Binance is reported by Senator Cynthia Lummis

[johnsaributua]

binance was sued not only this time, before that I found this thread Topic: Binance Exchanger - U.S. Senators sends letter to showcase proper Finance in their letter, The senators ended their letter by requesting "documents and answers" related to the list of questions by March 16. The documents requested by the lawmakers include "full copies of all balance sheets of Binance and Binance subsidiaries from 2017 to the present," and their internal anti-money laundering (AML), countering the financing of terrorism (CFT), and know your customer (KYC) policies and procedures.

Most recently, I found that,complete lawsuit

Subject: Binance and Tether Prohibited Financial Activity
Dear Attorney General Garland,
We are writing to you in light of shocking reports that unregulated and centralized crypto asset intermediaries based outside of the United States have facilitated significant illicit financial activity over the past two years, including providing significant terrorism funding for Hamas's malicious attacks against Israel." The lawsuit in the Binance and Tether lawsuit states that Binance and Tether are the largest crypto asset intermediaries in the United States.

The lawsuit was brought because the ceasefire between Israel and Hamas was brokered by Binance.

Binance has historically been associated with illicit activity and is purportedly the subject of a current Department of Justice investigation. As of October 16, 2023,

Israeli law enforcement has seized more than 190 Binance accounts linked to Islamic terrorism between 2021-23.5
The fact that Hammas and other terrorist groups have been allowed by Binance to open accounts and conduct business

I underline that Binance moves globally and gives full rights to Binance users regardless of who they are, where they come from and investment is personal, right?

It has been found that Tether knowingly facilitated violations of applicable sanctions laws and the Bank Secrecy Act¹2 by not conducting adequate due diligence and customer screening despite knowing that its products were being used to facilitate terrorism and other prohibited activities

complete lawsuit letter

• that's the accusation that the senator dropped for binance and has been reported,
   what do you think?
  
   

[1714626446]

1714626446

[tbct_mt2]

The lawsuit was brought because the ceasefire between Israel and Hamas was brokered by Binance.

that's the accusation that the senator dropped for binance and has been reported,

I did not a full document of the lawsuit and only what you quoted, that are points you want to discuss. From those points, I can say, in my opinion, the lawsuit means non sense.

It happens with all centralized exchanges, decentralized exchanges and stable coins or more expansion all cryptocurrencies. So why the Senator attacked only Binance and Tether companies?

First it is not a fair lawsuit case. Second, I don't see valid points to support the Senator to win the lawsuit against Binance and Tether companies.

They can have preventive layers to prevent or reduce money laundering as part of their AML procedure but they can not block all illegal money comes to their platforms. In the USA., their governments can not control guns and Gun Violence Archives still occur. So if they want to borrow that there are holes in Binance and Tether companies for dark money to come in for money laundering, to shut down those companies or with strict punishments, they are playing a dirty game.

[rhomelmabini]

that's the accusation that the senator dropped for binance and has been reported,
 what do you think?

Binance will simply comply and I know they will but for me this is just clearly a FUD again especially to those who was close to SBF and FTX. I don't think it was a coincidence that the lawsuit on timing when Bitcoin is making some moves. Tether has already released their statement and I couldn't agree more.
https://tether.to/en/tether-reinforces-stance-against-cryptos-terrorist-utilization-urges-governments-to-fact-check-mainstream-medias-misinterpretation-of-data/

[Aanuoluwatofunmi]

This is not their first kind of cases with the government, Binance have been on several of this, though i don't think they may be able to win any case against each other because CZ himself has gone far with them altogether and they know what they are already missing if such could hold against Binance, this is more of a political threats and tussles, but those having their currencies on Binance should take heed and only allow the amount they can afford to loose there.

[tbct_mt2]

Binance will simply comply and I know they will but for me this is just clearly a FUD again especially to those who was close to SBF and FTX. I don't think it was a coincidence that the lawsuit on timing when Bitcoin is making some moves. Tether has already released their statement and I couldn't agree more.
https://tether.to/en/tether-reinforces-stance-against-cryptos-terrorist-utilization-urges-governments-to-fact-check-mainstream-medias-misinterpretation-of-data/

Binance is different than FTX. At least they proceed billions of user withdrawals smoothly and their exchange did not collapse after a few days like FTX because of insolvency. I don't know what will happen with Binance in future but based on the past, they are better than FTX.

