Binance reaches deal to pay $4.3B settlement to American regulators

[arabspaceship123]

They've run a profitable business from 0 to billions in a few years. Now Binance's holding billions in banks so they'll pay the fines. It's going to be a profitable company after they've paid court fines because it's effective. It's the busiest exchange in the world.

It isn't over for CZ he's got a big lawsuit against him. Investors said they didn't know Binance was doing criminal things so they'll sue. Sizemore vs Zhao it's going to be $1B civil case. One more $1B lawsuit's against Cristiano Ronaldo's because ppl say they've invested in BNB tokens & traded after his ads hit headlines.

CZ getting max 18 months looks light because of the plea deal. At least when CZ's going to be released to society his billionaire status won't be altered.

That is true that CZ seems to have a lot of financial resource, yet even the last year, it is quite amazing how much trade volume that Binance has lost.. but they do keep going so presumptively they are still profitable, even though many 10s of billions of dollars of value were removed from their platform.

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[Abiky]

I'd wait and see the outcome of Binance battle with the SEC which is still a work in progress. SEC recently confirmed that they're still going after binance and that the DOJ settlement will only serve as fuel for its battle with Binance. Till all the legal battles that Binance has settles down, I won't be too involved with using that exchange as much as I used to. Binance is already losing its market share to the likes of Bybit, OKX amd Kucoin but I don't think any of these exchanges have what it takes to completely dethrone Binance — so best play imo, it's to wait and see how it plays out.

If Binance survives the legal hurdles, then definitely; BNB will see another all time high.

https://www.bloomberg.com/news/articles/2023-12-08/sec-says-its-binance-case-should-advance-despite-doj-settlement

The SEC wants to take down Binance at all costs. It seems like Gary Gensler hates crypto more than anything else. If this keeps going, it's likely the crypto industry will move away from the US into countries with a friendly-regulatory stance. I see both HK and the UAE becoming the next epicenters of the crypto industry. Without money pouring into the US market, the country will lose the opportunity of staying at the forefront of innovation. In other words, the US will be left behind in the dust.

CZ was smart enough to pay the fine and face responsibility for his actions (unlike SBF). This is good for the long-term image/reputation of Binance. I'm pretty sure BNB will rise from the ground up after a prolonged fiasco with the SEC. As for Bitcoin, I believe it will only grow bigger and stronger in the future. If the crypto industry works hand-in-hand with the government, it will be able to grow towards unprecedented heights. Just keep buying, holding, and forget about the rest.

[terrific]

They've run a profitable business from 0 to billions in a few years. Now Binance's holding billions in banks so they'll pay the fines. It's going to be a profitable company after they've paid court fines because it's effective. It's the busiest exchange in the world.

It isn't over for CZ he's got a big lawsuit against him. Investors said they didn't know Binance was doing criminal things so they'll sue. Sizemore vs Zhao it's going to be $1B civil case. One more $1B lawsuit's against Cristiano Ronaldo's because ppl say they've invested in BNB tokens & traded after his ads hit headlines.

While CZ seemed to save Binance and it will continue to operate without having troubles, he's got his own battle to face on the next one.
Anyway, he's got a lot of money that's in the form of crypto just as he said before that he don't hold that much fiat. So, I guess that he'll be force to sell large sums of holdings that he's got so that he can have funds to defend himself with these lawsuits that are filed personally against him.

[JayJuanGee]

CZ getting max 18 months looks light because of the plea deal. At least when CZ's going to be released to society his billionaire status won't be altered.

That is true that CZ seems to have a lot of financial resource, yet even the last year, it is quite amazing how much trade volume that Binance has lost.. but they do keep going so presumptively they are still profitable, even though many 10s of billions of dollars of value were removed from their platform.

They've run a profitable business from 0 to billions in a few years. Now Binance's holding billions in banks so they'll pay the fines. It's going to be a profitable company after they've paid court fines because it's effective. It's the busiest exchange in the world.

