Is the Binance the next to bite the dust or FUD?

[bbc.reporter]

For the skeptical me, this paywalled article appears for me that American media has begun to publish the first stage of their after FTX fud campaign against CZ and Binance hehehe. The next stage might be during the trial of Sam later this year where some witnesses will be put on the stand to speak about what CZ did on FTT without giving the whole information on why CZ liquidated their position on FTT.



Binance’s Asset Shuffling Eerily Similar To Maneuvers By FTX

When you’re the world’s largest crypto exchange in a largely unregulated market, it is easy to make up the rules as you go. In its latest backroom maneuver, Binance transferred $1.8 billion in stablecoin collateral to hedge funds, including Alameda and Cumberland/DRW, leaving its other investors exposed.

Source https://www.forbes.com/sites/javierpaz/2023/02/27/binances-asset-shuffling-eerily-similar-to-maneuvers-by-ftx/



However, this article with more information makes me shake my head. Is this media attack by Forbes real or fud?



Forbes, yet again, investigated the on-chain activities of Binance and discovered that the exchange transferred $1.78 billion in users’ funds to various hedge funds. The article reveals that the Changpeng Zhao-led exchange completely emptied its collateral for B-peg USDC without reducing its supply.

Binance issues a B-token to facilitate the usage of other blockchain tokens in the BNB chain. The exchange is supposed to issue B-token only after storing 100% collateral of the original token. For example, for every 100 B-USDC, it must have 100 USDC as collateral.

However, the exchange broke its rules on Aug. 17, withdrawing $3.63 billion from its peg wallet to the “Binance 8” cold wallet. It then returned $1.85 billion to the peg wallet but transferred the remaining $1.78 billion to a Binance 14 cold wallet. Later, the exchange distributed the funds to a trading firm, Cumberland, Amber Group, Alameda Research, and TRON founder Justin Sun.

When Binance withdrew $1.78 billion USDC on Aug. 17, it did not decrease the supply of the B-USDC. The collateral fell to zero, and the exchange did not correct it for four months.

The article also states that B-USDC was deficient by over $1 billion on three different occasions. Forbes believes Binance is misusing customers’ funds, similar to the bankrupt exchange FTX.

Source https://beincrypto.com/binance-misusing-customers-funds/

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[mk4]

The next stage might be during the trial of Sam later this year where some witnesses will be put on the stand to speak about what CZ did on FTT without giving the whole information on why CZ liquidated their position on FTT.

Is CZ/Binance even required to disclose why they liquidated their FTT position? They're investors in the FTT token, and they have every right to sell it as long as it's already vested (which it already was) without the need to disclose the reason as Binance is a private company anyway.

[mindrust]

I think binance is a serious exchange and they won't go down easily. FTX was a clown since the beginning. I've never ever created an account at FTX and the moment I heard people talking about FTX, I was like wtf "where did this thing come from?" If it was something decent I would have heard of it. Same thing goes to crypto.com. I haven't heard of anybody using their services but I see now outside of this forum that they are kind of big. FTX was like crypto.com too and It wasn't a coincidence that crypto.com was targeted right after FTX. It is because they are pretty similarly shitty.

Binance on the other hand has real users. Real trades happen there. So it is not one of those wash trading exchanges.

May it go down? Sure. However there are other exchanges that should go down first.

[NotATether]

The only thing I'm really expecting is some price activity with BUSD going down (slightly, being a stablecoin after all) after the SEC ordered Paxos to stop minting it.

BTW, am I the only one surprised that Binance was not minting their own stablecoin all this time?

[Rikafip]

For the skeptical me, this paywalled article appears for me that American media has begun to publish the first stage of their after FTX fud campaign against CZ and Binance hehehe. The next stage might be during the trial of Sam later this year where some witnesses will be put on the stand to speak about what CZ did on FTT without giving the whole information on why CZ liquidated their position on FTT.

There's been a lot of attack on Binance since FTX downfall so I definitely see this scenario plausible. Either way, anyone who still has money on any exchange after everything that has happened is playing a dangerous game.
Since Bloomberg article is paywalled, here is the archived version.

I think binance is a serious exchange and they won't go down easily. FTX was a clown since the beginning. I've never ever created an account at FTX and the moment I heard people talking about FTX, I was like wtf "where did this thing come from?"

Just because you never used FTX doesn't mean that others didn't. FTX was being mentioned quite often here on bitcointalk, people liked "no withdrawal fees and no KYC approach" and it was even dubbed as a "new Binance". After all, if many people didn't use FTX, it wouldn't have such an impact on the market.

Regarding this "where did they come from", Binance also kinda came out of nowhere back in mid 2017 and just 6 months later they were already the exchange with the biggest volume so when FTX showed up, their  growth was nothing that we haven't seen seen before.

Binance on the other hand has real users. Real trades happen there. So it is not one of those wash trading exchanges.

All exchanges do that to some degree. Some more, some less, but I don't believe reported numbers one bit even if it comes from Binance or Coinbase.

[LoyceV]

Am I the only one who'd like to see Binance disappear? They've scammed users, and they're pretending all kinds of centralized made-up tokens are "Bitcoin" to increase their own wealth. Bitcoin and Bitcoin users are better off without Binance.

[yhiaali3]

I know as do many here on the forum that Binance is not completely honest, they have had some shady moves in the past and still, there have been members who are skeptical about CZ's intentions to swallow the market entirely.

But despite all that, I'm not happy with the US government's attempt to bring Binance down. I think their goal is beyond that. They are seeking to completely hit Crypto, I guess. They are following Binance's mistakes aggressively because they know that hitting it will be a very painful blow to Crypto.

Some are happy with what is happening to Binance because they think it will reduce the centralization in Crypto that Binance is trying to create by controlling the market, but at the same time I fear that hitting Binance will be like an earthquake in the Crypto market.

[Little Mouse]

Am I the only one who'd like to see Binance disappear?

Of course not you are the only one. Count me in. I have been deceived by them on referral issue. Besides, I don't like CZ monopoly moves. Can you remember CZ wanted to rollback a BTC transaction when his exchange lost around 7k BTC to hacker? I hate him since then. He wants centralization power, he wants to rule crypto. I hate him and so does Binance.

[LoyceV]

Can you remember CZ wanted to rollback a BTC transaction when his exchange lost around 7k BTC to hacker? I hate him since then. He wants centralization power, he wants to rule crypto.

The good thing is: he can't rule Bitcoin. But the bad thing is, he can trick many people into believing his BS. I really don't get it: so many people nowadays act as if online billionairs are their friends, while the rich guy's actions aren't in your interest.

[inthelongrun]

I am not even a big fan of Changpeng Zhao but there are too many companies and people in the media industry that are one-sided, influenced, opportunists, and bribed. Sam Bankman-Fried and his family are very influential and indebted to a lot of companies, wealthy people, and politicians. No wonder he is now imprisoned in a family mansion with a swimming pool. CZ sunk FTX but there was a valid reason behind its withdrawals and it also has the right to do so. I don't think Binance will follow FTX's route. Not this time.

[o_e_l_e_o]

Later, the exchange distributed the funds to a trading firm, Cumberland, Amber Group, Alameda Research, and TRON founder Justin Sun.

So, literally the exact same shit which caused FTX, Celsius, Voyager, BlockFi, and more to go bankrupt? Customers deposit money, exchange takes that money and trades/gambles/loans it for their own profit. So absolutely not "too big to fail", and like every other centralized exchange, running a fractional reserve system and a single bank run away from insolvency.

Also hilarious that on the surface Binance and CZ bleat on about their provably useless pRoOf Of ReSeRvEs, and under the surface they have a completely uncollaterized "stable" coin with a deficit of almost $4 billion. And by the way, who in their right mind is using a token pegged to a stablecoin pegged to a rapidly inflationary fiat currency!? I-heard-you-like-third-parties-so-I-put-a-third-party-in-your-third-party-meme.jpg

Am I the only one who'd like to see Binance disappear?

Here's hoping. They've been trying to centralized the entire space around them for some time, and they outright lie and scam to their users constantly.

[Yamane_Keto]

Am I the only one who'd like to see Binance disappear? They've scammed users, and they're pretending all kinds of centralized made-up tokens are "Bitcoin" to increase their own wealth. Bitcoin and Bitcoin users are better off without Binance.

We all may want it, and will it be regular or random? Based on Proof of Reserves, Binaance owns 250,597 bitcoins, which is four times what happened when Luna crashed, not to mention the impact of the platform and its investments, which means that the impact on the price will continue for several years, not months.

supporting competitors and having strong competition is the solution.

[Z-tight]

Based on Proof of Reserves, Binaance owns 250,597 bitcoins,

You cannot trust figures from their proof of reserves, they only tell you want they want you to know and what would make you think that they are safe from collapse, so don't trust it.

which means that the impact on the price will continue for several years, not months.

I don't know how big the impact of Binance collapse would be to the price of BTC, it would surely cause a plunge in the price for sometime but BTC would surely be alright, and the long run benefits would be great. It would lead to many shitcoins being expunged from the crypto market. Many people believe Binance is infallible, a collapse would make them know better that self custody is the only right way to store BTC, it would also make many BTC users more interested in decentralized p2p exchanges and start using them for their trading.

supporting competitors and having strong competition is the solution.

Centralized competitors are not any better.

[batang_bitcoin]

A friend of mine in the US told me to be careful with Binance just this day. As that what he sees on the news and what a coincidence when this thread has been made.
I'll oblige and would take out the little fund that I've got there. It won't be surprising even Binance bites into dust as that's mostly will really happen to these centralized exchanges unless they're serious and real with their business. Even if they're quite big already, that doesn't make them exempted to any potential fall on their business.

[NeuroticFish]

While CZ clearly cannot be trusted, I think that Binance, even if it may be in a difficult situation, may get lucky. I think that Bitcoin price going up has relieved a lot of pressure from all those doing odd businesses, since now their reserves (most probably fractional) worth more in USD.

BUSD may go down. But it won't drag Binance with it. At least that's what I think.

[o_e_l_e_o]

Based on Proof of Reserves, Binaance owns 250,597 bitcoins

Their proof of reserves is not worth the HTML it is printed on.

It is absolutely trivial for them to fudge the Merkle tree by simply including an account with a negative balance. This is exactly what FTX were doing to "balance" their books - they simply created a fake user account and then loaded it up with $8 billion in liabilities. And even if their Merkle root is not tampered with, it does not include any institutional liabilities, loans, open trading positions, and so on. Binance could be massive in the red and we would never know, regardless of what the proof of reserves says. And let's not even touch on the fact that they moved billions of dollars of crypto in to their account the day before they submitted to a third party audit, and then moved it all out again shortly after. Suspect much?

which means that the impact on the price will continue for several years, not months.

If Binance collapses, there will be $10 billion in BUSD people will be dumping and trying to convert back to bitcoin. There will be $50 billion in BNB and countless more billions in centralized tokens on the various Binance centralized scamchains people will be dumping and trying to convert back to bitcoin. There will be an unknown number of small alts where Binance makes up almost all of their volume, which people will be dumping and trying to convert back to bitcoin. And long term, there will be an awful lot of people who learn a hard lesson about centralized shitcoins and stick to bitcoin from then on.

[bbc.reporter]

The next stage might be during the trial of Sam later this year where some witnesses will be put on the stand to speak about what CZ did on FTT without giving the whole information on why CZ liquidated their position on FTT.

Is CZ/Binance even required to disclose why they liquidated their FTT position? They're investors in the FTT token, and they have every right to sell it as long as it's already vested (which it already was) without the need to disclose the reason as Binance is a private company anyway.

I was not implying that CZ would be called on the witness stand. I was speculating that it would be some FTX employees would be given time to speak during the trial as witnesses to tell the whole story. People in the cryptospace already know it was CZ that triggered the liquidity cascade on FTX's leveraged positions backed by FTT as collateral. However this might be big news for people from the mainstream. An occurence worthy for a movie about hustlers and scammers hehehehe.

In any case, if CZ was called on the witness stand, I reckon he would be forced to tell the truth and nothing but the truth. I am not certain if he can hide behind nondisclosure agreements or invoke his right to privacy in court.

[Darker45]

Binance might one day finally bite the dust, but it's probably not the next. It had just survived billions in withdrawals in a matter of hours. Such huge and fast outflow of money could have brought other giant platforms to their knees.

In the interest of fairness, a scathing article like the one recently published by Forbes should have at least included the response of CZ. Otherwise, I would consider it ill-intentioned, more FUD than news. At least, that's how I know fair journalism works. I don't trust Forbes.

I have never been a fan of CZ and Binance-- let them fall any time, I don't care; I'm one with LoyceV-- but it is indeed noticeable how the guns and cannons are now all directed to them when the spotlight should be on SBF. Anybody could easily observe how utmost leniency and tolerance are readily afforded to SBF when in fact he's the one who made the most damage.

[LoyceV]

Based on Proof of Reserves, Binaance owns 250,597 bitcoins

This doesn't prove anything about how much they owe their users. If their users think they have 300,000 Bitcoins on their exchange, they're "a few" coins short.

which is four times what happened when Luna crashed, not to mention the impact of the platform and its investments, which means that the impact on the price will continue for several years, not months.

Even if that happens: that's not a problem for Bitcoin. Bitcoin will work at any price.
The real problem is people believing some tokens CZ pulled out of his ass are Bitcoins.

supporting competitors and having strong competition is the solution.

I stopped using Binance years ago, when the Chinese company started demanding my paperwork. Nowadays they're registered in the Cayman Islands. To me, a registration in the Cayman Islands tells me all the company cares about is making money, at all costs.

In Binance's case, you can take the "making money" literally.

[Little Mouse]

The good thing is: he can't rule Bitcoin.

Yeah, I know that. If he could, he would definitely do this by now. But still, with such knowledge on blockchain and cryptocurrency, how come he even says that?

Based on Proof of Reserves, Binaance owns 250,597 bitcoins

This doesn't prove anything about how much they owe their users. If their users think they have 300,000 Bitcoins on their exchange, they're "a few" coins short.

Besides, if I'm not wrong this reserve doesn't prove that they had collateral for their BUSDC token. For every BUSDC, they must hold 1 USDC. This is my understanding regarding this issue. Can someone correct me if I'm wrong?

[albon]

What I see is that Forbes is spreading lies, misinformation, and FUD towards Binance, and Forbes is trying hard to rank FTX with Binance, but they are entirely different; I'm not a fan of CZ or any centralized platform, but what I see is that his tweet thread about this FUD that Forbes posted is enough to prove to the community Forbes' malicious intentions against Binance and the Chinese race of CZ. Forbes wants its name to be spread on social media and remains the talk of the masses because of these accusatory questions about Binance and misunderstanding of the facts. It profits from millions of visits to its site by Binance users and from their purchase of Forbes Premium Membership because I see that Forbes is the only opponent for Binance other than other news sites.

[LoyceV]

with such knowledge on blockchain and cryptocurrency, how come he even says that?

His ego is bigger than his morals.

[Synchronice]

I think binance is a serious exchange and they won't go down easily. FTX was a clown since the beginning. I've never ever created an account at FTX and the moment I heard people talking about FTX, I was like wtf "where did this thing come from?"

Just because you never used FTX doesn't mean that others didn't. FTX was being mentioned quite often here on bitcointalk, people liked "no withdrawal fees and no KYC approach" and it was even dubbed as a "new Binance". After all, if many people didn't use FTX, it wouldn't have such an impact on the market.

To be honest, I don't know whether it's me or not but for me Sam Bankman-Fried doesn't look sane. Look at his face, his mimics, his facial expressions, there is definitely something wrong this guy, he really looks like psychopath.

Am I the only one who'd like to see Binance disappear? They've scammed users, and they're pretending all kinds of centralized made-up tokens are "Bitcoin" to increase their own wealth. Bitcoin and Bitcoin users are better off without Binance.

Do we have better alternatives? That will offer a lot of service and easiness at the same time? Binance is too deep into the game and if it disappears, I think that will do more harm than good. Day to day Binance is getting more popular. While promoting its business, it is also promoting Bitcoin too. At the same time it owns Coinmarketcap. It has too many resources to disappear without negatively affecting bitcoin long-term.

I think we just need more competition and more demand on Privacy from people to push competitor companies to create more decentralized and secure platforms.

[virasog]

What I see is that Forbes is spreading lies, misinformation, and FUD towards Binance, and Forbes is trying hard to rank FTX with Binance, but they are entirely different; I'm not a fan of CZ or any centralized platform, but what I see is that his tweet thread about this FUD that Forbes posted is enough to prove to the community Forbes' malicious intentions against Binance and the Chinese race of CZ. Forbes wants its name to be spread on social media and remains the talk of the masses because of these accusatory questions about Binance and misunderstanding of the facts. It profits from millions of visits to its site by Binance users and from their purchase of Forbes Premium Membership because I see that Forbes is the only opponent for Binance other than other news sites.

No matter how hard the Forbes try to rank FTX with Binance, they can't succeed. FTX is already gone with the people's money but if you remember, there were record withdrawals from Binance at that time, but they survived and were able to process all the withdrawals. This event made Binance even more trustworthy.

For us, we should never trust Binance 100% and always keep the funds out of the exchange. Yes, for trading Binance is a good platform but once you are done with the trade always move your funds out to minimize the risk.

[o_e_l_e_o]

Do we have better alternatives?

Yes, many: https://kycnot.me/

While promoting its business, it is also promoting Bitcoin too.

They promote their centralized shitcoins, while making bitcoin harder for people to own and use by charging frankly outrageous withdrawal fees and pocketing 99% of said fees as pure profit.

At the same time it owns Coinmarketcap.

Again, there are plenty of better alternatives which don't deliberately fudge the numbers to make themselves number one.

It has too many resources to disappear without negatively affecting bitcoin long-term.

There will be a short term blip only. Bitcoin would be stronger long term for not having such a centralized entity having so much control over the wider space.

[LoyceV]

Am I the only one who'd like to see Binance disappear? They've scammed users, and they're pretending all kinds of centralized made-up tokens are "Bitcoin" to increase their own wealth. Bitcoin and Bitcoin users are better off without Binance.

Do we have better alternatives?

Yes! There are several trusted exchanges out there that don't create and promote their own shitcoin, and don't try to trick users into accepting fake Bitcoins. I have much more confidence in an exchange based in San Francisco than a Chinese exchange that hides on the Cayman Islands.

That will offer a lot of service and easiness at the same time?

Most of the "services" and shitcoins aren't needed at all. They're only created to make someone rich, and get someone else to spend their money on it.

Day to day Binance is getting more popular.

Popularity has never been a good measure for quality or even honestly.

While promoting its business, it is also promoting Bitcoin too.

Binance doesn't give a shit about Bitcoin. Why else would they trick their users into withdrawing one of many fake coins?

It has too many resources to disappear without negatively affecting bitcoin long-term.

I think Binance does more bad that good, and whether or not they they disappear, Bitcoin will be fine. It's their users who will be better off if they switch to an exchange with the right morals.

I think we just need more competition and more demand on Privacy from people to push competitor companies to create more decentralized and secure platforms.

Do you also want world peace?
People who want privacy don't need companies to give it to them. Exchanges are there for the money: 0.25% trading fee on billions of dollars per day is a lot of money.