They will surely comply with regulations if they want to keep their business running and I really believe they will not want to shut down their profitable business. Comply with governments and get more money from business operation is good enough for Binance.

The lawsuit from the Senator is not like FTX case.

[Hamza2424]

Hmm, The Questionnaire on a platform for showing their complete finance is not new here, but the point to be considered is the current market sentiments, Traders and investors both are highly Bullish on the coming market momentum but from a couple of days I've been going through some topics Binance and Teather are getting targeted for their transparency. Can it be another market's leading hit and similarly a top-tier centralized exchange of industry?

It can be a big fud if some more negative developments happen in the same concept till now there's nothing much concerning but it can be a big move to stop the ETF approvals by again excusing the market's un-reliability after such a major fud. I'm highly Bullish on the coming momentum but most of the people are in FOMO making crazy entries they can face some hard time if any of such a scenario happens.

[Faisal2202]

Israeli law enforcement has seized more than 190 Binance accounts linked to Islamic terrorism between 2021-23.5
The fact that Hammas and other terrorist groups have been allowed by Binance to open accounts and conduct business

I underline that Binance moves globally and gives full rights to Binance users regardless of who they are, where they come from and investment is personal, right?

Yes, and Israeli cannot just seize more than 190 accounts of a exchange which they don't own. The story is, they requested a legal case against those funded accounts and then Binance after looking at the case and proof, agreed to ban those accounts. In simple words, Binance cooperated with Israel and other agencies to fulfill the law requirements and blocked those accounts.

Actually, someone created a topic on this thing, --> Can the government acquire all bitcoins either by seizure or purchase? as the title give the idea of what should be discussed in it, you will come to know the backstory which I just stated above, when you will read my reply in that topic.

Overall, this all is some kind of negative campaign against Binance and this is not new, Binance was being suppressed by many agencies and many cases has been opened against them but still, they are the strong players in the field and that's been proved several time, No doubt they have to leave the US field and some other but they are doing good.

[goaldigger]

This is not their first kind of cases with the government, Binance have been on several of this, though i don't think they may be able to win any case against each other because CZ himself has gone far with them altogether and they know what they are already missing if such could hold against Binance, this is more of a political threats and tussles, but those having their currencies on Binance should take heed and only allow the amount they can afford to loose there.

Another pressure against Binance, and this kind of case is tend to destabilized Binance, they are just creating issues and no case yet are being closed in favor of those who file the case. Well, CZ is well prepared for this and know how to handle such issues and I’m sure Binance will still be the top choice of many investors because of its good platform. The government are really trying to manipulate the market which I think is a normal scenario every time we see growth.

[AmoreJaz]

This is not their first kind of cases with the government, Binance have been on several of this, though i don't think they may be able to win any case against each other because CZ himself has gone far with them altogether and they know what they are already missing if such could hold against Binance, this is more of a political threats and tussles, but those having their currencies on Binance should take heed and only allow the amount they can afford to loose there.

Another pressure against Binance, and this kind of case is tend to destabilized Binance, they are just creating issues and no case yet are being closed in favor of those who file the case. Well, CZ is well prepared for this and know how to handle such issues and I’m sure Binance will still be the top choice of many investors because of its good platform. The government are really trying to manipulate the market which I think is a normal scenario every time we see growth.

they have their own lawyers, so i don't doubt that they can sufficiently answer those allegations. but to take precautions, as much as possible, get out your money after you trade. not only in binance but in all other exchanges. it is always best to have your coins under your full control.
but i have high regards with binance that they can resolve whatever lawsuit they are in. they have all the resources to know what should be done on this matter.

[gunhell16]

Well, that's an allegation and an accusation that Binance has denied. And it's not the only time someone has accused Binance like that last year. US Prosecutors Look to Charge Binance, Executives on Possible Money Laundering Violations: Reuters So that means that the things they are doing on Binance are not new.

The allegations they throw at Binance are almost uncountable. And so far, the DOJ has not commented on what Senator Lummis did, so now it is still under investigation in that incident.