It isn't over for CZ he's got a big lawsuit against him. Investors said they didn't know Binance was doing criminal things so they'll sue. Sizemore vs Zhao it's going to be $1B civil case. One more $1B lawsuit's against Cristiano Ronaldo's because ppl say they've invested in BNB tokens & traded after his ads hit headlines.

Do you have links for those civil cases?

While CZ seemed to save Binance and it will continue to operate without having troubles, he's got his own battle to face on the next one.
Anyway, he's got a lot of money that's in the form of crypto just as he said before that he don't hold that much fiat. So, I guess that he'll be force to sell large sums of holdings that he's got so that he can have funds to defend himself with these lawsuits that are filed personally against him.

If CZ was working in his business capacity, then there might not be an ability to "pierce the corporate veil" and to go after CZ personally, but even if they do, it is likely still going to be a company expense to cover their officers who are carrying out their official duties.

[nelson4lov]

I'd wait and see the outcome of Binance battle with the SEC which is still a work in progress. SEC recently confirmed that they're still going after binance and that the DOJ settlement will only serve as fuel for its battle with Binance. Till all the legal battles that Binance has settles down, I won't be too involved with using that exchange as much as I used to. Binance is already losing its market share to the likes of Bybit, OKX amd Kucoin but I don't think any of these exchanges have what it takes to completely dethrone Binance — so best play imo, it's to wait and see how it plays out.

If Binance survives the legal hurdles, then definitely; BNB will see another all time high.

https://www.bloomberg.com/news/articles/2023-12-08/sec-says-its-binance-case-should-advance-despite-doj-settlement

The SEC wants to take down Binance at all costs. It seems like Gary Gensler hates crypto more than anything else. If this keeps going, it's likely the crypto industry will move away from the US into countries with a friendly-regulatory stance. I see both HK and the UAE becoming the next epicenters of the crypto industry. Without money pouring into the US market, the country will lose the opportunity of staying at the forefront of innovation. In other words, the US will be left behind in the dust.

CZ was smart enough to pay the fine and face responsibility for his actions (unlike SBF). This is good for the long-term image/reputation of Binance. I'm pretty sure BNB will rise from the ground up after a prolonged fiasco with the SEC. As for Bitcoin, I believe it will only grow bigger and stronger in the future. If the crypto industry works hand-in-hand with the government, it will be able to grow towards unprecedented heights. Just keep buying, holding, and forget about the rest.

Why do you think crypto industry needs to "work hand-in-hand" with the government? For one, I believe it defeats the purpose of Bitcoin because the only way that government will agree to work alongside Crypto industry is if they have control of important affairs of crypto. For instance, see how US government will heavily engage with Binance over the next couple of years simply because of that settlement. From what I've seen so far from Coinbase and the XRP lawsuit, it's clear that the US government makes its crypto regulations to be as vague as possible in order for convict most of crypto-centric firms when they have enough evidence to mount a solid case.

In the end, Crypto and government should not me. It wasn't meant to be, at any point.

[philipma1957]

I'd wait and see the outcome of Binance battle with the SEC which is still a work in progress. SEC recently confirmed that they're still going after binance and that the DOJ settlement will only serve as fuel for its battle with Binance. Till all the legal battles that Binance has settles down, I won't be too involved with using that exchange as much as I used to. Binance is already losing its market share to the likes of Bybit, OKX amd Kucoin but I don't think any of these exchanges have what it takes to completely dethrone Binance — so best play imo, it's to wait and see how it plays out.

If Binance survives the legal hurdles, then definitely; BNB will see another all time high.

https://www.bloomberg.com/news/articles/2023-12-08/sec-says-its-binance-case-should-advance-despite-doj-settlement

The SEC wants to take down Binance at all costs. It seems like Gary Gensler hates crypto more than anything else. If this keeps going, it's likely the crypto industry will move away from the US into countries with a friendly-regulatory stance. I see both HK and the UAE becoming the next epicenters of the crypto industry. Without money pouring into the US market, the country will lose the opportunity of staying at the forefront of innovation. In other words, the US will be left behind in the dust.