[Synchronice]

Do we have better alternatives?

Yes! There are several trusted exchanges out there that don't create and promote their own shitcoin, and don't try to trick users into accepting fake Bitcoins. I have much more confidence in an exchange based in San Francisco than a Chinese exchange that hides on the Cayman Islands.

Me too but why is Binance so popular? Yeah, it fakes data but you can't deny that it's number one exchange in the world in terms of popularity and number of customers. So, I ask, why? How?

It has too many resources to disappear without negatively affecting bitcoin long-term.

There will be a short term blip only. Bitcoin would be stronger long term for not having such a centralized entity having so much control over the wider space.

It has too many resources to disappear without negatively affecting bitcoin long-term.

I think Binance does more bad that good, and whether or not they they disappear, Bitcoin will be fine. It's their users who will be better off if they switch to an exchange with the right morals.

If Binance has to leave the market because of competition, that will be great but if it disappears (like FTX), I'm afraid this will create more chaos among people. Media will also multiply negativity ten times and probably we will lead to a situation where people will demand more regulated exchanges. I don't know if I am the only one who sees around himself that middle-aged and older people want more regulations. At the moment they are the most active ones, young people are quiet.

People who want privacy don't need companies to give it to them. Exchanges are there for the money: 0.25% trading fee on billions of dollars per day is a lot of money.

Yes, these fees are insane, they make enormous profit out of thin air but somehow it's still acceptable for people. Have they seen customer decline because of that? No. Have they seen any protest in social media because of that? No. So, they aren't crazy enough to say no to profit, especially when it's okay for a lot of people. It's not okay maybe for you and me but that doesn't mean much, that's a drop in the ocean.

By the way, we say how bad Binance is, which definitely it is but why is it still so popular among people? Especially when its hard to acquire and harder to maintain users.

[LoyceV]

why is Binance so popular? ~ I ask, why? How?

You're asking the wrong person: ask the people who use it.
I used to use it, because they didn't ask KYC. Then they started demanding I hand over my paperwork to the Cayman Islands. I really don't get why anyone would do that.

~ people will demand more regulated exchanges.

Where? That's why exchanges move to weird locations in the first place. Crypto isn't limited to the country you live in.

why is it still so popular among people?

My guess: most people don't care. They're the people who keep their crypto on an exchange, and some rich guy throws in a buzz word so they think it's "safu".

[Pmalek]

If Binance has to leave the market because of competition, that will be great but if it disappears (like FTX), I'm afraid this will create more chaos among people. Media will also multiply negativity ten times and probably we will lead to a situation where people will demand more regulated exchanges.

A good service can regulate itself with a well-thought out system. You can buy and sell bitcoin on Bisq for fiat without intervention from traditional regulators. it's not the fastest service, but it works as advertised. Try and scam someone who knows what they are doing on Bisq and see how it goes. Not only will you not succeed, buy you will also lose your security deposit, amounting to 30% or maybe 50% of the amount that was supposed to be traded. Although I think they made some changes recently that also affects the security deposits. Apparently, you don't always lose your security deposits if the trade goes sideways. 

[o_e_l_e_o]

Me too but why is Binance so popular?

Marketing, mostly. Objectively it is terrible. Poor security, multiple hacks, zero privacy, works with blockchain analysis, outrageous fees, has actively scammed some users, the list is endless.

Amazon is objectively terrible, but continue to be one of the biggest companies in the world. Companies like Apple and Nestle have been busted multiple times for literal slave labor, and yet continue to be some of the biggest companies in the world. This is not unique to crypto by any means.

Apparently, you don't always lose your security deposits if the trade goes sideways.

You can see a table of recommend penalties here: https://bisq.wiki/Table_of_penalties

Nothing is set in stone, though. If you mutually agree to cancel a trade and both agree with the mediator that neither party will be punished, then you can both get back 100% of your deposit.

[Pmalek]

Marketing, mostly. Objectively it is terrible. Poor security, multiple hacks, zero privacy, works with blockchain analysis, outrageous fees, has actively scammed some users, the list is endless.

Amazon is objectively terrible, but continue to be one of the biggest companies in the world. Companies like Apple and Nestle have been busted multiple times for literal slave labor, and yet continue to be some of the biggest companies in the world. This is not unique to crypto by any means.

The better the marketing, the worse the product and service. That's why they need all that marketing and to get in people's faces to make them buy and use their products. In fact, if you are in doubt whether to use a heavily marketed product or one that isn't, the one you don't see all over TV, the internet, and the billboards all over town is probably better for you.

[bbc.reporter]

News update.

There is nothing shocking about this news, however, it can add to the argument that it might be the next of th biggest exchanges to bite the dust. Binance might also be an entertaining example of what centralized exchanges presently need to do to continue their service under strict regulations and under threat of a crackdown hhehehe.



Binance, one of the world's largest cryptocurrency exchanges, developed a plan to avoid the threat of prosecution by U.S. authorities as it started an American entity in 2019, the Wall Street Journal reported on Sunday.

Any lawsuit from U.S. regulators, who had signaled a coming crackdown on unregulated offshore crypto players, would be like "nuclear fall out" for Binance's business and its officers, the WSJ said, citing a Binance executive's warning to colleagues in a 2019 private chat.

The report is based on messages and documents from 2018 to 2020 reviewed by The Wall Street Journal as well as interviews with former employees.

Source https://www.reuters.com/technology/binance-execs-texts-documents-show-plan-avoid-us-scrutiny-wsj-2023-03-05/

[o_e_l_e_o]

No mention of Binance having access to Binance.US's bank accounts, and moving $400 million of Binance.US's money to another company owned by CZ. And no mention of the bank which operates this account (and many other centralized exchange bank accounts) - Silvergate - posting huge operational losses, its stock price tanking, and it warning regulators that it might not survive the next few months.

Nope, nothing to see here. Everything is clearly just fine!

[harapan]

Am I the only one who'd like to see Binance disappear? They've scammed users, and they're pretending all kinds of centralized made-up tokens are "Bitcoin" to increase their own wealth. Bitcoin and Bitcoin users are better off without Binance.

As much as I dislike centralized exchange, Binance disappearing is one of the worst things that can happen to the industry right now. We saw how the FTX drama affected the industry negatively, Binance crashing will do worst than that. Binance is the biggest exchange and if anything happens to it, it directly or indirectly affect the price of Bitcoin and Bitcoin users. Last year was a bad year for the industry and it's still trying to rise at the moment so we do not need more negatives right now.
I do not agree that we're better off without Binance. I believe centralized exchange will always be a thing. It's just like the banks, at first people couldn't trust them because they kept losing people's money but with time, experience and research they got better at it. Binance makes trading easier for a lot of traders so it will be nice to have it around. Trading on centralized exchanges to me is not a bad thing, it's saving your coins in them that's the mistake nobody should make.

[Darker45]

~snip~

As much as I dislike centralized exchange, Binance disappearing is one of the worst things that can happen to the industry right now. We saw how the FTX drama affected the industry negatively, Binance crashing will do worst than that. Binance is the biggest exchange and if anything happens to it, it directly or indirectly affect the price of Bitcoin and Bitcoin users. Last year was a bad year for the industry and it's still trying to rise at the moment so we do not need more negatives right now.
I do not agree that we're better off without Binance. I believe centralized exchange will always be a thing. It's just like the banks, at first people couldn't trust them because they kept losing people's money but with time, experience and research they got better at it. Binance makes trading easier for a lot of traders so it will be nice to have it around. Trading on centralized exchanges to me is not a bad thing, it's saving your coins in them that's the mistake nobody should make.

Binance collapsing will indeed cause a massive damage to the industry which will, in turn, pull the prices considerably down. But if this is what it takes for people to finally realize that centralized exchanges are a thing to avoid and are even antithesis to Bitcoin itself; if this is what it takes for people to finally embrace self-custody fully, I guess I will accept it. That would be a lot better than the industry continuously ruled by huge centralized players that come and go.

If Binance biting the dust would mean that the space would no longer see the likes of FTX, BlockFi, 3AC, Voyager, Celsius, and others hurting people and taking away their hard-earned money, I would welcome it. Although I seriously doubt lessons will be learned.

[bbc.reporter]

@Darker45. I disagree that we should always be avoiding all centralized exchanges to trade, buy or sell our coins. What we clearly need is an honest and trustworthy exchange where everyone can feel safe. I reckon regulations might help with this but we do not want the type of regulations that the regulators want to impose on the cryptospace. This is a difficult situation.

In any case, if Binance does not bite the dust, I would not be shocked. They might be good in avoiding the law very much similar to Tether, Bitfinex, Ifinex hehehe.

[LoyceV]

As much as I dislike centralized exchange, Binance disappearing is one of the worst things that can happen to the industry right now. We saw how the FTX drama affected the industry negatively, Binance crashing will do worst than that. Binance is the biggest exchange and if anything happens to it, it directly or indirectly affect the price of Bitcoin and Bitcoin users.

So basically you're saying Binance is "too big to fail". That sounds familiar

Anyone who would be directly affected by Binance disappearing should rethink the way he stores his Bitcoin (before it's too late). And as far as the shitcoins that are traded there are concerned: if you can't be bothered to install a wallet, the shitcoin doesn't deserve to exist anyway.

[o_e_l_e_o]

Binance is the biggest exchange and if anything happens to it, it directly or indirectly affect the price of Bitcoin and Bitcoin users.

So we can rid the space of the largest, most toxic, most centralized player, which attacks bitcoin itself while actively lying and scamming its users, and harvests data and funds blockchain analysis, while at the same time having a flash sale where I can buy bitcoin at a discount? Sign me up!

What we clearly need is an honest and trustworthy exchange where everyone can feel safe.

No such thing exists. Every big centralized exchange has too much money and power to be anything other than corrupt. The whole point is that trust should not be needed.

[Rikafip]

Binance collapsing will indeed cause a massive damage to the industry which will, in turn, pull the prices considerably down. But if this is what it takes for people to finally realize that centralized exchanges are a thing to avoid and are even antithesis to Bitcoin itself; if this is what it takes for people to finally embrace self-custody fully, I guess I will accept it.

True, in that case market would crash and burn but Binance going down wouldn't drastically change how people perceive crypto exchanges, meaning they would still think of them as banks. One would think that after Mt.Gox fail we would have loads of highly popular decentralized exchanges like Bisq, while reality is diametrically opposite and centralized exchanges keep growing and spreading, with some of them like Kraken even announced plans to launch a bank.

Its been proven time after time that majority of people prefer sense of convenience and false security over anything else and if not with Binance, they would find it with Coinbase or any other popular centralized exchange and all the bad stuff would be soon forgotten.

[buwaytress]

I don't think it's completely baseless FUD, we all know they all know we all know they do the same things behind those desks, SBF was just too far out of his league, and lacked the same level of checks and balances.

Does this lead to Binance biting the dust? Nah. Does it mean they won't eventually bite the dust? I won't dismiss the possibility entirely, but it won't be because of this. If I'm wrong and it does? What doesn't kill Bitcoin only makes it stronger =)

[Darker45]

Binance collapsing will indeed cause a massive damage to the industry which will, in turn, pull the prices considerably down. But if this is what it takes for people to finally realize that centralized exchanges are a thing to avoid and are even antithesis to Bitcoin itself; if this is what it takes for people to finally embrace self-custody fully, I guess I will accept it.

True, in that case market would crash and burn but Binance going down wouldn't drastically change how people perceive crypto exchanges, meaning they would still think of them as banks. One would think that after Mt.Gox fail we would have loads of highly popular decentralized exchanges like Bisq, while reality is diametrically opposite and centralized exchanges keep growing and spreading, with some of them like Kraken even announced plans to launch a bank.

Its been proven time after time that majority of people prefer sense of convenience and false security over anything else and if not with Binance, they would find it with Coinbase or any other popular centralized exchange and all the bad stuff would be soon forgotten.

Unfortunately, I have to agree with you. Sadly, all the evidences are pointing towards the probability of centralized exchanges continuing to thrive even if Binance will fall. Mt. Gox fell. There was the QuadrigaCX scandal. Bitfinex got hacked. Cryptopia collapsed. Even Binance got hacked and personal information leaked. FTX collapsed. The list is very long already and yet there never was a DEx that surfaced and stole the limelight. Other than the fleeting huge withdrawals, the disgust against the big failures and abuses of centralized exchanges didn't seem to bear fruit.

[bbc.reporter]

I don't think it's completely baseless FUD, we all know they all know we all know they do the same things behind those desks, SBF was just too far out of his league, and lacked the same level of checks and balances.

Does this lead to Binance biting the dust? Nah. Does it mean they won't eventually bite the dust? I won't dismiss the possibility entirely, but it won't be because of this. If I'm wrong and it does? What doesn't kill Bitcoin only makes it stronger =)

I hope you are correct that this will not lead for Binance to be biting the dust because I reckon it will certainly make the cryptospace perceived as a comedy show by scammers and hustlers. This might discourage the institutional investors and encourage regulators to protect consumers by creating stricter regulations that will restrain innovation. Also, regulations are only made under an act that it was created to protect consumers. What it will do is harden the rulers' financial leadership. The cryptospace will not be ours anymore.

News update for everyone.



Short seller Marc Cohodes said his early scepticism of bankrupt crypto exchange FTX and disgraced CEO Sam Bankman-Fried led him to short the company’s main bank, Silvergate.

As fears surrounding Silvergate’s finances clobber the stock price, the short seller has turned his sights – and bearish bets – to two companies that he claims are analogous: crypto exchange Binance and Signature Bank.

He colourfully explained his thinking about Signature to DL News: “They have major problems, and they have very similar issues to Silvergate. It’s not as exposed to crypto as Silvergate, but their loan book is terrible. And they have huge KYC and AML liability.”

”This is not rocket science,” Cohodes said. “Signature is next, Binance is next.”

Source https://www.dlnews.com/articles/people-culture/short-seller-marc-cohodes-shorts-signature-silvergate-binance-ftx/

[Z-tight]

I hope you are correct that this will not lead for Binance to be biting the dust because I reckon it will certainly make the cryptospace perceived as a comedy show by scammers and hustlers.

In recent events, many centralized exchanges and services have bitten the dust and people have lost so much money, if Binance is next to bite the dust, it would just be added to the long list of centralized exchanges that have collapsed. Yeah it is a bigger exchange and may have a bigger impact, but that's for shitcoins as it would expunge many of them from the network; the only effect it will have on BTC is a temporary reduction in price and a chance to buy low.

This might discourage the institutional investors and encourage regulators to protect consumers by creating stricter regulations that will restrain innovation. Also, regulations are only made under an act that it was created to protect consumers. What it will do is harden the rulers' financial leadership. The cryptospace will not be ours anymore.

Or it may encourage people to look for no-KYC alternatives to buy their BTC and to only hold them in a self custody wallet. Because of how 'powerful' centralized exchanges have become, many people think they own or control the network, maybe it would teach people to know they can buy, sell and hold their BTC's without Binance.
In another news, silvergate is shutting down operations.
silvergate is shutting operations and liquidating after market meltdown.

[The Cryptovator]

What will happen if Binance disappears? Imagine Binance is the biggest cryptocurrency exchange and BNB increases significantly. If something went wrong with Binance, the entire cryptocurrency market would quickly crash. No specific use of Binance will be affected. I think certain influential people aim to FUD Binance to bring down the cryptocurrency market. Yet, it appears like CZ is making a sincere effort to manage things. CZ, nevertheless, is also serious and competent. He will manage extremely well, in my opinion.

[Oluwa-btc]

What will happen if Binance disappears? Imagine Binance is the biggest cryptocurrency exchange and BNB increases significantly. If something went wrong with Binance, the entire cryptocurrency market would quickly crash. No specific use of Binance will be affected. I think certain influential people aim to FUD Binance to bring down the cryptocurrency market. Yet, it appears like CZ is making a sincere effort to manage things. CZ, nevertheless, is also serious and competent. He will manage extremely well, in my opinion.

I don't hope and wish for the Binance to crumble, but whoever and anyone using Binance storing big amounts of Bitcoin on Binance should be wise enough to know that Binance is also an exchange and can still crash just like the others did.
FTX, Mt. Gox and other top exchanges crashed. Last year FTX was also reported to be the second highest exchnage in the globe but they still fell.

Expect it if you can, they're just here to make profits is it not ? Besides, they're not the reason for the creation of Bitcoin, the main reason Satoshi Nakamoto created Bitcoin was for full custody by a particular person.
Exchanges aren't really shit but they're not to be trusted with your full stacked Bitcoins and Satoshi's. Anything is possible, they can still be the next to bite the dust.

[jrrsparkles]

So this is all about whether the exchange has collateral for the tokens they lead into circulation right, almost every centralized entity can do such activity so Binance is not an exception to it so its the decision of users whether they want to withdraw their funds or still trust the centralized entity until they fails.

I don't think Binance is now at the verge like FTX but we should never trust them completely, just use the platform what it supposed to be then there will be no issues for the end users.

[bbc.reporter]

I hope you are correct that this will not lead for Binance to be biting the dust because I reckon it will certainly make the cryptospace perceived as a comedy show by scammers and hustlers.

In recent events, many centralized exchanges and services have bitten the dust and people have lost so much money, if Binance is next to bite the dust, it would just be added to the long list of centralized exchanges that have collapsed. Yeah it is a bigger exchange and may have a bigger impact, but that's for shitcoins as it would expunge many of them from the network; the only effect it will have on BTC is a temporary reduction in price and a chance to buy low.

This might discourage the institutional investors and encourage regulators to protect consumers by creating stricter regulations that will restrain innovation. Also, regulations are only made under an act that it was created to protect consumers. What it will do is harden the rulers' financial leadership. The cryptospace will not be ours anymore.

Or it may encourage people to look for no-KYC alternatives to buy their BTC and to only hold them in a self custody wallet. Because of how 'powerful' centralized exchanges have become, many people think they own or control the network, maybe it would teach people to know they can buy, sell and hold their BTC's without Binance.
In another news, silvergate is shutting down operations.
silvergate is shutting operations and liquidating after market meltdown.

There is also the Silverbank, the Silicon Valley bank that are having problems and also another rumored unnamed bank that might also be having similar problems. Mainstream news media are making it appear that the cryptospace is the cause, however, there are information being shared social media that their problems are self inflicted.

What we should very much concered about is USDC because much of the stablecoin is presently not backed by real dollars. Circle was holding billions of the backing in one of those banks.

[o_e_l_e_o]

Other than the fleeting huge withdrawals, the disgust against the big failures and abuses of centralized exchanges didn't seem to bear fruit.

Don't forget that there is a constant stream of new users in to this space who are unaware of just how risky centralized exchanges are and just how many of them collapse. There are undoubtedly more people moving their money off of centralized exchanges permanently, but there are also plenty of brand new users who have not yet been stung by the collapse of an exchange to replace them.

I don't think Binance is now at the verge like FTX

We would never know. Binance have spent a lot of effort on keeping their actual operations as obfuscated as possible. Difficult to know even where their offices are or which country they are registered in half the time, they move around so much. Every platform which has collapsed recently - FTX, Voyager, Celsius, BlockFi, etc. - were all loudly tweeting and blogging about how great they were doing and how fUnDs ArE sAfU right up to the day or two before they collapsed.