[hugeblack]

When politics intersects with regulations and legislation, these regulations become very strict. Therefore, Binance and Tether will quietly cooperate with the authorities to provide all customer data. Unfortunately, they will try to ban any account without giving reasons for fear that these authorities will dig deep and reveal the transgressions of Binance and Tether, which I am sure they have a lot of. Transgressions and the things they hide.

that's the accusation that the senator dropped for binance and has been reported,
 what do you think?

They will not need to go through legal complications, as these platforms will provide them firsthand to bypass an investigation.

[Huppercase]

binance was sued not only this time, before that I found this thread Topic: Binance Exchanger - U.S. Senators sends letter to showcase proper Finance in their letter, The senators ended their letter by requesting "documents and answers" related to the list of questions by March 16. The documents requested by the lawmakers include "full copies of all balance sheets of Binance and Binance subsidiaries from 2017 to the present," and their internal anti-money laundering (AML), countering the financing of terrorism (CFT), and know your customer (KYC) policies and procedures.

Political instability is what drives this, and its all about US interest, they don't value any peace. I am of the type that don't take side, but I value peace more than anything and what preceed peace after is Humanity. US clearly lack that from there dictionary, instead of them to make hasle to provide solution between the two countries, they are fighting Binance when they see Babies are been masacare by the two countries, this is not time to pick side, saves life first and then come back and sue after peace between Izreal and Palastene.

There is no hard feelings about Binance and CZ, if they have documents that they are guilty, they should proceed and do, they both have legal person to show up in the court and anyone who is guilty can be fine for their action. Another thing I don't quite understand is how US have power to climb on Binance everytime, isn't there power limited to Binance US since it is only US people that use the exchange, that I'm very certain that CZ and the team will be careful not temper with that exchange to avoid this kind of problems.

[stompix]

I did not a full document of the lawsuit and only what you quoted, that are points you want to discuss.

There is no "lawsuit"
https://www.lummis.senate.gov/wp-content/uploads/Letter-to-AG-Garland-Final.pdf

Binance is different than FTX. At least they proceed billions of user withdrawals smoothly and their exchange did not collapse after a few days like FTX because of insolvency.

So did FTX, so did MtGox, till they didn't anymore!

Hmm, The Questionnaire on a platform for showing their complete finance is not new here, but the point to be considered is the current market sentiments, Traders and investors both are highly Bullish on the coming market momentum but from a couple of days I've been going through some topics Binance and Teather are getting targeted for their transparency. Can it be another market's leading hit and similarly a top-tier centralized exchange of industry?

Except for for the fact that the issues highlighted in that letter were reported by newspapers before the jump in price!

For example:

On October 16, 2023, the Financial Times reported that Israeli law enforcement authorities had ordered the closure of over 100 Binance accounts
associated with Hamas since hostilities began on October 7, 2023.4

Bitcoin was at 27k at that time and it actually kept sliding till the 15th.

So, it's completely the other way around, the reaction is not some "FUD" lol, I simply can't stop laughing at people who use FUD like it's some word of prayer, as it happened before there was any bullish momentum!Besides, how the hell is it even FUD when Binance acknowledge this by closing those account?

Imagine the police come to your door and you say you don't do drugs, here mister office, there are the smashed pills I used to take but I just destroyed them 5 minutes before you knocked at my door! I'm clean now! How does that do for a defense story?

But it's really funny how some think!
Banks are evil, they allow a lot of money laundering and terrorist funding, and they are the worst!
Binance doing the same, no, they are innocent, centralized exchanges are the new churches!

[justdimin]

Well, that's an allegation and an accusation that Binance has denied. And it's not the only time someone has accused Binance like that last year. US Prosecutors Look to Charge Binance, Executives on Possible Money Laundering Violations: Reuters So that means that the things they are doing on Binance are not new.

The allegations they throw at Binance are almost uncountable. And so far, the DOJ has not commented on what Senator Lummis did, so now it is still under investigation in that incident.

But, is there even a company that will surrender that easily if they are being accused of something by someone else? I don't think there is even though they are guilty especially if their company is already booming because that could also result for a closure and they can not earn a profit anymore.