CZ was smart enough to pay the fine and face responsibility for his actions (unlike SBF). This is good for the long-term image/reputation of Binance. I'm pretty sure BNB will rise from the ground up after a prolonged fiasco with the SEC. As for Bitcoin, I believe it will only grow bigger and stronger in the future. If the crypto industry works hand-in-hand with the government, it will be able to grow towards unprecedented heights. Just keep buying, holding, and forget about the rest.

Why do you think crypto industry needs to "work hand-in-hand" with the government? For one, I believe it defeats the purpose of Bitcoin because the only way that government will agree to work alongside Crypto industry is if they have control of important affairs of crypto. For instance, see how US government will heavily engage with Binance over the next couple of years simply because of that settlement. From what I've seen so far from Coinbase and the XRP lawsuit, it's clear that the US government makes its crypto regulations to be as vague as possible in order for convict most of crypto-centric firms when they have enough evidence to mount a solid case.

In the end, Crypto and government should not me. It wasn't meant to be, at any point.

If you are correct the governments of the world would all side against crypto.

and crypto would die.

The reality is:
some governments will be neutral.
some will attack it 
some will help it.

this is the way with most things on earth.

So here is hoping a good balance settles out in the next 12-16 years.

[arabspaceship123]

https://www.courtlistener.com/docket/67120699/sizemore-v-zhao/
https://thenewscrypto.com/crypto-news-cz-binance-sued-over-ftx-downfall/
https://edition.cnn.com/2023/11/30/business/cristiano-ronaldo-binance-lawsuit/index.html

I didn't bookmark but these links weren't difficult to find. In one case CZ's getting sued for bringing FTX down. In the other case CZ's getting sued for selling BNB tokens & BUSD to customers who didn't know they weren't allowed in America. Cristiano Ronaldo's being sued for selling NFT's in partnership with Binance.

Binance's going to survive bad coverage. It's going to take until next year for it's cases to be settled but it's going to stay as biggest crypto exchange.

Do you have links for those civil cases?

[so98nn]

It's official CZ pleaded guilty to a felony charge of violating money laundering laws. CZ's on bail at $175M. He's replaced by Richard Teng after he resigned as CEO of Binance. The exchange's got to pay $4.3B to settle the case.

Did we consider Sam Bankman Fried & Changpeng Zhao would've been convicted criminals in 2023? They're going to be sentenced next year.

Great, they finally got the way out with the attorneys by paying them money under the table. It was just about the value that is under consideration for which we were waiting, that's 4.3B. I am not sure how they came to this conclusion but something must have triggered in the minds of CZ. They must have plans otherwise they wouldn't go this far to pay such a high amount to bail out of the country where they had halted their business.

Overseas they are anyway doing great business. However, they might be seeing another future within the USA that can trigger even bigger business soon. The best way to tackle this is to get bail, file for guilty operations, and restart the business USA-wide. This can again bring them the huge number of investors onboard with newer investments. Plus, we are closing towards the Halving, I am seeing some patterns here with the timeline they are going.

[Xxmodded]

They've run a profitable business from 0 to billions in a few years. Now Binance's holding billions in banks so they'll pay the fines. It's going to be a profitable company after they've paid court fines because it's effective. It's the busiest exchange in the world.

It isn't over for CZ he's got a big lawsuit against him. Investors said they didn't know Binance was doing criminal things so they'll sue. Sizemore vs Zhao it's going to be $1B civil case. One more $1B lawsuit's against Cristiano Ronaldo's because ppl say they've invested in BNB tokens & traded after his ads hit headlines.

While CZ seemed to save Binance and it will continue to operate without having troubles, he's got his own battle to face on the next one.
Anyway, he's got a lot of money that's in the form of crypto just as he said before that he don't hold that much fiat. So, I guess that he'll be force to sell large sums of holdings that he's got so that he can have funds to defend himself with these lawsuits that are filed personally against him.

Beside CZ leaves his position as Binance CEO I doubt he don't behind on Binance operation right now, not problem with how much money pay for American regulator because Binance earn more profitable and keep their exchange trusted without loss costumer. Balance feedback between reaches deal to pay $4.3B settlement to American regulators and Binance operation not close yet by America regulator exactly by SEC Commission.
Seems without one month, Binance will get return with how much payment to American regulator trough profitable earn with their exchange allowed for operation without restrict yet.