What we should very much concered about is USDC because much of the stablecoin is presently not backed by real dollars.

Tether hasn't been backed by real dollars in years (if ever). This has been proven in court on multiple occasions. It is a fractional reserve, with more being printed out of thin air at will, and yet for some reason people still use it.

[virasog]

So this is all about whether the exchange has collateral for the tokens they lead into circulation right, almost every centralized entity can do such activity so Binance is not an exception to it so its the decision of users whether they want to withdraw their funds or still trust the centralized entity until they fails.

I don't think Binance is now at the verge like FTX but we should never trust them completely, just use the platform what it supposed to be then there will be no issues for the end users.

We never know if binance will fall one day but as of know this does not seem to happen.
Another major development and announcement from binance is that they will be converting their 1 billion dollar reserves from BUSD to BTC, ETH and BNB.
This means they are serious and do not want to become victim, in case stable coin crisis continues in the future.
This is good news for the market as now more people will be trusting bitcoin and Ethereum more than these stable coins.





https://twitter.com/cz_binance/status/1635131601884700674

[Rikafip]

Another major development and announcement from binance is that they will be converting their 1 billion dollar reserves from BUSD to BTC, ETH and BNB.
This means they are serious and do not want to become victim, in case stable coin crisis continues in the future.

If CZ was indeed serious and genuinly wanted to protect his users he would put the whole 1 billion USD into bitcoin only and not spread it across two other altcoins. I could even somewhat understand if he decided to divide that billion USD between BTC and ETH (with latter being a minor part) but putting money into BNB doesn't make much sense to me and its not much better than BUSD. Imagine what will happen with BNB price if Binance gets hacked for a serious amount of money, and how much that BNB part of "SAFU" fund will worth after that?

It it maybe known how exactly he didvided 1 billion, how much went into each cryptocurency?

[bbc.reporter]

@Rikafip. I reckon CZ might be holding much of this $1 billion in bitcoin because it has the most volume and also has much of the liquidity in the market. However, the skeptical me thinks that if he pumps bitcoin he cannot ignore his own Binance smartchain and because of this he might get criticism, so he needs also to include Ethereum in his list heheheheh.

[o_e_l_e_o]

This is good news for the market as now more people will be trusting bitcoin and Ethereum more than these stable coins.

If it takes an anti-bitcoin centralized exchange buying some bitcoin to convince someone to trust bitcoin more than a centralized fractional reserve scam stablecoin, then they really need to spend more time learning and less time throwing their money away on shitcoins.

If CZ was indeed serious and genuinly wanted to protect his users he would put the whole 1 billion USD into bitcoin only and not spread it across two other altcoins.

And miss an opportunity to pump his centralized BNB coin? The fact that he even puts BNB in the same category as bitcoin is laughable. BNB is just as centralized and just as risky as BUSD.

[Z-tight]

This means they are serious and do not want to become victim, in case stable coin crisis continues in the future.

Stable coins crisis isn't the only way Binance can bite the dust, there are so many shady things they do, like gambling and trading with depositors money, and if one of them fails, then their customers would be unable to withdraw their money.

This is good news for the market

Converting this 1 billion dollars to BTC, BNB and ETH is no good news for the market or for BTC, CZ and Binance take decisions that are good for them and one they can make money from, if they cared about the market or BTC, they would stop promoting shitcoins, like theirs, and would have converted all the money into BTC.

as now more people will be trusting bitcoin and Ethereum more than these stable coins.

If people place their trust on BTC through the activities of a centralized service that is hiding somewhere in Cayman Island, then they need to start all over again to understand what BTC stands for.

[bbc.reporter]

If CZ was indeed serious and genuinly wanted to protect his users he would put the whole 1 billion USD into bitcoin only and not spread it across two other altcoins.

And miss an opportunity to pump his centralized BNB coin? The fact that he even puts BNB in the same category as bitcoin is laughable. BNB is just as centralized and just as risky as BUSD.

I made a similar reply but only jokingly hehehe. However, my serious reply is I speculate that CZ might not pump the coins that he mentioned. I reckon it would be a more careful decision for him to wait when Bitcoin, Ethereum and Binance smartchain have gone down after a pump. He announced his intention already. If he pumps this, there will certainly be whales who will buy before him and dump on him.

[Saisher]

What will happen if Binance disappears? Imagine Binance is the biggest cryptocurrency exchange and BNB increases significantly. If something went wrong with Binance, the entire cryptocurrency market would quickly crash. No specific use of Binance will be affected. I think certain influential people aim to FUD Binance to bring down the cryptocurrency market. Yet, it appears like CZ is making a sincere effort to manage things. CZ, nevertheless, is also serious and competent. He will manage extremely well, in my opinion.

Binance and CZ are doing well he's always been there when things are not good in the market, we have seen his positive action during the pandemic and it has helped the market to recover, he is considered to be the industry's major influencer and someone we are looking up in times of trouble.
If ever Binance and CZ disappear, it will leave a big vacuum in the industry and so far there is no one here in the industry that we can consider a likely successor.
There will be a major disruption, everybody and even CZ know that so he is doing everything he can to remain compliant and stay in the business and the industry.

[Rikafip]

However, my serious reply is I speculate that CZ might not pump the coins that he mentioned. I reckon it would be a more careful decision for him to wait when Bitcoin, Ethereum and Binance smartchain have gone down after a pump. He announced his intention already. If he pumps this, there will certainly be whales who will buy before him and dump on him.

Who is to say that he hasn't started buying already because since he announced it, prices went up ~25%. By the way, I am not saying that his announcement is the main source of this pump but it might have affected it to some degree.

Binance and CZ are doing well he's always been there when things are not good in the market, we have seen his positive action during the pandemic and it has helped the market to recover, he is considered to be the industry's major influencer and someone we are looking up in times of trouble.

Why do you even need "influencer" or someone to look up to? If you use bitcoin as intended (meaning storing it in your own non-custodial wallet) and avoid shitcoins, you don't need CZ or anyone else to protect you. SBF was also presented as a good guy that just wants to help the industry and we saw how it happened.

[bbc.reporter]

@Rikafip. CZ tweeted the wallet where the $1 billion was being held on the day of the announcement.

In any case, everyone has already heard about the wells notice that Coinbase received from the SEC? I shared it in @Oshosondy's thread. This article mentions and speculates that Binance and stablecoin issuers might be next.

I speculate it might also include Defi and other projects that issued tokens.



Coinbase’s pending legal showdown with the US markets regulator has the crypto industry wondering who’s next.

Coinbase, a target for the Securities and Exchange Commission since Gary Gensler took over as chair, this week received a Well’s Notice — a formal declaration of the SEC’s intent to bring a lawsuit.

The key question now: What next?

“Oh, a stablecoin case,” Moustakis said. “I don’t mean a stablecoin used in connection with fraud. I mean an enforcement action brought against a stablecoin issuer for the issuance of an unregistered security.”

John Reed Stark, former director of the SEC’s office of internet enforcement, said that while the SEC has hinted that stablecoins may be next in the SEC’s crosshairs, he has another theory: “Binance, or maybe Tether.”

“Binance’s operations have been so void of transparency and sunlight that there’s a need for criminal prosecutorial and civil regulatory intervention,” Stark said.

Source https://www.dlnews.com/articles/regulation/stablecoins-and-binance-next-in-sec-crosshairs-after-coinbase-warning/

[o_e_l_e_o]

-snip-

Good. The sooner we rid the space of these fiat surrogates, the better. They are centralized, fractional reserve, not backed up, printed out of thin air at will, can be seized out of your accounts at any time, and pegged to a rapidly devaluing currency. They take all the worst bits of fiat, and add in zero privacy from the centralized issuer, zero protection from scams or bugs on behalf of the centralized issuer, and complete lack of regulation or FDIC insurance. There are court documents proving that the various centralized entities which print these coins use them for their own purposes, to cook their books, bail themselves out, pump their own coins, and other generally shady and illegal activities.

These stablecoins are a ticking timebomb, with several losing their peg or even collapsing outright in recent memory. It would be a wise move to sell any you are holding and your money back in to bitcoin.

[bbc.reporter]

@o_e_l_e_o. I wish I can agree with your argument, however, if the community is taking a side with the SEC, this is a very dangerous circumstance, I reckon. You are taking a bitcoin maximalist's argument but we do not know where this stops or what this implies for all of the cryptospace including bitcoin. A victory for the SEC in this would certainly not make them stop from cracking down on bitcoin and every service, centralized or decentraized that uses bitcoin. We already witnessed what they did against Chipmixer.

[o_e_l_e_o]

A victory for the SEC in this would certainly not make them stop from cracking down on bitcoin and every service, centralized or decentraized that uses bitcoin.

The very reason the SEC can crack down on stablecoins is exactly because they are completely centralized. They are ran by a single entity, issued by a single entity, controlled by a single entity, can be seized/frozen/confiscated by that single entity, and if that single entity scams or goes bankrupt then the whole thing collapses. The SEC can simply put pressure or lay criminal charges on that single entity, and they can do what they like with that stablecoin. The same is generally true for centralized exchanges and other centralized services.

The same is absolutely not true for Bitcoin or for truly decentralized exchanges like Bisq. These things are entirely decentralized. There is no single entity with the power over Bitcoin or Bisq to shut it down or alter it, and so there is nothing the SEC can do. Unless they feel like targeting every Bitcoin node in the world or every Bisq user in the world, which is obviously not possible.

And so I say let them. Too long have centralized exchanges leeched off the popularity of bitcoin with their centralized shitcoins, their token printing out of thin air, their fractional reserve scams, their privacy invasion, their data harvesting and selling, all in the name of making themselves profits. Let them all be regulated in to oblivion and shut down entirely. Bitcoin will be just fine, and will be stronger for it.

[bbc.reporter]

@ o_e_l_e_o. Agreed, however, the SEC and other government agencies can also crackdown on developers of decentralized projects in the cryptospace similar to what they have one on the developer of Tornado Cash. They can also sanction bitcoin addresses and label anything containing them as illegal funds. This is very head shaking because there are some bitcoin maximalist who support this type of behavior because they think the cryptospace should be bitcoin only. We should not be like this, I reckon.

[o_e_l_e_o]

Agreed, however, the SEC and other government agencies can also crackdown on developers of decentralized projects in the cryptospace similar to what they have one on the developer of Tornado Cash.

True, but many developers remain anonymous, and they don't have global jurisdiction.

They can also sanction bitcoin addresses and label anything containing them as illegal funds.

Also true. They could, as they did with gold, simply declare it illegal for citizens to hold bitcoin and demand that everyone hand their bitcoin over to the government. The difference here of course being they cannot forcibly take your bitcoin as they could with your gold, not least of all because I lost all my keys in an unfortunate boating accident.

This is very head shaking because there are some bitcoin maximalist who support this type of behavior because they think the cryptospace should be bitcoin only.

I'm not sure what altcoins have to do with this. If the government were hell bent on sanctioning bitcoin, then it would trivially easy for them to sanction these largely centralized altcoins as well.

[bbc.reporter]

It appears that the government under the control of the Biden administration is really determined to break the the cryptospace and control what will be left from it after they have destroyed it. It also appears that this continuous investigations and and lawsuits against CZ and Binance will not stop.

I reckon it was much better under the Trump administration. They only told everyone that they do not like the cryptospace but there was no action behind those words hehehe. In any case, Binance.us might bite the dust before the end of 2023.



The U.S. Commodity Futures Trading Commission (CFTC) sued crypto exchange Binance and founder Changpeng Zhao Monday on allegations the company knowingly offered unregistered crypto derivatives products in the U.S. against federal law.

The lawsuit, filed in the U.S. District Court for the Northern District of Illinois on Monday, alleged that Binance operated a derivatives trading operation in the U.S., offering trades for cryptocurrencies including bitcoin (BTC), ether (ETH), litecoin (LTC), tether (USDT) and Binance USD (BUSD), which the suit referred to as commodities. The suit also alleged that the company, under Zhao’s leadership, directed its employees to spoof their locations through the use of virtual private networks.

Read in full https://www.coindesk.com/business/2023/03/27/binance-and-cz-sued-by-cftc-over-regulatory-violations/

[NotATether]

Am I the only one who'd like to see Binance disappear?

Of course not you are the only one. Count me in.

Honestly I don't care about any exchange who puts a sniper's target on "US persons". Earlier I said, FTX can go to hell. And boy, to hell they indeed went.

But my employer is using Binance and specifically, has trading bots there, so if Binance goes down then I'll probably be out of work too 

[Z-tight]

It appears that the government under the control of the Biden administration is really determined to break the the cryptospace and control what will be left from it after they have destroyed it. It also appears that this continuous investigations and and lawsuits against CZ and Binance will not stop.

They can probably investigate, regulate and to an extent control centralized exchanges, services and altcoins, but they can't destroy or control BTC because it is decentralized, and just as they as suing Binance and CZ as an individual for regulatory violations, they can't attack BTC in that way, it isn't a company or security and there is no singular individual you can pick out and slap a lawsuit on.

Read in full https://www.coindesk.com/business/2023/03/27/binance-and-cz-sued-by-cftc-over-regulatory-violations/

The charges are clear, and i wonder how CZ and Binance are going to respond, surely they would deny any wrongdoing, but the charges say they have allowed US customers to trade derivatives on their Binance platform, even after they claimed they would block such from happening, the link also said Binance provided some of these customers with ways to avoid being caught as US customers. Since Binance are mainly only trying to make money for themselves through shady means and not following the law or due process, this isn't something one can say they didn't do or commit.

[bbc.reporter]

@Z-tight. What they certainly cannot do is stop bitcoin, however, they can harrass bitcoin developers, users, miners and companies. This will be very much like what they did to Tornado Cash's developer, what they did to Chipmixer, other bitcoin privacy services and bitcoin payment processors.

Everyone should read the news and witness that it is happening already. They are beginning to raise taxes on miners, cracking down in exchanges, investigating banks that accept deposits from exchanges and seizing privacy proving websites.

Also, G7 nations will begin cooperating to create strict laws for the cryptospace. We should be more cautious when we wish for the success of a government crackdown. Much of these crackdowns are done only under a fake act of protecting small investors. It is really done to protect the interests of the rulers of the country.



Cryptocurrency regulation is one of the biggest agendas for the major economic countries. The seven largest democracies may advocate for stricter cryptocurrency laws globally at the upcoming G7 summit. The countries in question include Japan, the United States, the United Kingdom, Canada, France, Germany, and the European Union.

Source https://watcher.guru/news/g7-nations-to-work-towards-strict-global-cryptocurrency-laws

[rhomelmabini]

Now they are targeting Binance in regards to relation on China. It seems like a coordinated attack to Binance and I think few more days to wait until the market reacts. I guess US doesn't want Binance to stay and these attack are likely a massive thing for Binance which they shouldn't ignore.

[Renampun]

Now they are targeting Binance in regards to relation on China. It seems like a coordinated attack to Binance and I think few more days to wait until the market reacts. I guess US doesn't want Binance to stay and these attack are likely a massive thing for Binance which they shouldn't ignore.

If you live in America, you’re not allowed to trade crypto derivatives. And if you’re a big international platform for trading crypto derivatives, you can’t let Americans trade those products if you haven’t registered with the boring-sounding but not-to-be-trifled-with federal regulator known as the Commodity Futures Trading Commission, or CFTC.

Today, that regulator sued Binance, the world’s largest cryptocurrency exchange, for allegedly doing just that. (And if that name sounds familiar, it may because back in November, Binance briefly flirted with bailing out its smaller rival, FTX. Obviously, Binance took one look under the hood at FTX, now at the center of a massive federal fraud investigation, and promptly bailed.)

source--

the domino effect of the FTX crash is happening and this time I'm curious how binance will overcome this problem, binance is the biggest exchange in the world that has many other exchange derivatives in several countries. I used to do exchanges on Tokocrypto (a derivative of Binance). If Binance can't escape this pressure, I'm afraid the impact will be huge.

[rhomelmabini]

Now they are targeting Binance in regards to relation on China. It seems like a coordinated attack to Binance and I think few more days to wait until the market reacts. I guess US doesn't want Binance to stay and these attack are likely a massive thing for Binance which they shouldn't ignore.

the domino effect of the FTX crash is happening and this time I'm curious how binance will overcome this problem, binance is the biggest exchange in the world that has many other exchange derivatives in several countries. I used to do exchanges on Tokocrypto (a derivative of Binance). If Binance can't escape this pressure, I'm afraid the impact will be huge.

We don't know if they really are working to be friendly with regulators since that's what CZ always want to emphasize but we may never know what will happen and I think they are working on it, it could be catastrophic if they wouldn't be able to. I'd say CZ's Binance was way more transparent (maybe) compare to SBF that still says not guilty on frauds and conspiracy, a truly pathetic dude.

[Rikafip]

We don't know if they really are working to be friendly with regulators since that's what CZ always want to emphasize but we may never know what will happen and I think they are working on it, it could be catastrophic if they wouldn't be able to. I'd say CZ's Binance was way more transparent (maybe) compare to SBF that still says not guilty on frauds and conspiracy, a truly pathetic dude.

We still have no idea what CZ is a actually doing behind the closed door (at least not the most shady stuff). Sure, he doesn't seem as reckless and cocky as SBF but just a six months ago Sam was seen as 2nd coming of Christ by a large portion of crypto community and guy who will save crypto industry and we can see how that ended.

[rhomelmabini]

We don't know if they really are working to be friendly with regulators since that's what CZ always want to emphasize but we may never know what will happen and I think they are working on it, it could be catastrophic if they wouldn't be able to. I'd say CZ's Binance was way more transparent (maybe) compare to SBF that still says not guilty on frauds and conspiracy, a truly pathetic dude.

We still have no idea what CZ is a actually doing behind the closed door (at least not the most shady stuff). Sure, he doesn't seem as reckless and cocky as SBF but just a six months ago Sam was seen as 2nd coming of Christ by a large portion of crypto community and guy who will save crypto industry and we can see how that ended.

Well, I just wish that it wouldn't turn out like what FTX did or they'll never will considering they are huge and lot will totally be upset. I don't know the real score if they'll not make it but it would likely be the same like what Mt. Gox did in the past or even huge than that.

[bbc.reporter]

We don't know if they really are working to be friendly with regulators since that's what CZ always want to emphasize but we may never know what will happen and I think they are working on it, it could be catastrophic if they wouldn't be able to. I'd say CZ's Binance was way more transparent (maybe) compare to SBF that still says not guilty on frauds and conspiracy, a truly pathetic dude.

We still have no idea what CZ is a actually doing behind the closed door (at least not the most shady stuff). Sure, he doesn't seem as reckless and cocky as SBF but just a six months ago Sam was seen as 2nd coming of Christ by a large portion of crypto community and guy who will save crypto industry and we can see how that ended.

Agreed. CZ did not create Binance to scam the people. He created Binance as a business and help make the cryptospace grow so his business will also grow. However, the government and their regulatory agencies do not want this because it would give them less control on the people's financial transactions.

In any case, there was a joke that CZ was in the Interpol's red notice, however, if you know @cobie, he also the has power of knowing the future hehehe.



