SEC vs Binance

[zasad@]

@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.

The problem with our communication is that we have different mentalities and think differently. I'm not saying CZ stole anything.
Each exchange sees the number of longs and shorts and can play against traders. In Russian it's called "hamster haircutting",and the more hamsters there are, the more profit the exchange makes.
Don't ask  me for proof  

[bbc.reporter]

@zasad@. Heehehe this is very much true. It is very difficult to understand the whole argument if this is done on the forum or on social media platforms. There are replies where you think it sarcastic or insulting but the other person was only expressing his thoughts.

In any case, it might be very difficult to tell what is hamster haircutting and what is market making. Market makers are also risking real money very much similar to traders.

[zasad@]

https://www.coindesk.com/policy/2024/06/14/nigeria-drops-tax-charges-against-binance-executives-family-spokesperson/

"Tax charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla have been dropped by Nigeria's Federal Inland Revenue Service.
The FIRS revised the charges so that only Binance, through its local representative, is named.
Nigeria took Binance and its executives to court to answer to money laundering and tax evasion charges after detaining its executives."

[zasad@]

https://protos.com/when-is-binance-founder-cz-coming-out-of-prison/
"As of May 16, CZ still hadn’t entered the custody of the Bureau of Prisons and it wasn’t until a few days later that CZ, his lawyers, probation, and pretrial services offices settled on a late-May entry date.

A current check of the Bureau of Prisons database also shows that CZ isn’t at Seatac but is instead incarcerated at Federal Correctional Institution Lompoc II, a low-security federal prison three hours north of Los Angeles.

When will CZ (actually) leave prison?
Unless CZ’s situation changes, he won’t be leaving FCI Lompoc II on August 30. Rather, his current release date is scheduled for September 29."

[zasad@]

https://u.today/ex-binance-ceo-cz-facing-new-lawsuit-details
Ex-Binance CEO CZ Facing New Lawsuit: Details

"Cryptocurrency giant Binance and former CEO Changpeng Zhao have been slapped with a new class action lawsuit that alleges consumer harm due to the exchange's money-laundering activities in a Seattle federal court. The class action lawsuit accuses the defendants of putting profits before the law since they allegedly generated substantial amounts of proceeds by allowing bad actors to make their funds untraceable. Otherwise, they would have to look over their proverbial shoulders since the authorities would be able to track down their crypto.  The plaintiffs have alleged that Binance acted as a depository for ill-gotten funds that were obtained by nefarious actors as the result of hacks, theft, malware, and ransomware. "

[pakhitheboss]

snip..

He is never going to get out of jail and he is never going to get away from extortion by the SEC. They will be using proxies like this one to contain him and control him as he is the owner of the biggest cryptocurrency exchange in the world. This is happening because he agreed to face the court if he had not then he would have been a free man and would still have control of the exchange. Unless he understands and agrees to the expectations of the US government, he will continue to face such lawsuits.

[uchegod-21]

snip..

He is never going to get out of jail and he is never going to get away from extortion by the SEC. They will be using proxies like this one to contain him and control him as he is the owner of the biggest cryptocurrency exchange in the world. This is happening because he agreed to face the court if he had not then he would have been a free man and would still have control of the exchange. Unless he understands and agrees to the expectations of the US government, he will continue to face such lawsuits.

My first time of hearing this and it is making sense to me. It seems like binance and CZ will continue to face lawsuits upon lawsuits. I don't understand that they are not settled with one matter and another matter is slammed him and his company.
What are the terms that CZ refused to agree with SEC that will make these lawsuits be coming after him? I perceive CZ to be a wise guy and so, he should have a way to play himself out of this lingering mess. Maybe it's late now...

[zasad@]

If you read the news about Binance and CZ even before the fine and jail time, there were money laundering charges in the case. But after the settlement with the government and the fine, the list of charges against CZ has shrunk a lot.
I don't understand anything about US law, so my opinion will be weak. But I read some charge sheets and both Binance and CZ are accused of violating the RICO law.
In my country, there is a procedure that first there is a criminal trial that establishes the culprits and that becomes the basis for the victims to pay damages in a civil trial.

In this case there is a criminal charge in the civil process.

[FP91G]

No, Binance Founder CZ Isn’t Free—But He Is in an LA Halfway House
Ignore the Crypto Twitter hype: Binance founder Changpeng Zhao (aka CZ) remains in custody, though he has been moved from prison.

https://decrypt.co/245991/no-binance-founder-cz-isnt-free-la-halfway-house
As Changpeng Zhao would be the first to scold anyone sharing misinformation, one must always remember the number four—and that’s always been exactly how many months, from late May, the beleaguered Binance founder must serve in the U.S. prison system for violating American money laundering laws.

Tell that to Crypto Twitter users, though, who mistakenly and prematurely celebrated the crypto entrepreneur’s freedom on Thursday. In reality, Zhao is set to be released on September 29, according to the U.S. Bureau of Prisons.

The confusion may have been caused in part by the fact that Zhao appears to have been transferred this week from a minimum security prison in Southern California to RRM Long Beach, a residential program that prepares inmates approaching the ends of their sentences for re-entry into society.

RRMs, or residential reentry management offices, are often colloquially referred to as “halfway houses.”