Just warning never make the same mistake in the future by new Binance CEO, they have protect well exactly small mistake will be space for SEC Commission keep pressure Binance operation and ask bigger payment than before with $4.3B.

[JayJuanGee]

It's official CZ pleaded guilty to a felony charge of violating money laundering laws. CZ's on bail at $175M. He's replaced by Richard Teng after he resigned as CEO of Binance. The exchange's got to pay $4.3B to settle the case.

Did we consider Sam Bankman Fried & Changpeng Zhao would've been convicted criminals in 2023? They're going to be sentenced next year.

Great, they finally got the way out with the attorneys by paying them money under the table.

You have strange ideas regarding "under the table," and it is no minor thing to agree to allowing the USA government (through some auditing and invasive procedures) to monitor and help fix you for the next 5-ish years.  that is hardly under the table, either.

It was just about the value that is under consideration for which we were waiting, that's 4.3B. I am not sure how they came to this conclusion but something must have triggered in the minds of CZ. They must have plans otherwise they wouldn't go this far to pay such a high amount to bail out of the country where they had halted their business.

It is a strange agreement, but Binance makes a lot of money, and they (under CZ's direction, and likely advice of counsel) likely considered it worth it to pay that amount - including the other terms of the plea agreement.

Overseas they are anyway doing great business. However, they might be seeing another future within the USA that can trigger even bigger business soon. The best way to tackle this is to get bail, file for guilty operations, and restart the business USA-wide. This can again bring them the huge number of investors onboard with newer investments. Plus, we are closing towards the Halving, I am seeing some patterns here with the timeline they are going.

I doubt that matters move as rapidly as you imagine to be possible.  there is a fairly long row to hoe with the extent of the monitoring that Binance is going to go through - in a very much growing industry.. and there are going to be look back provisions in which the govt is verifying past compliance and even perhaps catching new criminals.. while at the same time, making sure that there are abilities for future compliance, and the SEC was not included in the global settlement agreement... which surely could add some additional complications if the SEC is wanting to prosecute Binance.. and whether there would be any success in that direction.. and how should we define success?

[terrific]

While CZ seemed to save Binance and it will continue to operate without having troubles, he's got his own battle to face on the next one.
Anyway, he's got a lot of money that's in the form of crypto just as he said before that he don't hold that much fiat. So, I guess that he'll be force to sell large sums of holdings that he's got so that he can have funds to defend himself with these lawsuits that are filed personally against him.

If CZ was working in his business capacity, then there might not be an ability to "pierce the corporate veil" and to go after CZ personally, but even if they do, it is likely still going to be a company expense to cover their officers who are carrying out their official duties.

Yeah, seems like that's what will happen.
I doubt it that CZ's connection with Binance has entirely been gone after his resignation but that's not how it goes. There's the succession process and period of it.
And with that, I still believe that he's got a lot of his own fund to face this but he's a wise man and probably will still use most of his shares from the company.

[serjent05]

CZ's going to be involved inside Binance because it's his company he won't let go or be pushed outside. BNB won't lose value because it'll gain when bull season makes ppl buy bitcoin so the market's going to be steady.

A fully regulated Binance with new CEO could help ETF approval so it could be a new beginning for crypto in America. I don't know how a new start for Binance's going to affect other countries but if exchanges scandals & allegations end it's good for crypto.

I see the current series of events as a new beginning for Binance exchange and the crypto industry as a whole. Confidence will be restored, while industry players will work closely with regulators in the long run. CZ can still have an influence over Binance without the need to be a CEO. He will be more of an advisor to the company than anything else. Who knows if BNB is bound to return to its former glory soon?

I'd wait and see the outcome of Binance battle with the SEC which is still a work in progress. SEC recently confirmed that they're still going after binance and that the DOJ settlement will only serve as fuel for its battle with Binance. Till all the legal battles that Binance has settles down, I won't be too involved with using that exchange as much as I used to. Binance is already losing its market share to the likes of Bybit, OKX amd Kucoin but I don't think any of these exchanges have what it takes to completely dethrone Binance — so best play imo, it's to wait and see how it plays out.