Binance's BNB token and bitcoin (BTC) plunged Monday as a rumor spread that the crypto exchange's CEO faced an international law enforcement request to detain him.

Turns out, the catalyst for all this was an encrypted message contained in a tweet that was apparently not meant for the public's eyes – at least not yet – and that might've just been a wild guess.

"Interpol Red Notice for CZ," read the tweet from @cobie, who is well-followed by the crypto community. Not only is that account private, the text of the message was actually a garble of letters and numbers.

Source https://www.coindesk.com/policy/2023/04/03/unverified-rumor-of-interpol-red-notice-for-binance-ceo-changpeng-zhao-sends-bnb-bitcoin-lower/

[Rikafip]

In any case, there was a joke that CZ was in the Interpol's red notice, however, if you know @cobie, he also the has power of knowing the future hehehe.

Yeah I saw the rumour but I don't follow @cobie ao I have no idea how quality his info is. Did he share anything in the past that proved to be correct, what's his track record?

Regarding the Interpol Red Notice, anyone can go to their website and check if CZ is on it (so far he isn't),.Even though I generally like Twitter and use it on the regular basis, signal to noise ratio there is awful and absolutely everything you read there should be taken with handful of salt and there is FUD on the daily basois on almost anything crypto related. Then again, just because this news about CZ is probably FUD, that doesn't mean that people should use Binance (or any other exchange for that matter) as bank and store their money there or that he is clean. 

[bbc.reporter]

@Rikafip. He is one of the trustworthy members of the cryptospace community. He was in bitcoin before 2015 and he was also one of the first Ethereum investors. I reckon it was his investment in Ethereum that made him a millionaire. His predictions before are more based from an understanding on what occured in the past and guessing if it will happen again.

In any case, I very much agree with CZ in this statement shared in social media.



The latest Fud was only spread by crypto news outlets and KOLs, likely planted/sponsored by another exchange. Very petty. Hurts the industry and hurts themselves. There are enough external forces attacking us. Our industry needs to unite at this juncture.

Source https://mobile.twitter.com/cz_binance/status/1643116378155634688

[o_e_l_e_o]

The latest Fud was only spread by crypto news outlets and KOLs, likely planted/sponsored by another exchange. Very petty. Hurts the industry and hurts themselves.

Lmao. Has everyone already forgotten when Binance publicly tweeted they were dumping FTX token and kicked off the bank run which led to the collapse of FTX? And then he calls people taking shots at him "fud" and "very petty". What a scumbag.

[Rikafip]

He was in bitcoin before 2015 and he was also one of the first Ethereum investors  I reckon it was his investment in Ethereum that made him a millionaire

I checked him out a little bit and it looks like he has a podcast called UpOnly. I noticed something interesting on his older videos and that's FTX banner so maybe he is butthurt about FTX going down and he blames CZ for that.

His predictions before are more based from an understanding on what occured in the past and guessing if it will happen again.

Well, what he shared wasn't really prediction but rather a statement ("Interpol Red Notice for CZ") so unless it happens very soon it means that he was just bullshitting. Unfortunately, no rumour or FUD will make majority of people moving their money out of Binance.

[bbc.reporter]

The latest Fud was only spread by crypto news outlets and KOLs, likely planted/sponsored by another exchange. Very petty. Hurts the industry and hurts themselves.

Lmao. Has everyone already forgotten when Binance publicly tweeted they were dumping FTX token and kicked off the bank run which led to the collapse of FTX? And then he calls people taking shots at him "fud" and "very petty". What a scumbag.

I could not find CZ's statement about the reason why he decided to dump FTT, however, he said that in the crypto founders' circle, rumors were spreading about FTX and Alameda. CZ also said that he later talked to Sam Bankman-Fried and asked him to stop whatever Sam was doing but Sam did not listen. Binance had a big investment in FTX's token FTT. If you were CZ and knew that there was something not good happening in FTX, how would you feel about your investment? It was a business decision. They dumped rather than being left on being the bagholder hehehe.

In any case, more stressful news for Binance. It appears they might slowly lose their position as king of the exchanges of the cryptospace if more regulators in many jurisdictions become more demanding.



Dubai and UAE have officially requested that Binance provide more information on its ownership structure and auditing procedures. Moreover, Bloomberg reports that the request has arrived following stricter crypto scrutiny on entities seeking a crypto license.

Additionally, the report notes that the requests arrive in wake of the massive collapse of FTX that occurred last year. Now, Dubai is seeking to tighten the application process for crypto license seekers, including Binance. Subsequently, requesting information on its various structural facets.

Source https://watcher.guru/news/dubai-uae-request-binance-provide-more-information-on-structure-and-auditing-procedures

@Rikafip. He was speculating and he shared a string of a statement. His friends asked him what was the statement and he sent some them the seed. One of his friends leaked the statement.

[Faisal2202]

why CZ liquidated their position on FTT.

Binance's CEO is a clever person he always lives like a king and challenges every other exchange with solid proof (I am not admiring him, just stating facts I have seen), For example, i have seen how he tries to degrade Coinbase Exchange whenever he got a chance, write after selling $500million of FTT token which causes FTX exchange to bankruptcy, he posted a tweet about Coinbase which could cause another fud or whatever term you can use, to spread disaster throughout the market. But in the 24-hour timespan, he deleted that post.

Overall, recently when SEC banned the staking feature on Kraken and they warned Binance to stop minting BUSD via Pixos company then Binance take a stand and did not stop it. From there i thought, he has some resources that others lack. The total market cap of Binance is really high as it's being used in many countries so i also do not think it will bankrupt in 24 hours as FTX exchanges bankrupted.

[bbc.reporter]

@Faisal2202. I reckon that what CZ is presently doing, in avoiding regulations and escaping the rules of certain jurisdictions, it can be considered as something similar to a playbook in how to use decentralization and the cryptospace to one's advantage.

If CZ successfully maintains his position as the king of the cryptospace, it will only show that decentralization, if used correctly, will do its job.

[o_e_l_e_o]

If you were CZ and knew that there was something not good happening in FTX, how would you feel about your investment? It was a business decision. They dumped rather than being left on being the bagholder hehehe.

I mean, I wouldn't be storing large amounts of money in some centralized shitcoin completely under the control of a third party in the first place. But if I was, I would just sell it. I wouldn't feel the need to announce to my millions of Twitter followers "Hey, this is a shitcoin, let's start a bankrun!". CZ clearly had no problem doing that, and that's fine for him, but to then turn round a few months later when someone else calls his centralized shitcoin a shitcoin and call it "very petty fud" is completely hypocritical. Not that I expected any less.

Unfortunately, no rumour or FUD will make majority of people moving their money out of Binance.

Unbelievable, isn't it? The writing was on the wall for months before the collapse of the likes of Voyager, Celsius, BlockFi, FTX, and more, and yet millions of people lost everything despite constant warnings from the community all over this forum, Reddit, Twitter, etc. And even now, after Binance are being squeezed from every direction, after their "proof of reserves" was shown to be nothing but smoke and mirrors, after their centralized stablecoin has been shut down, after all the news coming out, we still have people saying "Binance is too big to fail" and "CZ is too smart". What will it take for people to wake up and just withdraw their coins to their own wallet?

[Rikafip]

What will it take for people to wake up and just withdraw their coins to their own wallet?

Logical answer would be "they will definitely learn their lesson once they lose their money on one of those platforms" but then again I know some people that have money stuck on both Celsius and FTX and still hold considerable amount of crypto on Binance. 

[serveria.com]

For the skeptical me, this paywalled article appears for me that American media has begun to publish the first stage of their after FTX fud campaign against CZ and Binance hehehe. The next stage might be during the trial of Sam later this year where some witnesses will be put on the stand to speak about what CZ did on FTT without giving the whole information on why CZ liquidated their position on FTT.



Binance’s Asset Shuffling Eerily Similar To Maneuvers By FTX

When you’re the world’s largest crypto exchange in a largely unregulated market, it is easy to make up the rules as you go. In its latest backroom maneuver, Binance transferred $1.8 billion in stablecoin collateral to hedge funds, including Alameda and Cumberland/DRW, leaving its other investors exposed.

Source https://www.forbes.com/sites/javierpaz/2023/02/27/binances-asset-shuffling-eerily-similar-to-maneuvers-by-ftx/



However, this article with more information makes me shake my head. Is this media attack by Forbes real or fud?



Forbes, yet again, investigated the on-chain activities of Binance and discovered that the exchange transferred $1.78 billion in users’ funds to various hedge funds. The article reveals that the Changpeng Zhao-led exchange completely emptied its collateral for B-peg USDC without reducing its supply.

Binance issues a B-token to facilitate the usage of other blockchain tokens in the BNB chain. The exchange is supposed to issue B-token only after storing 100% collateral of the original token. For example, for every 100 B-USDC, it must have 100 USDC as collateral.

However, the exchange broke its rules on Aug. 17, withdrawing $3.63 billion from its peg wallet to the “Binance 8” cold wallet. It then returned $1.85 billion to the peg wallet but transferred the remaining $1.78 billion to a Binance 14 cold wallet. Later, the exchange distributed the funds to a trading firm, Cumberland, Amber Group, Alameda Research, and TRON founder Justin Sun.

When Binance withdrew $1.78 billion USDC on Aug. 17, it did not decrease the supply of the B-USDC. The collateral fell to zero, and the exchange did not correct it for four months.

The article also states that B-USDC was deficient by over $1 billion on three different occasions. Forbes believes Binance is misusing customers’ funds, similar to the bankrupt exchange FTX.

Source https://beincrypto.com/binance-misusing-customers-funds/

FUD and nothing more than FUD. Governments and bankers are desperate to stop or hurt Bitcoin. You can witness it here on Bitcointalk too - in every section there is at least one Binance FUD thread. I really hope that CZ is smart enough to deal with this situation accordingly.

[Z-tight]

FUD and nothing more than FUD. Governments and bankers are desperate to stop or hurt Bitcoin. You can witness it here on Bitcointalk too - in every section there is at least one Binance FUD thread. I really hope that CZ is smart enough to deal with this situation accordingly.

They want to stop binance and the shady things they do, binance isn't BTC and vise versa. Many people wrongly think that binance is BTC's bank and that if binance collapse, BTC is biting the dust with it; but that is wrong, CZ and his company don't care about BTC, they just want to make profit by promoting shitcoins, breaking laws, forcing and deceiving people into withdrawing shitcoins by making BTC withdrawals expensive, helping customers to break KYC laws, etc, binance are doing too many shady things and it is right if the necessary agencies take a closer look at them.

Look, you can call it fud if you want, but don't store your money there. Before Celsius, Voyager, ftx, 3AC and the others collapsed, people thought it was not possible for them to fall, they called it fud like you are doing now, so maybe people who have money in binance are the ones that should be smart enough and move it out immediately.

[bbc.reporter]

If you were CZ and knew that there was something not good happening in FTX, how would you feel about your investment? It was a business decision. They dumped rather than being left on being the bagholder hehehe.

I mean, I wouldn't be storing large amounts of money in some centralized shitcoin completely under the control of a third party in the first place. But if I was, I would just sell it. I wouldn't feel the need to announce to my millions of Twitter followers "Hey, this is a shitcoin, let's start a bankrun!". CZ clearly had no problem doing that, and that's fine for him, but to then turn round a few months later when someone else calls his centralized shitcoin a shitcoin and call it "very petty fud" is completely hypocritical. Not that I expected any less.

I am not asking about you or what you would do. I am talking about in what set of circumstances CZ was in when the truth about Sam, FTX, Caroline and Alameda was beginning to come out.

Binance was one of the first seed investors in FTX. They were given shares of the company and FTT in exchange for the seed investment. It also appears that you are not trying to understand what occured. CZ did not dump FTT to start a bank run. CZ dumped because he knew the value of FTT would dump once the news begins to be more known to the community. CZ also talked to Sam and warned him to stop what he was doing in FTX and Alameda. However, Sam would not listen.

These unconfirmed rumors were already spreading when I created my FTX might bite the dust thread.

@Z-tight. They want to stop Binance, however, they are not stopping the shady things being done by the big banks. Head shaking. I do not know why there are people taking a side with the regulators.

[o_e_l_e_o]

CZ did not dump FTT to start a bank run.

I'm not saying he did. But publicly tweeting as he did undoubtedly started the bank run which very quickly led to FTX suspending all withdrawals.

I do not know why there are people taking a side with the regulators.

I wouldn't say people are taking a side with regulators, rather that people simply do not care what happens to Binance. If regulations force Binance out of business, I don't think bitcoin will be any worse off for it.

[Rikafip]

I do not know why there are people taking a side with the regulators.

Just because regulators are turning a blind eye on many things banks are doing wrong, doesn't mean that we should do the same with Binance or any of the other top exchanges or that we are taking regulators side.

I am Binance user from the late 2017 and since I created an account there I haven't had any issues whatsoever (nor did anyone I know) but I still think that they are doing many things wrong: from anti-Bitcoin stance and creating highly centralized BSC to being incorporated in a shady location that doesn't protects its users and saying that for an average user storing their crypto at exchange is the way to go.

Remember how in Japan FTX had to secure the funds so in case something happens to them people will get their money back? Imagine if Cayman Islands forced FTX to do the same thing. But of course, they registered their company there necause something like that will never be asked from them at those type of locations so they can do whatever they want there.

[NotATether]

CZ did not dump FTT to start a bank run.

I'm not saying he did. But publicly tweeting as he did undoubtedly started the bank run which very quickly led to FTX suspending all withdrawals.

I said this before and I'll say this again: whether or not CZ dumps FTT or even announces he will do so does not matter as far as FTX is concerned, because it is a ticking time bomb on a glass building that would've gone off sooner or later anyway.

They want to stop binance and the shady things they do, binance isn't BTC and vise versa. Many people wrongly think that binance is BTC's bank and that if binance collapse, BTC is biting the dust with it; but that is wrong, CZ and his company don't care about BTC, they just want to make profit by promoting shitcoins, breaking laws, forcing and deceiving people into withdrawing shitcoins by making BTC withdrawals expensive, helping customers to break KYC laws, etc, binance are doing too many shady things and it is right if the necessary agencies take a closer look at them.

The very fact that people think Binance == BTC is alarming to begin with and makes me wonder if that's why so many people are trying to short crypto...

[virasog]

What will it take for people to wake up and just withdraw their coins to their own wallet?

Logical answer would be "they will definitely learn their lesson once they lose their money on one of those platforms" but then again I know some people that have money stuck on both Celsius and FTX and still hold considerable amount of crypto on Binance. 

This shows that people will never learn from their previous experiences or is it only the crypto investors who again what to risk their money by putting it on the exchange?

People just trust and believe on binance too much that they still think that Binance is too big to scam exit but they do not know that most exchanges will scam us when they are at their peak as at that time no one can even imagine that they can scam.

I do not know that binance is the next one to scam exit or if they may continue for a few more years and never scam but the point is that we should not trust any exchange and should know that any money of us in the centralized exchange is not safe.

[bbc.reporter]

CZ did not dump FTT to start a bank run.

I'm not saying he did. But publicly tweeting as he did undoubtedly started the bank run which very quickly led to FTX suspending all withdrawals.

I do not know why there are people taking a side with the regulators.

I wouldn't say people are taking a side with regulators, rather that people simply do not care what happens to Binance. If regulations force Binance out of business, I don't think bitcoin will be any worse off for it.

The bank run on FTX would be occured with or without CZ's actions. We would talking about Justin Sun if he started the bank run. Sam should be blamed.

I do not know why there are people taking a side with the regulators.

Just because regulators are turning a blind eye on many things banks are doing wrong, doesn't mean that we should do the same with Binance or any of the other top exchanges or that we are taking regulators side.

I am Binance user from the late 2017 and since I created an account there I haven't had any issues whatsoever (nor did anyone I know) but I still think that they are doing many things wrong: from anti-Bitcoin stance and creating highly centralized BSC to being incorporated in a shady location that doesn't protects its users and saying that for an average user storing their crypto at exchange is the way to go.

Remember how in Japan FTX had to secure the funds so in case something happens to them people will get their money back? Imagine if Cayman Islands forced FTX to do the same thing. But of course, they registered their company there necause something like that will never be asked from them at those type of locations so they can do whatever they want there.

I was only making an argument on how can we trust the regulators' intentions. It is okay for regulators to turn a blind eye on the corrpution and the regulatory evasion of big banks, however, for Binance it is not okay?

Also, Binance as a CEX is trying to use and work with the decentralization of crypto. Decentralization would certainly be useless if they do not use the advantages it gives them. This will be very head scratching for the regulators and I would certainly want to see CZ win the fight hehehe.

[o_e_l_e_o]

The bank run on FTX would be occured with or without CZ's actions.

Again, I'm not arguing that fact, but that doesn't excuse CZ's actions.

I was only making an argument on how can we trust the regulators' intentions. It is okay for regulators to turn a blind eye on the corrpution and the regulatory evasion of big banks, however, for Binance it is not okay?

Well of course! Banks buy out our politicians and law makers, so they get a free pass to do what they like and launder trillions of dollars.

[bbc.reporter]

The bank run on FTX would be occured with or without CZ's actions.

Again, I'm not arguing that fact, but that doesn't excuse CZ's actions.

I was only making an argument on how can we trust the regulators' intentions. It is okay for regulators to turn a blind eye on the corrpution and the regulatory evasion of big banks, however, for Binance it is not okay?

Well of course! Banks buy out our politicians and law makers, so they get a free pass to do what they like and launder trillions of dollars.

Are you telling me that this is okay with you? They pay the politicians to do what they want but ordinary people are given a hard time for using bitcoin? This is not okay for me and a victory for CZ will also be a victory for the cryptospace, I reckon.

In any case on FTT dump, the only action that CZ does not have an excuse for is being an asshole. Binance has all the rights to dump FTT.

[o_e_l_e_o]

Are you telling me that this is okay with you?

I guess the tone of the post didn't come across. I should have included a /sarcasm tag.

[Rikafip]

More problems for Binance, but this time in Brazil. Alegedly they instructed their users how to access futures trading even though Brazilian SEC ordered to stop those back in 2020. This kinda reminds of the case when they published VPN guide right after they disabled use of their exchange for US users (guide has been removed later from their website).

Binance is under investigation in Brazil by the Federal Prosecutor’s Office and Federal Police, according to a report in Valor Econômico newspaper. The cryptocurrency exchange has allegedly been helping clients evade a stop order on cryptocurrency derivatives investments.

According to the newspaper, the Brazilian Securities and Exchange Commission (SEC) reported to the Attorney General of the State of São Paulo that Binance may have continued to offer cryptocurrency derivatives to its clients after the SEC had issued a stop order on those offerings in 2020. Futures contracts are considered securities under Brazilian law regardless of the nature of the underlying assets.

The SEC presented the police with screenshots made in August 2021 showing instructions for Brazilian users to change their language setting to access the Binance Futures section. The SEC also said there was extensive Portuguese-language content with no notices of restrictions on Brazilian users.

[bbc.reporter]

Are you telling me that this is okay with you?

I guess the tone of the post didn't come across. I should have included a /sarcasm tag.

Hehehe okay. CZ might be looking for some politicians who might accept BNB. Bribing will be much easier and more effective to escape government regulations heheheheh.

