SEC vs Binance

[safar1980]

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

[bbc.reporter]

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

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

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

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

[zasad@]

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

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

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

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

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

[bbc.reporter]

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

[zasad@]

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

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

[bbc.reporter]

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

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

[zasad@]

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

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

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

[bbc.reporter]

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



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

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



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

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

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

[zasad@]

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



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

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



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

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

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

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

[bbc.reporter]

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

[zasad@]

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

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

[blckhawk]

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

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

[zasad@]

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

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

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

[bbc.reporter]

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

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

I know there are fake news on the internet, however, how can this payment of $4.32 billion to the American government be fake news? The government would have denied that the case against Binance was not real? Does this imply that the moneylaundering case did not happen? Also, it would be much better to charge CZ with a case that he stole $4.32 billion from his customers like Sam Bamkrupt Fraud hehehehehe. This would certainly make him pay more than $4.32 billion and shutdown Binance as a scam. However, there was nothing. All of their customers can withdraw all of their money from the exchange and all of the funds are safu. Something similar cannot be said from FTX because real theft occured.

[blckhawk]

~

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

Thanks for the oversimplification, that's exactly what I mean. I mean a dude that doesn't look like the kind that can build a business without their computer skills compare that to a man that dresses like they're always ready for any job interview isn't really a good match up because we already know who wins. Maybe if there's a redemption part for SBF in the near future but hopefully when he does, he will never forget to build a really strong connection to people that can help him get out of the jail in case he wants to do more stupid things.

[zasad@]

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

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

I know there are fake news on the internet, however, how can this payment of $4.32 billion to the American government be fake news? The government would have denied that the case against Binance was not real? Does this imply that the moneylaundering case did not happen? Also, it would be much better to charge CZ with a case that he stole $4.32 billion from his customers like Sam Bamkrupt Fraud hehehehehe. This would certainly make him pay more than $4.32 billion and shutdown Binance as a scam. However, there was nothing. All of their customers can withdraw all of their money from the exchange and all of the funds are safu. Something similar cannot be said from FTX because real theft occured.

I'm too lazy to send you old links with accusations. But the first charges were much more serious than they were at trial. This shows us the venality of this justice system.
A smart businessman can always negotiate through lobbyists the amount of a fine to avoid a prison sentence. Only SBF got a big t sentence.

[bbc.reporter]

@zasad@. What type of accusations? The accusations from the users of Binance in this forum? Also, how much of these accusations were real compared to the total withdrawals that did not have problems? I have used Binance before and I have never encountered problems with them and I am quite certain much of the users of Binance receive their cryptocoins upon withdrawal because the exchange is not steal the funds of their customers. I am also quite certain the accusations are problems on KYC. This is a very common problem in the cryptospace.

[tech30338]

could it be true that the US government is just trying stop CZ to become one of the most powerful person in the world, although he is already powerful, they are just trying to control the person by doing all these, because that's what they do right?

[zasad@]

@zasad@. What type of accusations? The accusations from the users of Binance in this forum? Also, how much of these accusations were real compared to the total withdrawals that did not have problems? I have used Binance before and I have never encountered problems with them and I am quite certain much of the users of Binance receive their cryptocoins upon withdrawal because the exchange is not steal the funds of their customers. I am also quite certain the accusations are problems on KYC. This is a very common problem in the cryptospace.

These allegations are unrelated to the forum. Binance opened Binance US in the US, which had no licences or permits to operate in the US. There were bans on trading in the US, but the exchange complied with these restrictions formally. These violations made everything exchange because the US market is the richest.
And everything ended with a fine agreement and a very small jail term.

[bbc.reporter]

@zasad@. However, it does not prove anything on the argument that CZ stole $4.32 billion from Binance's customers to pay for the fine demanded by the American government. Also, stealing billions in fiat from your customers is not very easy to hide. This would certainly imply that a high percentage if their customers are locked from withdrawals hehehehe.