Binance, SBF was probably off the radar as well. They just came really quick and made a huge name. And it also doesn't help that Justin Sun is a clown.

Although the article also somehow put Binance in a good light, albeit mostly to authorities, by making it appear as if the platform can't be used for illegal activities, I think it is done at the expense of its users and its image. But it seems Binance's priority right now is to appear clean in front of regulators.

I believe Binance will care more about pleasing regulators and government authorities, as for their users they know many of them have already been convinced that they are safe, and even after all that has happened to other centralized exchanges they would still keep their money in Binance, the majority of crypto people would only distrust Binance if or when a day comes that they cannot withdraw their money. So the wise thing for Binance to do now is to please the authorities that can hurt them.

Yeah, I guess so. Binance is already well-established that it is probably more concerned about the authorities now than keeping its clients. It even seems Binance has this cultish following.

[bbc.reporter]

~snip~

If CZ is sentenced with criminal charges, who will be the next biggest warlord in the cryptospace? There is no other person that can be speculated except Justin Sun, I reckon hehehe. It is also rumored that he has exchanged $2 billion of USDC to USD through Circle and has withdrawn this in his own bank accounts. This is only the declared part of his wealth. I am quite certain the larger part of these cryptowhales' wealth are undeclared and siphoned off the cryptospace and sent to their anonymous selves in Swiss bank accounts.

We can't tell. That Justin Sun is rich today and is already influential to a certain extent don't automatically mean he's the next in line for the throne. Prior to Binance becoming the largest exchange, CZ was not really somebody. Before FTX became a strong contender against Binance, SBF was probably off the radar as well. They just came really quick and made a huge name. And it also doesn't help that Justin Sun is a clown.

Considering that the cryptospace had an MIT graduate with a clean identity who is also politically connected to the Democratic party scam their users, I reckon Justin Sun being a clown will not have as much significance if he continues to prove that he is a good businessman or if he helps on the growth and the acceptance of the cryptospace.

[Woodie]

It's interesting to see how much shade they try to put on crypto forgetting the mother of all evils belongs to the undisputed fiat and it does not end at this... Fiat has all the wrongs written all over it from corruption, arms dealing, human trafficking, drug trafficking etc but all this is kept away from the people but they would rather terrrify potential crypto users from having financial freedom by running all these negative stories to kept people away from using cryptos...

Otherwise I don't think binance would have done anything about it because they don't run their business like a bank for them to ask for sources of funds and am certain this ~40mil didn't go through as one chunk but rather several little transactions to raise no suspicion, smart move don't you think Hope these guys get to use mixers to avoid potential holds of funds and destroying good business names..

[yhiaali3]

Of course this is not Binance's fault nor Crypto's fault, criminals can use any means to launder money.

But in my opinion, the US government wants to stir up problems around Binance since it is the largest cryptocurrency exchange in the world. A blow to Binance will cause an earthquake-like effect on Crypto. I see there is a big attempt after FTX towards Binance and many accusations of not having enough reserves, money laundering or the like. of these things.

[Renampun]

I think the headline of the news is wrong, it should be "WITH THE APPEARANCE OF CRYPTOCURRENCY, WE CAN TRACK MONEY LAUNDERING TRANSACTIONS EASILY NOW" (or other similar titles) but in fact, those who hate cryptocurrency, especially bitcoin control the media, that's why they made articles that led public opinion to think that the emergence of cryptocurrencies, especially bitcoin, was a disaster.

I never liked drug dealers because they were very destructive (I'm worried about the future of my kids) and the government should encourage the adoption of cryptocurrencies so tracking their transactions can be made easier.

Well, that's almost not surprising. The only thing I don't really understand is why did they use Binance? I thought they should avoid exchanges.

there are many reasons why they choose to transact on Binance IMO, (cmiiw); binance has high liquidity - has P2P features - WD requirements are only KYC level 1 and a few others.

[Alpha Marine]

News like these, as unfortunate as they are shouldn't surprise us and ordinarily shouldn't threaten the existence of crypto but sadly it does. Criminals abuse things, that's why they're criminals. A whole lot of crimes are committed over the internet, does that mean the internet should be banned? Guns are a major problem in our society today but should they be eradicated? Everything has advantages and disadvantages for society. The aim of religion was not to kill people but today and in the past people kill in the name of religion. It doesn't make religion bad, it makes people who abuse it bad. People abuse all sorts of things, if not everything.

So people abusing cryptocurrencies doesn't make crypto bad. It's sad that anti-crypto people would blame crypto for every evil thing that happens in the world.