@Rikafip. It appears that regulators in Brazil do not accept BNB hehe.

[YOSHIE]

In any case on FTT dump, the only action that CZ does not have an excuse for is being an asshole. Binance has all the rights to dump FTT.

I am really frustrated to see incident after incident that has happened so far to crypto exchanges, I am starting to feel uneasy and uncomfortable again, I don't know which ones can be trusted and which cannot be trusted, fact, the internet has been talking non stop about Binance/CZ exchange, lately, after a nightmare come true for FTT exchange.

To be honest, I used to be the most happy to use Binance, but this is not the third or fourth news that I have seen, before it made me even more tremble to use Binance as a convenient exchange site, but for now I still make the decision to empty assets on Binance, to prevent unwanted things, because we never know what will happen in the future.

Once the situation normalizes, without any negative news being posted on the internet about Binance/CZ, I will reconsider trading on Binance.

[bbc.reporter]

@YOSHIE. How much do you trade? If you are a person who is still trading a small amount of money, it might be better to trade onchain using decentralized exchanges and DeFi. You do not have to give up custody of your coins. Also, there are many tokens in DeFi that have not been listed in centralized exchanges yet which are more volatile and can give much more chances to profit.

The reason to use a centralized exchange is for the huge liquidity they offer. This is why the whales need to trade in them. However, for us small minnows with a small amount of money for trading, liquidity is should not be a problem.

[Rikafip]

Once the situation normalizes, without any negative news being posted on the internet about Binance/CZ, I will reconsider trading on Binance.

There will always be certain amount of risk when it comes to using centralized exchanges and I don't see what has to happen in order to completrely remove that risk or even if its possible. Despite all the current problems, I still use Binance but only with the amount I am ready to lose in case things go south.

[bbc.reporter]

News update.

The department of justice in America is opening another investigation that will be happening together with the existing one. This new investigation will be on allegations that Binance has been allowing Russian citizens to use the exchange in the middle of sanctions. The basis for this allegation? A Russian cryptonews media website hehehehehe.

Is there anyone from Russia who can confirm if Binance allows people under your jurisdiction to deposit and withdraw from the exchange?



The U.S. Department of Justice (DOJ) is trying to establish if Binance Holdings, the operator of the world’s largest crypto exchange, has been used to allow Russians to evade Western sanctions, Bloomberg revealed, quoting multiple sources familiar with the matter.

The news comes after Russian crypto media reports in late April suggested that Binance has quietly lifted some restrictions on Russian users. According to the information published by different news outlets, Russians can again use their bank cards to make deposits and the trading platform has canceled a limit on their balances introduced in compliance with EU sanctions.

Source https://news.bitcoin.com/binance-reportedly-investigated-in-us-for-russia-sanctions-violations/

[yudi09]

News update.

The department of justice in America is opening another investigation that will be happening together with the existing one. This new investigation will be on allegations that Binance has been allowing Russian citizens to use the exchange in the middle of sanctions. The basis for this allegation? A Russian cryptonews media website hehehehehe.

Is there anyone from Russia who can confirm if Binance allows people under your jurisdiction to deposit and withdraw from the exchange?

-snip-

Source https://news.bitcoin.com/binance-reportedly-investigated-in-us-for-russia-sanctions-violations/

From the news source that OP listed, Binance is again allowing deposits using bank cards. According to a review of the news, binance was deemed to have violated compliance because they had previously restricted services to Russia. I think the connection is still around political issues and illegal activities such as money laundering.
This information appeared 2 days ago and I once read it on Boomberg under the title Binance Faces US Probe of Possible Russian Sanctions Violations.

In essence, I don't want to say something beyond my knowledge that could offend my friends from Russia. However, I really respect everyone here.

[bbc.reporter]

Does this imply that all of the other centralized crypto exchanges have also stopped their operations in Canada?

I reckon they cannot stop small exchanges similar to Tradeogre. If CZ cannot lobby or bribe Canadian regulators, he should buy Tradeogre secretly heheheheh.



Crypto exchange Binance has announced that it would cease operations in Canada, citing the challenging regulatory environment.

“We had high hopes for the rest of the Canadian blockchain industry,” the company said in a Friday tweet. “Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time.”

Source https://www.coindesk.com/business/2023/05/12/binance-announces-exit-from-canada-citing-regulatory-tensions/

[Z-tight]

Does this imply that all of the other centralized crypto exchanges have also stopped their operations in Canada?

Canada is hitting these centralized exchanges with regulations they cannot comply with, Bittrex Global stopped their operation in Canada last year, in March this year OKX also ceased their services to Canadian users and now Binance are also ceasing their own operation in Canada, i don't know if the government is intentionally frustrating crypto exchanges from providing services to their citizens, but if some of these bigger exchanges couldn't survive there, others will surely find it hard to.

The department of justice in America is opening another investigation that will be happening together with the existing one. This new investigation will be on allegations that Binance has been allowing Russian citizens to use the exchange in the middle of sanctions.

More investigations and charges against CZ and Binance, they are facing charges from the CFTC and now this, CZ is shady, and his platform will surely choose profit first, that is why i find it difficult not to believe these charges and investigations against them.

[bbc.reporter]

@Z-tight. Binance is shady, I agree. However, it would be very much more helpful and beneficial for us if Binance is never taken down. You reckon if Binance is taken down, it would stop there? The government will never stop until the whole cryptospace is fully under their control and regulated. Binance's fight to stay online is by implication also the cryptospace's fight.

I am quite certain none of us small minnows would like a fully regulated cryptospace.

[o_e_l_e_o]

I am quite certain none of us small minnows would like a fully regulated cryptospace.

I'd rather not use bitcoin at all than use it exclusively via the rules and regulations that Binance enforce. Full KYC, zero privacy, zero security, full surveillance, permissioned, censored, complete governmental control.

This is pretty much already the case if you use centralized exchanges. The government know everything you do, your coins don't actually belong to you, and you can be denied access to them at any point. That's not bitcoin - that's a bank.

Remember when Binance attacked bitcoin by trying to roll back the chain to cover their own losses? Binance doesn't care about bitcoin, and I don't care if Binance gets taken down. Sure, there might be a short term price hit, but Bitcoin thrived before Binance, and it will thrive after Binance.

[Z-tight]

@Z-tight. Binance is shady, I agree. However, it would be very much more helpful and beneficial for us if Binance is never taken down. You reckon if Binance is taken down, it would stop there? The government will never stop until the whole cryptospace is fully under their control and regulated. Binance's fight to stay online is by implication also the cryptospace's fight.

Why do people still believe that Binance is in love with BTC and they are in this business to hold the crypto industry together and for BTC to live longer, heil CZ! I am not buying this, and anyone who cares about the facts wouldn't too. Binance are shady and care only about their shitcoins they use to make profit, that's why they don't want you to withdraw BTC by making it expensive, so you can "conveniently" use their shitcoins for your withdrawal.

I don't know if Binance will bite the dust, but if they do, many shitcoins that scam people will be purged out of the industry, so many people who think it is safe to store funds in a centralized exchange would move to self custody. BTC price will fall in the short term, but Binance don't control the BTC network, so the price will climb up again, this will make so many people believe in the true value of BTC and its lack of control by any institution.

[bbc.reporter]

I am quite certain none of us small minnows would like a fully regulated cryptospace.

I'd rather not use bitcoin at all than use it exclusively via the rules and regulations that Binance enforce. Full KYC, zero privacy, zero security, full surveillance, permissioned, censored, complete governmental control.

This is pretty much already the case if you use centralized exchanges. The government know everything you do, your coins don't actually belong to you, and you can be denied access to them at any point. That's not bitcoin - that's a bank.

Remember when Binance attacked bitcoin by trying to roll back the chain to cover their own losses? Binance doesn't care about bitcoin, and I don't care if Binance gets taken down. Sure, there might be a short term price hit, but Bitcoin thrived before Binance, and it will thrive after Binance.

Hehe Binance's rules will appear to not be that very strict compared to a fully regulated cryptospace according to the regulations of something the regulators want in America.

I have discussed this and what it might appear like in this thread with @Abiky. It also appears not many people in the forum are paying much attention on this.

https://bitcointalk.org/index.php?topic=5447061.msg62196665#msg62196665

[o_e_l_e_o]

https://bitcointalk.org/index.php?topic=5447061.msg62196665#msg62196665

I don't disagree with anything you have written there, and the people in this space calling for more regulations are crazy. But seeing Binance as some kind of bastion of hope against these regulations is also crazy. Binance have shown time and again that they do not care about bitcoin or their users in the slightest. They only care about their own profits. They will fight regulations which prevent them from operating in various jurisdictions, but they will do absolutely nothing against regulations which are actually damaging to the space.

Thankfully, governments around the world can regulate centralized exchanges and centralized services as much as they want, and we can continue to use bitcoin freely in a peer to peer manner as intended.

[aysg76]

Remember when Binance attacked bitcoin by trying to roll back the chain to cover their own losses? Binance doesn't care about bitcoin, and I don't care if Binance gets taken down. Sure, there might be a short term price hit, but Bitcoin thrived before Binance, and it will thrive after Binance.

There have been many instances where they have played in this manner to make people fool for their personal profits like the tweet about self custody by CZ was just an attempt to attract people to use their centralised exchange so he becomes more rich.You are right about that after Binance there could be market dump for temporary period as they have millions of users and so much volume but bitcoin they have benefitted from bitcoin so we don't need them to thrive in the future also.People need to understand this self custody is best if you prefer privacy.

[bbc.reporter]

https://bitcointalk.org/index.php?topic=5447061.msg62196665#msg62196665

I don't disagree with anything you have written there, and the people in this space calling for more regulations are crazy. But seeing Binance as some kind of bastion of hope against these regulations is also crazy. Binance have shown time and again that they do not care about bitcoin or their users in the slightest. They only care about their own profits. They will fight regulations which prevent them from operating in various jurisdictions, but they will do absolutely nothing against regulations which are actually damaging to the space.

Thankfully, governments around the world can regulate centralized exchanges and centralized services as much as they want, and we can continue to use bitcoin freely in a peer to peer manner as intended.

However, it is the government that forces centralized exchanges to comply under their rules and make them ask their users for KYC, to have no privacy, have full surveillance and complete governmental control. Exchanges were much better before 2017 when there was no compliance nightmare imposed by the government.

Also, Binance as business should always care for their profits and should also be careful how they run the business or they become bankrupt similar to Bittrex.

[KingsDen]

Remember when Binance attacked bitcoin by trying to roll back the chain to cover their own losses? Binance doesn't care about bitcoin, and I don't care if Binance gets taken down. Sure, there might be a short term price hit, but Bitcoin thrived before Binance, and it will thrive after Binance.

There have been many instances where they have played in this manner to make people fool for their personal profits like the tweet about self custody by CZ was just an attempt to attract people to use their centralised exchange so he becomes more rich.You are right about that after Binance there could be market dump for temporary period as they have millions of users and so much volume but bitcoin they have benefitted from bitcoin so we don't need them to thrive in the future also.People need to understand this self custody is best if you prefer privacy.

Binance is highly centralized and binance is just profit concern. If they have the opportunity to suffocate bitcoin for their business and coins to prosper, CZ will do it. They have succeeded in making bitcoin being used in a more centralized way and I fear that the existence of exchanges will impact bitcoin negatively on the long run by making it going the centralization way.

The mempool congestion that happened, we all saw how Binance raised the fees abnormal and encourage people to use their chain for low fee transactions.
If not for the impact the collapse of Binance will cost in the cryptocurrency industry, I would have said that the monopoly minded exchange should give way.

[bbc.reporter]

@KingsDen. I reckon it is very easy for us small minnows to talk because we can continue trading in the cryptospace even with low liquidity in small exchanges and DeFi. However, for the whales who trade with size, they need the liquidity that the big exchanges like Binance offer. It is also not only about trading, the whales also need the big exchanges for their onramps and offramps where they can smoothly deposit and withdraw millions in fiat.

[bbc.reporter]

News update.

It appears Binance.us' banking partners are also being attacked and intimidated by uncle Gary and the SEC. If you think uncle Gary is doing this to protect small minnows like us then I would say that you are a nonthinking, indoctrinated robot.

The SEC of any country has seldom created rules and regulations to protect the public. It protects the country's rulers who own the banks and those people who control and manipulate traditional finance. They are the real criminals.



The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. http://Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work.

As a result, in an effort to protect our customers and platform, today we are suspending USD deposits and notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023. We encourage customers to take appropriate action with their USD.

Our priority is, and has always been, our customers. We are taking these proactive steps as we–for a time–transition to a crypto-only exchange. To be clear, we maintain 1:1 reserves for all customer assets. Any downtime in processing withdrawals may be the result of elevated volumes and weekend bank closures. Moreover, trading, staking, deposits and withdrawals in crypto remain fully operational.

While we remain open to a productive compromise that enables a thriving digital asset marketplace in America, http://Binance.US will continue to vigorously defend ourselves, our customers, and industry against the meritless attacks of the SEC.

Source https://twitter.com/binanceus/status/1666996908651323393

[bbc.reporter]

News update.

It appears Binance needs a new strategy. Separate the European Union customers and let them log in on a .eu domain similar to how they are already doing it with Binance.us.

In anycase, what other exchanges like Kucoin and Bybit can learn from Binance's regulatory problems is do not grow too big and be noticed by regulators hehehe.



Belgium's top markets regulator is ordering embattled crypto exchange Binance to immediately cease serving local customers, according to a Friday notice.

The Financial Services and Markets Authority (FSMA) said Binance is "offering and providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area," which the regulator says is in violation of a prohibition.

Source https://www.coindesk.com/policy/2023/06/23/binance-ordered-to-immediately-halt-offering-crypto-services-in-belgium-by-markets-regulator/

[Woodie]

At this point its safe to say that Binance has being a step ahead in how they have being doing their business , and in places were they thought their stay won't be long they went ahead and dedicated special domain for places such  as the US market to separate it from its other businesses , and since different countries  require different requisites to meet at this point I think they will just have limited markets at this point were they have to do a lot of paper work to get around and keep operating in countries were there is less paper work.

For now these  guys are still around and won't bite the dust.

[Z-tight]

For now these  guys are still around and won't bite the dust.

For now they are still in operation, but don't think they are too big to fail or bite the dust, i am not saying that i know for sure that they are going to collapse, but it is something that's possible, with the recent events of collapsed centralized exchanges, lending and earning platforms and other similar services, you should know now that none of them is too big to bite the dust.

It is good if people use exchanges with the belief that they can collapse at anytime, that way they'll store their money in self custody wallets and be aware that "not your keys, not your coins".

[bbc.reporter]

Binance might not bite the dust, however, it is beginning to suffer a slow dismantling process being done against it by the regulators and the people behind traditional finance. The exchange is banned from operating under the jurisdictions of Netherlands, Canada, Belgium and a few more and this is also increasing. Their banking partners are also withdrawing their support for the exchange.

Where will Binance and CZ be in 5 years?

[Doan9269]

For now these  guys are still around and won't bite the dust.

For now they are still in operation, but don't think they are too big to fail or bite the dust, i am not saying that i know for sure that they are going to collapse, but it is something that's possible, with the recent events of collapsed centralized exchanges, lending and earning platforms and other similar services, you should know now that none of them is too big to bite the dust.

It is good if people use exchanges with the belief that they can collapse at anytime, that way they'll store their money in self custody wallets and be aware that "not your keys, not your coins".

If we are to judge from he aspect of what we are seing currently with Binance exchange, they don't seems to have any operational issues that could stop them from being existing, the threat coming from the US government is nothing to write about, but we should know that this alone doesn't change the fact that they are still centralized exchange and can go thesame way other existing exchanges have left, same risk and nothing more, but they only seem more reliable to may which doesn't change them from being a centralized exchange.

[Z-tight]

but they only seem more reliable to may which doesn't change them from being a centralized exchange.

"They seem more reliable" is the same thing as 'Binance are too big to fail', and so many Binance users repeat this line, like i said, the message isn't for people not to use Binance to trade, but for them to believe that they can bite the dust like the others that have, if we all agree that they are reliable, it is like an agreement that it is safe for people to store their funds in Binance, but if we all agree that they can collapse, which they surely can, self custody would be the only means of storing funds.

[bbc.reporter]

@Z-tight. What is worrying about Binance is there is an increasing threat of being cut off from different jurisdictions. I reckon if this continues and if a panic begins, I am afraid that Binance would decide to freeze all their users' accounts from withdrawals not because they do not have the funds, but because they want to save the exchange. One big panic is all it might take for Binance to bite the dust.

However, I hope everyone is ready for the next head shaking storyline because anyone who hates CZ will certainly hate this next possbility. If Binance goes down, what if Justin Sun enters with his billions and buy Binance then become the new king of the cryptospace?

[Rikafip]

What is worrying about Binance is there is an increasing threat of being cut off from different jurisdictions. I reckon if this continues and if a panic begins, I am afraid that Binance would decide to freeze all their users' accounts from withdrawals not because they do not have the funds, but because they want to save the exchange. One big panic is all it might take for Binance to bite the dust

If what you are saying is true and all it takes is bunch of people trying to withdraw money to ruin Binance, then it is a scam exchange that is misuing people's money in the same way FTX did. I mean, I woulnd't be surprised if there is some delay in case large amount of people try to withdraw simply due tehical issues but why would that mean the end of Binance?

Either way, no exchange is place to store your crypto, no matter how reputable it is.

If Binance goes down, what if Justin Sun enters with his billions and buy Binance then become the new king of the cryptospace?

Lol chances of that happening ( Sun buying out Binance and becoming "king of cryptospace") are slim to none. I am sure that he would use that hypotethical situation to promote hismelf future (as he usually do) but I don't think that he has that amount of money.

[bbc.reporter]

If Binance goes down, what if Justin Sun enters with his billions and buy Binance then become the new king of the cryptospace?

Lol chances of that happening ( Sun buying out Binance and becoming "king of cryptospace") are slim to none. I am sure that he would use that hypotethical situation to promote hismelf future (as he usually do) but I don't think that he has that amount of money.

Agreed that chances for it are small, however, I would not say it is slim. It might be moderately higher than estimated.

On Justin Sun's money, I have always speculated that he has backers from China who Justin might be laundering money for through his different projects and exchanges in the cryptospace. Binance could be an important piece in their operation because much of the cryptospace's inflows and outflows of cash and coins pass through it.

Also, Justin and CZ are friends and it would not be shocking if they are supported by the same Chinese backers.

[Z-tight]

I reckon if this continues and if a panic begins, I am afraid that Binance would decide to freeze all their users' accounts from withdrawals not because they do not have the funds, but because they want to save the exchange. One big panic is all it might take for Binance to bite the dust.

With a fractional reserve system in operation, if a bank run happens to Binance they are surely going to bite the dust, they cannot handle > 70% of their customers all trying to withdraw their money all at the same time. But with recent events involving crypto platforms, people don't panic when they can still save their funds, the panic button goes off once it is already too late, just because "it is too big to fail".

[bbc.reporter]

@Z-tight. It appears the panic is slowly coming among people who really know what is happening. According to Fortune magazine, Binance's senior executives quit after CZ's response to the DOJ's investigation.