I still believe that Binance are not like that, I mean they could be fair and legal about their operations. So, they have the rights to auto ignore the allegations that are being thrown at them. That wasn't the first and that isn't going to be the last as long as they are still at the top. Remember the saying that fruit-bearing trees are always being stoned.

[Ben Barubal]

Well, that's an allegation and an accusation that Binance has denied. And it's not the only time someone has accused Binance like that last year. US Prosecutors Look to Charge Binance, Executives on Possible Money Laundering Violations: Reuters So that means that the things they are doing on Binance are not new.

The allegations they throw at Binance are almost uncountable. And so far, the DOJ has not commented on what Senator Lummis did, so now it is still under investigation in that incident.

But, is there even a company that will surrender that easily if they are being accused of something by someone else? I don't think there is even though they are guilty especially if their company is already booming because that could also result for a closure and they can not earn a profit anymore.

I still believe that Binance are not like that, I mean they could be fair and legal about their operations. So, they have the rights to auto ignore the allegations that are being thrown at them. That wasn't the first and that isn't going to be the last as long as they are still at the top. Remember the saying that fruit-bearing trees are always being stoned.

  You're right there. I can hardly count the accusations that have been filed against Binance, but almost all of them have been passed by Binance. It's like Binance's dessert for those who are accused of them.

  Binance's critics see that, in my assessment, Binance is getting stronger as time goes on. Sometimes I think that the critics of Binance are just jealous. It's like they're really looking for a hole or waiting for an opportunity when they'll attack; that's what's noticeable.

[slaman29]

OP, something wrong with your post, you said Binance actually brokered a ceasefire between Israel and Hamas? How on anywhere is that possible when even UN Security Council can't agree to cease Israel fire lol

Hamas has addresses sanctioned by US and these are the ones Binance blocked but they had no role at all in ceasefire, which doesn't exist as you can see in the news.

[Synchronice]

But it's really funny how some think!
Banks are evil, they allow a lot of money laundering and terrorist funding, and they are the worst!
Binance doing the same, no, they are innocent, centralized exchanges are the new churches!

I don't understand what's the point, do we want privacy, anonymity and decentralization? Well, Binance is not a great choice but isn't it good if they let everyone to use their service and make it as accessible as possible without implementing further restrictions and blocking someone due to someone's forced regulations? I don't find anything bad here. If we want to move from CEX to DEX, I want to underline that DEX doesn't know terrorists and anti-terrorists, it's equal for everyone without sticking a label.

[Eternad]

Fiat is use to fund many terrorist activity so this means that they should sue the central bank for being tools on transferring funds to illegal organizations? US government is doing anything to hurt crypto in general.

Binance freeze all the account related to Hamas with their own accord. I’m not sure why this senator view this the wrong way while while Binance did a very good job on cutting funding for this terrorist group. This is a joke lawsuit and I’m sure that this will be put on the garbage.

[stompix]

~

I don't understand what's the point, do we want privacy, anonymity and decentralization? Well, Binance is not a great choice but isn't it good if they let everyone to use their service and make it as accessible as possible without implementing further restrictions and blocking someone due to someone's forced regulations?

It's about double standards and whataboutism!
If you think Binance not disclosing its activities and the activities of its users is great for privacy then you have absolutely no problem with banks and their off-shore accounts also you're against things like "Panama papers" where such things are disclosed, right? Cause...privacy!

People see this the wrong way, Binance is free to serve NK, Iran wherever they want, the simple thing is that once they do they have to assume they won't be doing business in other countries, from an exchange that fled China then Singapore then Japan then Malta while bragging about non-existent licenses it's a pretty rich stance.

If we want to move from CEX to DEX, I want to underline that DEX doesn't know terrorists and anti-terrorists, it's equal for everyone without sticking a label.

DEXs don't buy 1000 sqm penthouses in Dubai from those trades!

[boyptc]

Binance has been into many controversies that's all about legalities and not with their own thing. Despite that, we're still using them. 

It's not just all about its popularity but I guess wherever is the huge volumes can be found, we're also there whether it is centralized or decentralized, with controversies or with active cases or none, etc.

I am not digging about this issue because I am expecting more like this to come.