I want to know what was CZ's response and why this caused the most important people in charge of compliance to leave. The article is not very clear on this. Are they implying that CZ does not listen to the advice of his executives anymore?

In any case, are we witnessing FTX collapse 2.0?



Fortune has learned that senior figures, including general counsel Hon Ng, chief strategy officer Patrick Hillmann, and SVP for compliance Steven Christie, told Zhao this week they are leaving the company. Their departure follows the recent exit of Matthew Price, a former IRS agent whom Binance hired in 2021 to oversee global investigations and intelligence.

The decision by the executives to quit the company represents a management and strategic crisis for Binance at a time when it is navigating immense regulatory pressure. The situation is also likely to increase that pressure given that the departures are from legal and compliance units that deal most directly with regulators.

Binance did not immediately respond to a request for comment on the departures.

Source https://fortune.com/crypto/2023/07/06/binance-crisis-executives-quit-changpeng-zhao-justice-department/

[FinneysTrueVision]

@Z-tight. It appears the panic is slowly coming among people who really know what is happening. According to Fortune magazine, Binance's senior executives quit after CZ's response to the DOJ's investigation.

I want to know what was CZ's response and why this caused the most important people in charge of compliance to leave. The article is not very clear on this. Are they implying that CZ does not listen to the advice of his executives anymore?

In any case, are we witnessing FTX collapse 2.0?

CZ is saying on Twitter that this is all FUD. Maybe people are making too much of some of these recent departures and it could just be normal turnover, but it seems very clear to me that regulators are looking to make an example out of Binance. There are currently ongoing investigations in several countries right now so just dismissing everything as FUD does not give me ease of mind. Do Kwon and SBF also reassured the public that everything was fine before their projects collapsed. If Binance fails it would have an even greater impact than the collapse of FTX and Terra Luna.

[o_e_l_e_o]

There are currently ongoing investigations in several countries right now so just dismissing everything as FUD does not give me ease of mind.

Take a look at this post of mine from November last year: https://bitcointalk.org/index.php?topic=5419710.msg61253386#msg61253386

In that post, I link to various statements from Celsius and Voyager saying the same thing - that all accusations were FUD - that they made in the days before their collapse. I made that post in response to SBF saying that all accusations against FTX were FUD, warning people not to listen to him and to withdraw all their coins. I was obviously proven right with FTX declaring bankruptcy just a few days later.

It is a recurring pattern with centralized exchanges. Things start to look uneasy, the CEO dismisses everything as FUD and promises fUnDs ArE sAfU, and then not long afterwards they freeze all withdrawals.

No exchange is immune to same thing happening to them and no exchange is too big to fail. Get all your coins in to your own wallets before it is too late.

[bbc.reporter]

@o_e_l_e_o. I have also been seeing those type of comparisons in social media recently. Maybe 1 month ago if someone asked me if uncle Gary would be successful in taking down Binance, I would certainly answer no. Presently if asked the same question, I would be shocked if CZ gets out of this difficult situation without a fine.

However, if he is only fined and allowed to continue to operate Binance, I would consider this a victory. Pump bitcoin to $40k quickly!

[wavessurfing]

https://www.reddit.com/r/btc/comments/14v9lqn/binanceus_runs_out_of_bch_freezes_bch_withdrawals/

binance us lacks of BCH and freezes withdrawals..

[o_e_l_e_o]

https://www.reddit.com/r/btc/comments/14v9lqn/binanceus_runs_out_of_bch_freezes_bch_withdrawals/

binance us lacks of BCH and freezes withdrawals..

I mean, if anyone still didn't think Binance are running a fractional reserve system after their failed "proof of reserves" debacle, then this must be the thing that convinces you otherwise. "There's been a temporary shortage in the concentration of BCH on the BCH network"? Lmfao. What does that word salad bullshit even mean? I mean, everyone knows Bcash is a shitcoin, but it's not so shit that suddenly large amounts of it disappear from the network and cause a shortage. Lol.

This is literally Binance being caught red handed running fraction reserve, and making up complete bullshit in the hope the vast majority of users won't understand what they are reading.

[bbc.reporter]

https://www.reddit.com/r/btc/comments/14v9lqn/binanceus_runs_out_of_bch_freezes_bch_withdrawals/

binance us lacks of BCH and freezes withdrawals..

I mean, if anyone still didn't think Binance are running a fractional reserve system after their failed "proof of reserves" debacle, then this must be the thing that convinces you otherwise. "There's been a temporary shortage in the concentration of BCH on the BCH network"? Lmfao. What does that word salad bullshit even mean?

It appears there are BCH tokens issued in other networks like Binance smartchain? However agreed, this is very concerning. This is very much similar to what I have been saying before, anything in an unregulated environment that can fractionalize will fractionalize.

In any case, on my speculation that Justin Sun might save Binance, it might be the beginning hehehe. Justin Sun controls the private key that mints and issue TUSD. If this is 100% backed or not, we cannot be certain.



Binance holds almost 90% of TrueUSD after a recent spike that saw more than $2 billion of the dollar-pegged stablecoin move to the world’s largest crypto exchange.

Source https://www.dlnews.com/articles/markets/binance-controls-90-percent-of-stablecoin-trueusd-supply/

[dansus021]

It appears there are BCH tokens issued in other networks like Binance smartchain? However agreed, this is very concerning. This is very much similar to what I have been saying before, anything in an unregulated environment that can fractionalize will fractionalize.

Are they?

But yes to make binance smart chain popular Binance start to peg everything from bitcoin usdt usdc and other tokens from ERC 20 asset bring to the smart chain, tho they say it is 100% peg with real asset but sometimes depeg or the original balance less than the peg token


maybe you guys should check this website regulary https://www.binance.com/en/collateral-btokens if play with smart chain of BNB

[o_e_l_e_o]

It appears there are BCH tokens issued in other networks like Binance smartchain?

That's irrelevant, though. There will never be a shortage of tokens on Binance smartchain because Binance can and do just create more out of thin air whenever they need them. This was someone trying to withdraw actually Bcash, which revealed Binance do not have the reserves they claim to have.

maybe you guys should check this website regulary https://www.binance.com/en/collateral-btokens if play with smart chain of BNB

Binance are never going to publish numbers which show they are insolvent. Just like their "proof of reserves", they will fudge, obfuscate, and outright lie in order to appear fully backed up. But we've literally just seen proof that they are running fractional reserve, despite all these lies.

[dansus021]

Binance are never going to publish numbers which show they are insolvent. Just like their "proof of reserves", they will fudge, obfuscate, and outright lie in order to appear fully backed up. But we've literally just seen proof that they are running fractional reserve, despite all these lies.

I am also curious about a centralized exchange like what FTX did, basically Centralized Exchanges get money from fees right so why do they still use some of the user money  I mean they got a commission from every trade literally every buy and sell that happens on the exchange.

and in this case, FTX is the second biggest CeX before collapses they should have a bunch of money from transactions and other fee like withdrawal fee right?

[Rikafip]

I am also curious about a centralized exchange like what FTX did, basically Centralized Exchanges get money from fees right so why do they still use some of the user money  I mean they got a commission from every trade literally every buy and sell that happens on the exchange.

Good ol' greed, as simple as that.

Owners of these exchanges see people holding large amounts of crypto on their platform for longer period of time so then they start looking around for ways to maximize profit, which then leads to putting money to Celsius and similar shennanigans.

[o_e_l_e_o]

You will never find a centralized exchange which says "No thanks, we've made enough profits, no more profit for us". This is the sole reason they exist - to make their owners/operators money. Any service they provide to their users is simply a means to this end.

Yes, they will be making money from every trade and every withdrawal, but that's simply not enough for them. If they can gamble or invest your coins to make themselves even more money while passing all the risk on to you, then of course they will do that. That's exactly what all the recently collapsed exchanges from the last few months were doing.

[dansus021]

Good ol' greed, as simple as that.

Owners of these exchanges see people holding large amounts of crypto on their platform for longer period of time so then they start looking around for ways to maximize profit, which then leads to putting money to Celsius and similar shennanigans.

You will never find a centralized exchange which says "No thanks, we've made enough profits, no more profit for us". This is the sole reason they exist - to make their owners/operators money. Any service they provide to their users is simply a means to this end.

Yes, they will be making money from every trade and every withdrawal, but that's simply not enough for them. If they can gamble or invest your coins to make themselves even more money while passing all the risk on to you, then of course they will do that. That's exactly what all the recently collapsed exchanges from the last few months were doing.

What a crazy thing hahaha I mean some of the coin now is Proof of Stake that literally can generated more money just by sitting in Centralized Exchange wallet right they also earning from there too.

But you maybe right @Rikafip the greed is always been there

after all they are human greed is our nature 

[bbc.reporter]

You will never find a centralized exchange which says "No thanks, we've made enough profits, no more profit for us". This is the sole reason they exist - to make their owners/operators money. Any service they provide to their users is simply a means to this end.

It appears that you have not considered that competion is one of the elements in business and crypto exchanges belong to a very competitive market. If you run it like I have enough profits, you risk your exchange to be outcompeted and in time your competition might bankrupt you.

In any case, news update. Binance might be outcompeted by the next biggest exchange hehehehehe. Sam is happy with news, I reckon.



Binance lays off employees days after executive exodus

Cryptocurrency exchange Binance has cut jobs just days after it was hit by a wave of executive exits, a source familiar with the matter told Reuters on Friday.

The layoffs at the world's biggest crypto exchange come at a time when the industry's future in the U.S. market is uncertain, with regulators aggressively clamping down on what they deem are illegal activities.

The job cuts were first reported by the Wall Street Journal, which said more than 1,000 people had been let go in recent weeks.

Source https://www.reuters.com/technology/binance-lays-off-over-1000-employees-wsj-2023-07-14/

[o_e_l_e_o]

Binance are banned from multiple countries and jurisdictions. "It's just FUD."
Binance top execs quit. "It's just FUD."
Binance have to fire over 1,000 employees. "It's just FUD."
Binance are caught running fractional reserve and have to shut down withdrawals. "It's just FUD."

Don't worry. It's just FUD. Leave your coins on Binance. I'm sure it will all be fine!

[bbc.reporter]

@o_e_l_e_o. Similar to what I said to you on July 8 in this thread, before it appeared to be FUD. Presently, for certain Binance will die. The speculation is in how Binance's dominance will end. Will it be similar to FTX where we witness the imprisonment of CZ and the collapse of Binance or will Binance end like Poloniex or Bittrex and become a small exchange that everyone avoids hehehe.

Would you agree if I say that Binance will end and CZ will go to prison on 2024?

[o_e_l_e_o]

Would you agree if I say that Binance will end and CZ will go to prison on 2024?

Probably not. It wouldn't surprise me at all if Binance collapsed at any point. We already know they are running fractional reserve and they mint their centralized shitcoins out of thin air to fund their ongoing operations. Just like Celsius, BlockFi, Voyager, FTX, and dozens more, they will continue to operate and claim everything is absolutely fine until suddenly suspending all withdrawals. This could happen at any time. I think it's highly unlikely that CZ will go to jail, though. I mean, Mashinsky still isn't in jail a year on from Celsius's collapse, despite mountains of evidence of him committing outright fraud.

You mean Celsius, right?

Yes, lol. There have just been so many centralized exchanges collapse that it is hard to keep track of them all.

[Rikafip]

I mean, Mashinsky still isn't in jail a year on from FTX's collapse, despite mountains of evidence of him committing outright fraud.

You mean Celsius, right? Btw, I don't know if you missed that but he has been arrested few days ago and accused by SEC for commiting a fraud, among other things.

Alex Mashinksy, co-Founder and former CEO of insolvent crypto lender Celsius was arrested on Thursday following an investigation into the company's collapse, Bloomberg reported citing a person familiar with the matter.

The U.S. Securities and Exchange Commission (SEC) accused the firm Mashinsky of securities fraud, in a lawsuit filed Thursday. The lending platform filed for bankruptcy last July, and crypto consortium Fahrenheit recently won a bid to acquire its assets.

Bloomberg reported earlier this month that Mashinsky and Celsius may also face a suit from the U.S. Commodity Futures Trading Commission (CFTC). The report said that investigators at the CFTC concluded that the bankrupt lender and its CEO broke the regulators' rules by misleading investors.

Regarding Binance going down in 2024, I don't think that chances of that happening are high because market should look better in 2024 as its halvening year, meaning fomo and loads of fresh money going into Binance so they will be able to cover any dodgy thing that they are doing.

[bbc.reporter]

Would you agree if I say that Binance will end and CZ will go to prison on 2024?

Probably not. It wouldn't surprise me at all if Binance collapsed at any point. We already know they are running fractional reserve and they mint their centralized shitcoins out of thin air to fund their ongoing operations. Just like Celsius, BlockFi, Voyager, FTX, and dozens more, they will continue to operate and claim everything is absolutely fine until suddenly suspending all withdrawals. This could happen at any time. I think it's highly unlikely that CZ will go to jail, though. I mean, Mashinsky still isn't in jail a year on from Celsius's collapse, despite mountains of evidence of him committing outright fraud.

I disagree on CZ not going to jail. He was the trigger that caused the collapse of FTX and exposed Sam Bankrupt-Fried as a fraud. The rumor is Sam is a pet of uncle Gary and the Democratic party's boy for their moneylaundering operations. I would not be shocked if there was some truth to this because Sam's parents have some connections to the Democrats, his mother is also rumored to be close to Hillary Clinton. It is not a surprise that Sam is one of the biggest donors to the Democratic party hehehe.

In any case, there might be people in the government who will use everything in the law to witness CZ go to an American jail. This might also be seen as good for their war against China storyline.

@Rikafip. My prediction, CZ will resign or be removed as CEO and Justin Sun will buy Binance and continue to operate as a small exchange similar to Poloniex.

[o_e_l_e_o]

I disagree on CZ not going to jail.

He has a lot of money and will hire a lot of very smart lawyers. Remember it's one set of rules for the rich and another set for the rest of us. He'll be able to either argue or bribe his way away from jail, I'm sure.

@Rikafip. My prediction, CZ will resign or be removed as CEO and Justin Sun will buy Binance and continue to operate as a small exchange similar to Poloniex.

If there is one person you should trust less than CZ in this space, it's Justin Sun. He is a plagiarizer and a scammer.

[Rikafip]

In any case, there might be people in the government who will use everything in the law to witness CZ go to an American jail. This might also be seen as good for their war against China storyline.

In one of the earlier posts in this thread you said that behind CZ and Justin might be chinese money (which I woulnd't be surprised is the case btw). So, let's say for the sake of argument that CZ is indeed backed by China, do you really believe that they will let him being arrested and sent to US jail? I honestly don't think so.

@Rikafip. My prediction, CZ will resign or be removed as CEO and Justin Sun will buy Binance and continue to operate as a small exchange similar to Poloniex.

I know that you like to make an "interesting" predictions, but I wonder how often they turn out to be true?

[bbc.reporter]

@Rikafip. My prediction, CZ will resign or be removed as CEO and Justin Sun will buy Binance and continue to operate as a small exchange similar to Poloniex.

I know that you like to make an "interesting" predictions, but I wonder how often they turn out to be true?

Agreed that it has only a low chance to occur, however, witnessing Justin Sun buy Poloniex and rumored to be behind the group that moved on the takeover of Huobi, I would not be shocked if he also purchased Binance.

Justin Sun is also the issuer behind the stablecoin TUSD which 90% of this is used in Binance as an unofficial replacement for BUSD.

[bbc.reporter]

News update.

Since when does the government care about the consumers? For the skeptical me, it appears that they cannot charge Binance with anything without fighting a legal battle that they might lose. Their only choice might be to presently make it appear that they are being sensible hehehe.

A fine is a victory for CZ. This is a bullish fine hehehehe.



The United States Department of Justice is reportedly considering charging cryptocurrency exchange Binance with fraud, but hesitating based on costs to consumers.

According to an Aug. 2 Semafor report citing people familiar with the matter, Justice Department officials are concerned about an indictment against Binance causing a run on the exchange similar to what happened with FTX in November 2022. They are reportedly considering fines or non-prosecution agreements for Binance rather than criminal charges in an effort to reduce the harm to consumers.

Binance was already reportedly the target of a criminal probe in the U.S. for allegedly violating the country’s sanctions on Russia. The U.S. Securities and Exchange Commission also filed a lawsuit against the crypto exchange in June for allegedly offering unregistered securities and operating illegally, and the Commodity Futures Trading Commission targeted the exchange and CEO Changpeng “CZ” Zhao in March for allegedly violating trading and derivatives regulations.

Source https://cointelegraph.com/news/us-doj-concerned-binance-run-prosecutors-fraud-charges

[babygun]

News update.

Since when does the government care about the consumers? For the skeptical me, it appears that they cannot charge Binance with anything without fighting a legal battle that they might lose. Their only choice might be to presently make it appear that they are being sensible hehehe.

A fine is a victory for CZ. This is a bullish fine hehehehe.

More and more governments are going after Binance (and some other exchanges) and while it will always be a legal battle and can end up in fines, Binance need to cease their operations in a number of countries in Europe (including Belgium: https://fortune.com/2023/06/23/belgium-orders-binance-to-cease-operations/).
While you can still login right now and access your account, I didn't trust it anymore and transfered all my coins to Kraken and cashed out the BNB I had staked over there.

[bbc.reporter]

@babygun. What is head scratching here is Binance left certain jurisdictions voluntarily maybe to avoid any legal battles, however, they are staying in America despite knowing that there might be the risk that uncle Gary might start a legal battle. Why is this? Why is America very much important for CZ and he is beginning to be so annoying for uncle Gary and the SEC?

[Poker Player]

Why is America very much important for CZ and he is beginning to be so annoying for uncle Gary and the SEC?

For money, basically, and prestige. The GDP of the USA is $23.32B, while that of Belgium mentioned by Babygun is $0.6B. There is a big difference. Leaving the US and leaving Coinbase as number 1 there doesn't seem like an interesting move from a competitive standpoint either. Other than that I guess they will have a legal team looking at possible future actions, and the SEC has had a setback in court recently that you echoed.

[babygun]

Why is America very much important for CZ and he is beginning to be so annoying for uncle Gary and the SEC?

For money, basically, and prestige. The GDP of the USA is $23.32B, while that of Belgium mentioned by Babygun is $0.6B. There is a big difference. Leaving the US and leaving Coinbase as number 1 there doesn't seem like an interesting move from a competitive standpoint either. Other than that I guess they will have a legal team looking at possible future actions, and the SEC has had a setback in court recently that you echoed.

It is always about the money; countries like Belgium or the Netherlands are so small and the market for crypto is pretty small also. A lot of people either don't know about crypto or think it is a scam. I also don't really know why the Belgium government is going after Binance but that's another discussion. Luckily I can still use Kraken without any problems and that has always been my nr 1 exchange.

[Z-tight]

While you can still login right now and access your account, I didn't trust it anymore and transfered all my coins to Kraken and cashed out the BNB I had staked over there.

Transferring your coins from Binance to Kraken only gives you a false sense of security, they are both centralized exchanges and the risks are the same thing, there is also the risk of a domino effect, and if Binance bites the dust, some other exchanges will be affected as well as platforms that are exposed to them. If you are moving funds out of Binance, it should be to your self custody wallet.

[bbc.reporter]

Why is America very much important for CZ and he is beginning to be so annoying for uncle Gary and the SEC?

For money, basically, and prestige. The GDP of the USA is $23.32B, while that of Belgium mentioned by Babygun is $0.6B. There is a big difference. Leaving the US and leaving Coinbase as number 1 there doesn't seem like an interesting move from a competitive standpoint either. Other than that I guess they will have a legal team looking at possible future actions, and the SEC has had a setback in court recently that you echoed.

It is always about the money; countries like Belgium or the Netherlands are so small and the market for crypto is pretty small also. A lot of people either don't know about crypto or think it is a scam. I also don't really know why the Belgium government is going after Binance but that's another discussion. Luckily I can still use Kraken without any problems and that has always been my nr 1 exchange.

You might be right. It is easier to give up in jurisdictions that they do not really need and fight for the jurisdictions where much of their profits come from hehehe. Also, once all of their legal battles are won in these important jurisdictions, CZ might also begin fighting to capture those less important jurisdictions back again hehe. There is an old tactic where a general should concentrate his men and armaments in the most important points to win the war.

[bbc.reporter]

News update. This is really 4 day old news hehe.

However, it appears CZ did not only promote Kristen Hecht for her qualifications. She might have been promoted because of her connections within the American government. Kristen worked in the US department of treasury as a senior policy advisor from 2006 to 2014 under the Bush and the Obama administrations.



Binance has appointed Kristen Hecht as its new deputy chief compliance and global money laundering reporting officer, a new role to oversee both areas as the exchange grapples with potential fraud charges from U.S. regulators, the company announced Thursday. Several top legal and compliance executives have left the exchange in recent weeks, reportedly because of the strain of dealing with multiple investigations into its practices, although Binance denies this is the case.

Hecht is a familiar face at Binance, having previously served as the global head of corporate compliance at the exchange for the past eight months, after working as the chief compliance officer at Meta’s crypto wallet project, Novi Financial, for less than two years. Earlier in her career, Hecht was a senior policy advisor at the U.S. Department of the Treasury.

In her new role, Hecht will primarily work on the company’s compliance program while also engaging with regulators, intergovernmental organizations and industry bodies, according to a press release. She will be working closely with Noah Perlman, who is replacing Hecht as Chief Compliance Officer.

Source https://www.coindesk.com/business/2023/08/03/binance-appoints-new-compliance-officer-as-regulatory-crackdown-intensifies/


Let us wait what new developments will come out from this.

[wavessurfing]

Let us wait what new developments will come out from this.

binance obtains bitcoin and crypto license in salvador

https://www.binance.com/en/blog/ecosystem/binance-becomes-first-fully-licensed-crypto-exchange-in-el-salvador-348306456147004721

[Kavelj22]

Let us wait what new developments will come out from this.

binance obtains bitcoin and crypto license in salvador

https://www.binance.com/en/blog/ecosystem/binance-becomes-first-fully-licensed-crypto-exchange-in-el-salvador-348306456147004721

El Salvador is one of the first countries to be friendly to Bitcoin, and its president worked to adopt Bitcoin payments, considering Bitcoin an official currency, like the local national currency and the dollar as well (the dollar is used in El Salvador in parallel with the local currency) and therefore citizens have the right to buy, sell and store Bitcoin without any obstacles, especially since the government has issued an official wallet app and has distributed a number of ATMs to various provinces. At the same time, several platforms provide trading services to the citizens of El Salvador. Now what happened after Binance obtained the activity license? The state has become able to track the activities of citizens and can track the financial activities of any citizen based on an official government request that it submits to Binance, and the platform is obliged to provide data to the government. This matter was not previously possible because the platforms that provide services to citizens did not conduct any procedure or contract with the government, that is, they are not registered in the state system. Just like Indonesia did when the government launched a trading platform that enables it to monitor the financial transactions in crypto for citizens instead of granting licenses to private companies.

As for Binance, it definitely got more privileges after officially registering as a recognized platform at official level, because I do not imagine that the Salvadoran market is very important, given the percentage of users out of the total population.

[bbc.reporter]

Let us wait what new developments will come out from this.

binance obtains bitcoin and crypto license in salvador

https://www.binance.com/en/blog/ecosystem/binance-becomes-first-fully-licensed-crypto-exchange-in-el-salvador-348306456147004721

CZ is very lucky to be in a jurisdiction that is as friendly as El Salvador and with a president who is very progressive like Nayib Bukele. I reckon some there might be maximalists who hate CZ will certainly be annoyed by this news hehehe. It is also head shaking that these type of people would support uncle Gary's crackdown on the cryptospace because of this hate.

[Z-tight]

CZ is very lucky to be in a jurisdiction that is as friendly as El Salvador and with a president who is very progressive like Nayib Bukele. I reckon some there might be maximalists who hate CZ will certainly be annoyed by this news hehehe. It is also head shaking that these type of people would support uncle Gary's crackdown on the cryptospace because of this hate.

There is nothing to hate here because nobody expected anything differently, adoption by governments is great for BTC, but the truth is that governments are centralized, so they are going to promote a centralized way of using BTC to their people. Most citizens in El Salvador don't use BTC, they don't even understand enough about it, and it is partly due to how their government introduced it to them.

The Chivo wallet that was created by the government of El Salvador is also a centralized wallet, and i don't think many citizens in El Salvador know how to use self custody wallets. Now with Binance licensed in the country, some of them will also start using the exchange to store their funds and to seek for APY. That is why i said there is nothing to hate here, the government of El Salvador would do what they think they can benefit from, but the trade-off here is that people will find it hard to understand and use BTC the way it should be used.

[bbc.reporter]

I am laughing it this news development. CZ accuses the SEC of a fishing expedition It might uncle Gary's turn to show everyone 4 fingers and tell CZ and everyone in social media that it is nothing but FUD hehehehehe.

In any case, it appears Binance might not be taken down this year. Next year might be another story, however.



Binance has asked a court for a protective order against the United States Securities and Exchange Commission, accusing the regulator of undertaking a “fishing expedition” with its discovery requests.

In an Aug. 14 court filing, Binance argued while it’s worked in good faith with a June court order, the SEC has served overly broad and unreasonable discovery requests that seek “every single document in [Binance’s] possession related to customer assets.”

“BAM has worked in good faith, but the SEC has been steadfast in its belief that the Consent Order gives it carte blanche to investigate every aspect of BAM’s asset custody practices without any discernible limitation whatsoever,” it stated.

Source https://cointelegraph.com/news/binance-files-motion-for-protective-order-against-sec

[bbc.reporter]

News update.

Another binance.us CEO has bitten the dust and according to this article, more than 100 employees have been removed from the exchange. How many more months does everyone speculate does binance.us have? Will it continue to exist after the next halving of bitcoin?

We cannot be quite certain how many more times CZ can hold the fingers 4 hehehe.



Binance.US Chief Executive Officer Brian Shroder has left the crypto trading platform and been replaced on an iterim basis by Chief Legal Officer Norman Reed, according to a company spokesperson. The departure comes as the company controlled by embattled digital entrepreneur Changpeng “CZ” Zhao is eliminating about one third of its workforce, or more than 100 positions, as a regulatory crackdown erodes its business.

It’s the second round of job cuts this year at the Miami-based firm as it faces a series of mounting legal and operational challenges. In June, the US Securities and Exchange Commission accused Binance Holdings, Zhao and Binance.US with mishandling customer funds, misleading investors and regulators, and breaking securities rules. Zhao and the companies have denied the allegations.

Source https://www.bnnbloomberg.ca/binance-us-ceo-departs-as-crypto-platform-cuts-third-of-staff-1.1970552

[Rikafip]

Another binance.us CEO has bitten the dust and according to this article, more than 100 employees have been removed from the exchange.

Exodus at Binance.us continues as both head of legal and chief risk officer also left the company. I guess rats are leaving the sinking ship.  

Source: https://www.theblock.co/post/251128/binance-us-legal-executive-chief-risk-officer-leave-the-exchange-wsj

How many more months does everyone speculate does binance.us have? Will it continue to exist after the next halving of bitcoin?

Their goal is probably to survive until the next bull run when all of this will be forgotten, therefore all those lay offs so yeah, I think that they will survive until then.

[bbc.reporter]

@Rikafip. I reckon it might be safe to speculate that Binance will close their doors on the US market, however, binance.com might continue to exist and operate. But it might become a forgotten exchange very much similar to Poloniex by the time the next bull market arrives. It might also have the same owner as Poloniex if CZ retires hehehehehe.


The year is 2026. Binance announces their new CEO

[Z-tight]

How many more months does everyone speculate does binance.us have? Will it continue to exist after the next halving of bitcoin?

Maybe or maybe not, we don't know the exact time it will bite the dust, but with the recent events happening in the exchange, it will bite the dust soon. Let it survive until the halving first, before we can discuss about after it .

It might also have the same owner as Poloniex if CZ retires hehehehehe.

Even despite all the regulatory troubles that Binance is having, cz surely wouldn't resign, he will be 'confident' in solving it all, and that all funds are Safu and everything is fud .

[Franctoshi]

How many more months does everyone speculate does binance.us have? Will it continue to exist after the next halving of bitcoin?

Maybe or maybe not, we don't know the exact time it will bite the dust, but with the recent events happening in the exchange, it will bite the dust soon. Let it survive until the halving first, before we can discuss about after it .

It might also have the same owner as Poloniex if CZ retires hehehehehe.

Even despite all the regulatory troubles that Binance is having, CZ surely wouldn't resign, he will be 'confident' in solving it all, and that all funds are Safu and everything is fud .

The pressure on Binance and its owner CZ is piling up and increasing day after day and no one knows when the balloon will burst.
 Even if the allegations leveled against Binance are true, They will deny it especially when there is no substantial evidence on the ground to prove the case and hence they will try to buy some time to see if they can cover up the shit.

Laying off such a significant number of staff /workers entails something that may happen in time to come.

[bbc.reporter]

How many more months does everyone speculate does binance.us have? Will it continue to exist after the next halving of bitcoin?

Maybe or maybe not, we don't know the exact time it will bite the dust, but with the recent events happening in the exchange, it will bite the dust soon. Let it survive until the halving first, before we can discuss about after it .

It might also have the same owner as Poloniex if CZ retires hehehehehe.

Even despite all the regulatory troubles that Binance is having, cz surely wouldn't resign, he will be 'confident' in solving it all, and that all funds are Safu and everything is fud .

Also after these recent resignations and firings of employees, CZ does not appear to be sharing his fingers 4 fud in social media. He might have real problems now, I reckon.

I also speculate that binance.us might not survive until the halving and what might occur is the exchange's closure might cause the next big dump on our faces hehehe. It might be the last dump, however.

[Rikafip]

@Rikafip. I reckon it might be safe to speculate that Binance will close their doors on the US market, however, binance.com might continue to exist and operate. But it might become a forgotten exchange very much similar to Poloniex by the time the next bull market arrives.

You think that binance.com might go down to those levels so soon? I mean, anything is possible when it comes to crypto, but I don't that to happen before next bull run comes (unless bull run comes much later than we all hope for).


In the other news, SEC keeps pressuring binance.us, this time asking court to approve an inspection.

In a scathing Monday court filing, the U.S. Securities and Exchange Commission (SEC) urged a D.C. court to approve an inspection into Binance.US, doubling down on previous accusations that the firm had failed to produce documents sought by the regulator in ongoing legal proceedings.

In June, the watchdog sued Binance.US, the exchange's global parent Binance Holdings and founder Changpeng “CZ” Zhao, alleging they ran an unlicensed securities exchange. The SEC's findings in the case so far demonstrate "the urgent need for an inspection," Monday's filing said, as the regulator restated its worries about Binance's use of custody platform Ceffu.

The SEC believes Ceffu, rebranded earlier this year from Binance Custody, may also be serving Binance.US, and therefore being used to shift U.S. customer funds out of the country in violation of a previous agreement to not do so.

The agreement was entered into because Binance.US' holding company BAM Trading Services failed to convince the SEC that it controlled its customers' assets, the filing said, adding that such conclusions were "undermined by BAM’s own documents and inability to keep its story straight, [which] did not actually establish that BAM exercised exclusive control over its customers’ assets."

[bbc.reporter]

@Rikafip. 2 years is not soon. Also, when the SEC and all of the other regulators are done on cracking down against Binance and CZ, I am quite certain that Binance will not be the first choice for old and new investors in the next bull market. Also, much of the community might stop recommending Binance because we cannot trust the regulators to stop going after CZ.

CZ can show fingers 4 FUD in social media everyday, however, this will not change the reality that they are losing customers and also might begin losing their dominance.



The US Securities and Exchange Commission (SEC) has claimed that Binance has failed to provide sufficient documentation despite previously agreeing to expedited discovery.

BAM, the organization responsible for Binance’s US affiliate, has submitted approximately 220 documents. However, the SEC’s legal representatives have alleged in a new filing that many of these documents consist of “unintelligible” screenshots and lack essential dates or signatures.

In a new twist to the ongoing courtroom drama, the SEC has alleged Binance of not cooperating in the ongoing probe, according to the unsealed documents.

The SEC also voiced concerns about Binance.US’s use of Ceffu, a custody service offered by Binance’s international arm – Binance Holdings Ltd – which appeared to be in violation of a previous agreement designed to prevent the transfer of assets abroad.

Source https://cryptopotato.com/binance-v-sec-lawsuit-update-september-17-problems-with-documentation-and-more/

[bbc.reporter]

There are rumors on social media that CZ's marketmaker Sigmachain had a shorfall. No one knows how much it has lost or how long this has been happening. However, what was reported in mainstream news media on June was Sigmachain was accused of receiving customer funds illegaly from Binance.

I reckon of this rumor is true and if the deficit is big enough to bring Binance to insolvency, we might be witnessing something similar to FTX-Alameda case.



Two offshore trading firms controlled by Binance founder and CEO Changpeng Zhao lie at the centre of the Securities and Exchange Commission (SEC) lawsuit launched against the world's largest crypto exchange, which highlights concerns over client funds.

Swiss-registered Sigma Chain received customer funds from Binance, the U.S. regulator said in its complaint on Monday, and then engaged in "manipulative trading" to artificially inflate the exchange's trading volumes.

Source https://www.reuters.com/markets/us/zhao-controlled-binance-trading-firms-heart-sec-lawsuit-2023-06-06/

[bbc.reporter]

Will these terrorism funding accusations and allegations get the victory for these politicians and make Binance to bite the dust or is this another FUD only? The clowns of government have been attacking the exchange for more than 1 year and none of them could defeat the defense powers of CZ heheheh.



Republican lawmakers urged the U.S. Department of Justice to figure out the extent to which Binance and Tether might be supporting terrorism funding following attacks on Israel.

Read in full https://www.theblock.co/post/259675/lawmakers-call-on-doj-to-consider-charges-against-binance-further-investigate-tether-over-possible-involvement-in-illicit-finance

[Rikafip]

According to Bloomberg, US Department of Justice asks from Binance $4 billion as a settlement to end criminal case. Sounds more like an extortion to me, after everything that has happened.

Anyway, that's not the amount that could cause issues for CZ/Binance.

In a vital development for the proceedings, the US government is seeking over $4 billion from Binance to end its criminal case. Moreover, the funds would be a key part of the proposed resolution. Subsequently, it would bring an end to an investigation of the cryptocurrency exchange that has been ongoing for years.

Additionally, reports state that criminal charges for Binance founder Changpeng Zhao would be included in a resolution. Specifically, Bloomberg states the resolution plan would “resolve the probe into alleged money laundering, bank fraud, and sanctions violations,” according to sources.

[Z-tight]

According to Bloomberg, US Department of Justice asks from Binance $4 billion as a settlement to end criminal case. Sounds more like an extortion to me, after everything that has happened.

The news says they are deciding against charging Binance due to this reason:

Moreover, the DOJ had debated potentially charging the crypto exchange with fraud, weighing the impact of the industry overall, and a bank run that would have ensued.

Do they now care so much about the crypto industry, to the extent of not charging a service they think has committed fraud, but they rather choose a settlement of $4 Billion to end the case. I don't know what's going on here, but i think this is a resolution that Binance and cz would accept.

[bbc.reporter]

According to Bloomberg, US Department of Justice asks from Binance $4 billion as a settlement to end criminal case. Sounds more like an extortion to me, after everything that has happened.

Anyway, that's not the amount that could cause issues for CZ/Binance.

In a vital development for the proceedings, the US government is seeking over $4 billion from Binance to end its criminal case. Moreover, the funds would be a key part of the proposed resolution. Subsequently, it would bring an end to an investigation of the cryptocurrency exchange that has been ongoing for years.

Additionally, reports state that criminal charges for Binance founder Changpeng Zhao would be included in a resolution. Specifically, Bloomberg states the resolution plan would “resolve the probe into alleged money laundering, bank fraud, and sanctions violations,” according to sources.

This will never be accepted by CZ unless maybe they make an offer that he will be acquitted from all cases. They make CZ pay $4 billion and the US justice department will still make him face criminal charges? What type of clowns gave this offer?

Read Bloomberg's article. It is written much clearer.



Negotiations between the Justice Department and Binance include the possibility that its founder Changpeng Zhao would face criminal charges in the US under an agreement to resolve the probe into alleged money laundering, bank fraud and sanctions violations, according to people familiar with the discussions.

Source https://www.bloomberg.com/news/articles/2023-11-20/us-seeks-more-than-4-billion-from-binance-to-end-criminal-case

[Z-tight]

This will never be accepted by CZ unless maybe they make an offer that he will be acquitted from all cases.

I thought this is a total resolution, and that the payment would both be settlement for Binance and its ceo cz, when i read the link shared by Rikafip, that was what i understood:

Additionally, reports state that criminal charges for Binance founder Changpeng Zhao would be included in a resolution. Specifically, Bloomberg states the resolution plan would “resolve the probe into alleged money laundering, bank fraud, and sanctions violations,” according to sources.

Doesn't this mean that criminal charges against cz would be part of the resolution, that is what i understand by the statement above. The link you shared seems to take another turn, and i don't see why cz would agree to a settlement of $4 Billion, when he would still face criminal charges and only the exchange would be free from any charges or investigations.

[bbc.reporter]

It appears I was quite mistaken in my speculation on CZ might reject the DOJ's settlement offer. However, is CZ's surrender enough for the American government to stop the crackdown on Binance or will it bite the dust? CZ's agreement on the settlement might be a decision created to save the exchange.

[serveria.com]

It appears I was quite mistaken in my speculation on CZ might reject the DOJ's settlement offer. However, is CZ's surrender enough for the American government to stop the crackdown on Binance or will it bite the dust? CZ's agreement on the settlement might be a decision created to save the exchange.

In the news they're not disclosing all conditions of the agreement. CZ steps down, it's pretty clear. He has to pay some fine: according to different sources $50-$200 million. And finally, Binance has to pay ~$4-4.3 billion in fines. Additionally, Binance has already reportedly lost ~$200 million when the news on the deal were published. But anyhow, Binance still seems solid as a rock and I don't think we should be worried.   

[bbc.reporter]

@serveria.com. Binance's revenues is certainly very good. I reckon it was more than $20 billion on 2021 and $12 billion on 2022. Also consider that 2022 was a bear market. They will have no difficulties on paying the $4 billion settlement and CZ might unreportedly be one of richest men in the world. $200 million and going to prison for 2 years will be a slap on the wrist.

It appears Binance has avoided biting the dust?

[o_e_l_e_o]

I reckon it was more than $20 billion on 2021 and $12 billion on 2022.

Revenue is not the same as profits nor reserves.

They claim to have 100% reserves for all their customer deposits. I have previously cast doubt on that number, but even assuming that this number is true, that money belongs to their customers and Binance should not be using it to pay off their fines. How much they have in their own reserves is anyone's guess. And remember when CZ evaded the question about whether Binance could cover a $2.1 billion fine? https://www.cnbc.com/2022/12/15/binance-ceo-changpeng-cz-zhao-brushes-off-2-billion-ftx-clawback-concerns-fraud.html. This fine is more than double that.

Still, nothing stopping them printing a few million of some made up token and dumping it on their users to cover their insolvency, eh?

[bbc.reporter]

@o_e_l_e_o. Agreed that revenues are not profits and also cannot be comparable to reserves. However, if an exchange can still generate revenues that large and can generate them in a bull market, I reckon Binance does not have problems in inflows of liquidity and cashflow. They can pay the $4 billion settlement with the Department of justice quite easily. I reckon CZ would not have accepted this proposal if it would cause Binance to be bankrupt.

Also, the article from CNBC is headshaking. The answer is yes to their question. They were creating another fud storyline.

What made up token were they printing?

[o_e_l_e_o]

However, if an exchange can still generate revenues that large and can generate them in a bull market, I reckon Binance does not have problems in inflows of liquidity and cashflow. They can pay the $4 billion settlement with the Department of justice quite easily. I reckon CZ would not have accepted this proposal if it would cause Binance to be bankrupt.

This is the exact same reasoning that people were using prior to Celsius going bankrupt, or BlockFi going bankrupt, or FTX going bankrupt, and so on. The fact remains the exchange will always say that everything is fine, that they can easily cover the fines/losses/whatever, that they are complying with all investigations, and so on, because as soon as they don't they trigger a bank run and then they are definitely going bankrupt. Don't trust anything that is being said right now. Get your coins off of Binance.

What made up token were they printing?

I don't keep up with just how many centralized tokens Binance can print at will, but off the top of my head BNB, BSC, and BUSD. And don't forget all their fake tokens on top of these centralized chains, like their fake wrapped bitcoin tokens that they trick newbies in to buying instead of real bitcoin. And don't they have a bunch of fake leveraged tokens as well, like BTCUP and BTCDOWN? All of these are 100% centralized and under Binance's control. There are plenty of ways they can fudge the numbers and dump on their customers to magic up a few billion dollars if they need to.

[bbc.reporter]

@o_e_l_e_o. They cannot print more BNB. This token has a deflation mechanisms created through buy and burn every quarter until 100 million tokens are left. There is no BSC token, only BNB. Binance has already stopped their stablecoin BUSD after Paxos was adviced by the New York Department of Financial Services.

In any case, we should wait after Binance's $4 billion payment to the American government to confirm our speculations. However, I reckon it will not occur similar to FTX or Celsius. It will be something similar to Bittrex.

[o_e_l_e_o]

They cannot print more BNB.

Why not? Who is going to stop them? They have complete control over the entire BNB network and can do literally anything they like with it, from printing a billion out of thin air to simply shutting the whole thing down with zero warning.

This token has a deflation mechanisms created through buy and burn every quarter until 100 million tokens are left.

Only as long as Binance keep their promise to keep doing this.

[Darker45]

They cannot print more BNB.

Why not? Who is going to stop them? They have complete control over the entire BNB network and can do literally anything they like with it, from printing a billion out of thin air to simply shutting the whole thing down with zero warning.

LOL! As if the Binance network is decentralized. Not only can Binance mint more BNB, CZ himself can order it. CZ is Binance. Forget about those handful of Binance validator nodes; they're all under CZ's command. CZ is the central power over Binance.

As a matter of fact, if I'm not mistaken, Binance minted BNB to be airdropped to the victims of the Morocco earthquake a couple of months ago. If I'm wrong on this, I'm sure that the Binance network was once paused. This is proof enough of Binance's centralization. And if they can pause the entire network, they can also tinker with anything on it including the supply of BNB.

[bullrun2024bro]

Now they're going after Cristiano Ronaldo for promoting Binance and his NFT collection on Binance in the past. IMHO, that was only a matter of time.



Source: https://twitter.com/WatcherGuru/status/1729758677647724947

Pro-soccer star Cristiano Ronaldo has been hit with a proposed class-action lawsuit from plaintiffs claiming they suffered losses from his promotion of the now-legally embroiled crypto exchange Binance.

A Nov. 27 filing to a United States district court in Florida claimed Ronaldo “promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance.”

Binance entered a multiyear partnership with Ronaldo in mid-2022 to promote a series of his own nonfungible tokens (NFTs), with at least three of the soccer star’s collections tied to Binance.

Looks like promoting worthless NFTs on Binance wasn't CR7s smartest idea.

More information here: Cristiano Ronaldo sued for promoting Binance, unregistered securities

[Rikafip]

Now they're going after Cristiano Ronaldo for promoting Binance and his NFT collection on Binance in the past. IMHO, that was only a matter of time.

Those three fools that are suing him probably bought his NFTs and now that price (presumably) went down, they are trying to find a way to get their money back. Good luck with that.


In other news, more problems for Binance as Phillipines SEC decided to start thge process of blocking their citizens from accessing the site as they don't have the licenses needed.

The Philippines' Securities and Exchange Commission has begun the process of blocking access to the world's largest crypto exchange Binance, whose chief last week stepped down and pleaded guilty to breaking U.S. anti-money laundering laws.

The SEC said the operator of Binance was not a registered corporation in the Philippines, and was operating without the necessary licence and authority to sell or offer any form of securities.

The removal of access in the Philippines, the SEC said in a statement, will take effect within three months of the issuance of its advisory on Nov. 28 to give Filipino users time to pull out investments from the crypto exchange.

[bullrun2024bro]

Those three fools that are suing him probably bought his NFTs and now that price (presumably) went down, they are trying to find a way to get their money back. Good luck with that.

Yep, it's quite unlikely that the NFT investors will ever see their funds again. But seriously, if you burn your money in a random Binance CR7 NFT collection, you shouldn't be surprised that the money is lost in the end.

On the other hand such news are of course a huge problem for Binance. Due to regulatory pressure around the globe, news like these are of course worth another "bad" headline for the media.

And I mean it's been a long time since there were any "good" news on Binance. With their EEA crypto credit card program ending in December there is basically no reason to use Binance's service anymore. That's why I've stopped using their exchange service quite a while ago already.

[dansus021]

Sorry out of topic it is just me or your username is changing bro  

In other news, more problems for Binance as Phillipines SEC decided to start thge process of blocking their citizens from accessing the site as they don't have the licenses needed.

The Philippines' Securities and Exchange Commission has begun the process of blocking access to the world's largest crypto exchange Binance, whose chief last week stepped down and pleaded guilty to breaking U.S. anti-money laundering laws.

The SEC said the operator of Binance was not a registered corporation in the Philippines, and was operating without the necessary licence and authority to sell or offer any form of securities.

The removal of access in the Philippines, the SEC said in a statement, will take effect within three months of the issuance of its advisory on Nov. 28 to give Filipino users time to pull out investments from the crypto exchange.

I heard the news from the watcher guru.

Binance is also blocked here in Indonesia so the user from my country should use the VPN to access it or use other domain that provide by binance and it called binance.me but they year ago make an acquisition tokocrypto exchange that has licensed

[bbc.reporter]

They cannot print more BNB.

Why not? Who is going to stop them? They have complete control over the entire BNB network and can do literally anything they like with it, from printing a billion out of thin air to simply shutting the whole thing down with zero warning.

This token has a deflation mechanisms created through buy and burn every quarter until 100 million tokens are left.

Only as long as Binance keep their promise to keep doing this.

Agreed that Binance smartchain is centralized. I was only talking about how presently the rules are implemented on their network. Also, it can argued that it might be difficult to change to change these rules to make them issue more tokens and milk the cow. This would cause a failure of trust and certainly a big dump from their community of users and developers.

[bbc.reporter]

News update.

It appears that despite CZ's departure from Binance and the charges against him, Binance appears to have never bitten the dust hehehe. This article has reported that net inflows have exceeded the other exchanges in the cryptspace.

This is head shaking because does this imply that moneylaundering through Binance was not as big as speculated?



Crypto exchange Binance — which pleaded guilty to US criminal charges and saw former CEO Changpeng Zhao step down as part of a $4.3 billion settlement — has experienced a trading revival, according to data from DefiLlama.

Since the exchange’s November 21 admission to the Department of Justice of money laundering and evading sanctions and Zhao’s exit, it has seen net inflows of $4.6 billion, far exceeding rivals OKX, Bybit, and Kraken, Bloomberg first reported.

Source https://www.dlnews.com/articles/snapshot/binance-inflows-have-surged-since-november-guilty-plea/

[bbc.reporter]

I recently heard that Monero was delisted from Binance. This is the effect after CZ agreed to the deal the DOJ was offering him. He has bowed to them and Binance is presently under their control.

Opposite to many arguments, CZ was not protecting criminals using his exchange. He was protecting the freedom to use his exchange and also protecting anonymity and privacy. If the government can force Binance to delist Monero, it can also force many exchanges to delist this. On 2030 the only centralized exchange that might be accepting Monero will be only Tradeogre.

[Rikafip]

I recently heard that Monero was delisted from Binance. This is the effect after CZ agreed to the deal the DOJ was offering him. He has bowed to them and Binance is presently under their control.

He already delisted Monero in other countries (for example Australia) before this latest news so this is not a new thing and I don't think that it has anything to do with the deal.

He was protecting the freedom to use his exchange and also protecting anonymity and privacy.

 
I think he likes profit way more than he likes protecting anonymity and privacy because if he wasn't, he still woulnd't have mandatory KYC.

[shield132]

I recently heard that Monero was delisted from Binance. This is the effect after CZ agreed to the deal the DOJ was offering him. He has bowed to them and Binance is presently under their control.

It will be delisted on 20 February 2024. btw there is an informational message on the trading page that says that Monero has a higher volatility or risk ratio than other tokens.

Opposite to many arguments, CZ was not protecting criminals using his exchange. He was protecting the freedom to use his exchange and also protecting anonymity and privacy. If the government can force Binance to delist Monero, it can also force many exchanges to delist this. On 2030 the only centralized exchange that might be accepting Monero will be only Tradeogre.

There is some truth in your statement but CZ was not protecting your anonymity or privacy. CZ allowed everything and tried his best to provide service with everyone, even with the ones who are prohibited to use it because CZ wanted to bring as much money as possible to Binance and his pocket. He was a money seeker, the freedom of using his exchange automatically came as the result of his dirty games for generating profit. That's good and bad at the same time.

[bbc.reporter]

I recently heard that Monero was delisted from Binance. This is the effect after CZ agreed to the deal the DOJ was offering him. He has bowed to them and Binance is presently under their control.

He already delisted Monero in other countries (for example Australia) before this latest news so this is not a new thing and I don't think that it has anything to do with the deal.

He was protecting the freedom to use his exchange and also protecting anonymity and privacy.

 
I think he likes profit way more than he likes protecting anonymity and privacy because if he wasn't, he still woulnd't have mandatory KYC.

However, I reckon Binance.com would never have bowed similar to it has after CZ's retirement as CEO. Binance.com was one of the last of the big exchanges to continue on the acceptance of Monero and when Binance.com delisted this, others will certainly follow.

Yes, we can argue that he did this for more profit. Binance is a business but what it also did was not bow down to regulators easily.

On mandatory KYC, this is not negotible. It is a compliance nightmare that much of these exchanges of size will need to do unless they want to be the size of Tradeogre hehehehe.

[Rikafip]

Yes, we can argue that he did this for more profit. Binance is a business but what it also did was not bow down to regulators easily.

I have no problems with him wanting to make money (don't we all), but I don't think that he can be seen as some sort of "protector of anonymity and privacy" since he had to sacrifice that and make many compromises in order to expand his business.

Regarding not bowing down to regulators easily, he even boasted that in his response to CFTC that "Binance.com is the first global (non-US) exchange to implement a mandatory KYC program, and remains today to have one of the highest standards in KYC and AML" so I don't think that's true.

[bbc.reporter]

Yes, we can argue that he did this for more profit. Binance is a business but what it also did was not bow down to regulators easily.

I have no problems with him wanting to make money (don't we all), but I don't think that he can be seen as some sort of "protector of anonymity and privacy" since he had to sacrifice that and make many compromises in order to expand his business.

Regarding not bowing down to regulators easily, he even boasted that in his response to CFTC that "Binance.com is the first global (non-US) exchange to implement a mandatory KYC program, and remains today to have one of the highest standards in KYC and AML" so I don't think that's true.

No, I am not arguing that he is a protector of anonymity and privacy. What I am arguing about is for whatever CZ's reasons are, whether profit or protection of illegal activities through the exchange, he did not bow down immediately and he made it difficult for the regulators to force their demands on him and his business.

I speculate that it might be his friends and the other close executives who were loyal to him that might have influenced him to accept the deal with the DOJ to save Binance.

On boasting about mandatory KYC. This is marketing to make it appear safe for the users, I reckon hehehehe. Do you know how Binance became the no.1 exchange in the world? This was during forced KYC from the American regulators. Bittrex  was no.1 then implemented KYC. Their users left and who was there to accept them without KYC? Binance.

Binance did not implement KYC until it was impossible for them.

[bbc.reporter]

It appears that under Richard Teng, Binance is having much difficulty in maintaining their good relations with some regulators in certain jurisdictions. This might be the beginning of Binance's fall from dominance, however, the skeptical me thinks that the regulators from the Philippines and Nigeria also want to receive billions of dollars very much similar to how the DOJ in America received $4 billion from CZ hehhehe.

Also, CZ's sentence will be on April 30.



When Binance co-founder and CEO Changpeng Zhao resigned in disgrace in November, his successor Richard Teng pledged a new era was dawning for the world’s largest cryptocurrency exchange.

Disregarding regulation was out. And compliance was in.

With Zhao, 47, set to be sentenced on April 30 for violating US banking law, delivering on that promise is proving to be problematic.

Throughout its seven-year history, regulators around the world have steadily faulted Binance for operating in their markets without the necessary licences.

In March, officials in the Philippines blocked Binance after the exchange failed to get licenced following months of warnings. Now authorities are going so far as to work with Apple and Google to remove Binance from their app stores.

Meanwhile, Nigeria’s anti-corruption agency has charged Binance with money laundering and tax evasion. The efforts are part of a wide-ranging investigation into allegations the company is facilitating illicit financial transactions on its platform.

Nigerian authorities have also charged two Binance executives with the same allegations, and one, Tigran Gambaryan, has been detained for almost nine weeks pending bail and a trial.

Source https://www.dlnews.com/articles/people-culture/cz-faces-sentencing-as-binance-ceo-richard-teng-struggles/

[yudi09]

It appears that under Richard Teng, Binance is having much difficulty in maintaining their good relations with some regulators in certain jurisdictions. This might be the beginning of Binance's fall from dominance, however, the skeptical me thinks that the regulators from the Philippines and Nigeria also want to receive billions of dollars very much similar to how the DOJ in America received $4 billion from CZ hehhehe.

My short conclusion is that Richard Teng is still unable to overcome problems related to operating permits in more than one country.
Binance, which is a large and well-known platform, should have a new CEO think of a way out so that the problem of operating permits in several countries must be resolved so that Binance in these countries can operate normally without problems being kicked out.

I don't want to hide what I think if this continues to happen in every country that people will start switching to other exchanges. This is also the beginning of the decline of Binance's dominance.

[tabas]

It appears that under Richard Teng, Binance is having much difficulty in maintaining their good relations with some regulators in certain jurisdictions. This might be the beginning of Binance's fall from dominance, however, the skeptical me thinks that the regulators from the Philippines and Nigeria also want to receive billions of dollars very much similar to how the DOJ in America received $4 billion from CZ hehhehe.

It won't be surprising if we start to see the fall of it and if there will be some changes in leadership after CZ gets out of prison.

Also, CZ's sentence will be on April 30.

And the verdict comes, instead of being in jail-time for 36 months. The decision has came down recently and it's just going to be 4 months of being in prison. Well, he's gonna be the richest prisoner there. I wonder if this has something to do with him and as well collaborated effect with the opening markets of Bitcoin ETF in Hong Kong.
Source: Binance founder Changpeng Zhao sentenced to 4 months in prison after plea deal

[bbc.reporter]

It appears that under Richard Teng, Binance is having much difficulty in maintaining their good relations with some regulators in certain jurisdictions. This might be the beginning of Binance's fall from dominance, however, the skeptical me thinks that the regulators from the Philippines and Nigeria also want to receive billions of dollars very much similar to how the DOJ in America received $4 billion from CZ hehhehe.

My short conclusion is that Richard Teng is still unable to overcome problems related to operating permits in more than one country.
Binance, which is a large and well-known platform, should have a new CEO think of a way out so that the problem of operating permits in several countries must be resolved so that Binance in these countries can operate normally without problems being kicked out.

I don't want to hide what I think if this continues to happen in every country that people will start switching to other exchanges. This is also the beginning of the decline of Binance's dominance.

I very much agree on the speculation that this might be the beginning of Binance's decline. However, on the argument that it might not be safe to keep your funds in Binance, I disagree. Binance might presently be the safest exchange to hold funds because all of the regulators have placed them under a regulatory microscope hehehe.

@tabas. How long is CZ's prison sentence?

This is CZ's reply hehehehehehee.

[tabas]

@tabas. How long is CZ's prison sentence?

This is CZ's reply hehehehehehee.

Hahaha! When that picture was taken? I guess if it's taken before the verdict came then it's a foreshadow from him that he'd get definitely 4 months in prison and he has seen it coming.  
Meanwhile, in the Twitter(X) verse, I've seen the greatest analysis from this doctor.

[bbc.reporter]

@tabas. It was taken on 2021 or 2022 when the fud campaign on Binance was only beginning. CZ wrote 4 rules on how Binance will survive on a bear market. No.4 is do not listen to the fud and every time there was fud on Binance, he would share that image with 4 fingers.

In any case, it appears that he made 4 a reality. He was sentenced on the 4th month, on the 4th year of the 2020s and he was given 4 months hehehee.

[tabas]

@tabas. It was taken on 2021 or 2022 when the fud campaign on Binance was only beginning. CZ wrote 4 rules on how Binance will survive on a bear market. No.4 is do not listen to the fud and every time there was fud on Binance, he would share that image with 4 fingers.

So, there's the story and I see this meme now like forever that everyone is posting it on many posts. 

In any case, it appears that he made 4 a reality. He was sentenced on the 4th month, on the 4th year of the 2020s and he was given 4 months hehehee.

What a foreshadow and the matter in here is that from 36 months of jail, down to 4 months. What a magic that he and his legal team did to lessen that a lot. It's not happening everyday but definitely, money played a big part on his case.