I believe this will end up with paying an amount to settle all the cases against CZ.  SEC is after the mone after all, if they are not they won't agree for 4.3B settlement.

If Binance survives the legal hurdles, then definitely; BNB will see another all time high.

https://www.bloomberg.com/news/articles/2023-12-08/sec-says-its-binance-case-should-advance-despite-doj-settlement

This is no doubt will happen if Binance fixed their legal hurdles.  Just like what happens when XRP survives theirs.  So I guess it is somehow good to take some gamble and buy some BNB in the market.  But obviously we should only invest what we can afford to lose because cryptocurrency market is always unpredictable.

[JayJuanGee]

While CZ seemed to save Binance and it will continue to operate without having troubles, he's got his own battle to face on the next one.
Anyway, he's got a lot of money that's in the form of crypto just as he said before that he don't hold that much fiat. So, I guess that he'll be force to sell large sums of holdings that he's got so that he can have funds to defend himself with these lawsuits that are filed personally against him.

If CZ was working in his business capacity, then there might not be an ability to "pierce the corporate veil" and to go after CZ personally, but even if they do, it is likely still going to be a company expense to cover their officers who are carrying out their official duties.

Yeah, seems like that's what will happen.
I doubt it that CZ's connection with Binance has entirely been gone after his resignation but that's not how it goes. There's the succession process and period of it.
And with that, I still believe that he's got a lot of his own fund to face this but he's a wise man and probably will still use most of his shares from the company.

I am pretty sure that CZ is a majority owner of the company, and he did not have to give up his shares.  Furthermore, even if CZ were an Ex-executive, if he is being sued for his acts or his lack of acts while he was the CEO, then the company would still most likely end up paying for his legal bills.  Many times the behavior would have to be so far outside of the scope of expected and/or normal duties before a company would not defend their CEOs and/or their ex CEOs - and that is even if we were to presume that CZ has been abandoned by the company, which the company could not even abandon him if they want, if he is the main owner.  Sure, his going to jail and also being isolated from his ability to be able to move outside of the USA, might be causing a decent amount of burdens on CZ's abilities to communicate and move as easily as he would like to be able to do, but maybe he is already used to working in such a way, and if there are are already various dedicated executives in place, they are still able to largely carry out CZ's wishes, even though likely there does need to be a decent amount of severance of his actually day to day running of the company which would done through the new CEO, who is presumptively a person who CZ hand-picked. .. but yeah, I am not going to proclaim that CZ's various legal burdens are not also potentially causing various strains on Binance, which likely is part of the intent of the US government to cause such burdens while acting like they are not intending to cause such burdens and strains upon Binance and CZ.

[Alpha Marine]

I guess that $4B settles everything and CZ won't be ending up behind the bars. Although we're not defending him as he admitted that he committed that he's part of the money laundering based on what I've read about this case.

The thing about these charges is that they may sound different than it actually is. He pleaded guilty to breaking the Money Laundering Act, it may not necessarily mean he did money laundering. He could have broken a law or two. Regulators want to make an example of him, they said that themselves.

It's official CZ pleaded guilty to a felony charge of violating money laundering laws. CZ's on bail at $175M. He's replaced by Richard Teng after he resigned as CEO of Binance. The exchange's got to pay $4.3B to settle the case.

Does it mean CZ is being charged separately from Binance? If Binance has been fined, why is CZ being charged differently?

[sunsilk]

I guess that $4B settles everything and CZ won't be ending up behind the bars. Although we're not defending him as he admitted that he committed that he's part of the money laundering based on what I've read about this case.

The thing about these charges is that they may sound different than it actually is. He pleaded guilty to breaking the Money Laundering Act, it may not necessarily mean he did money laundering. He could have broken a law or two. Regulators want to make an example of him, they said that themselves.

And that thought of mine was wrong. I thought that everything was settle with that money but it's not at least for CZ, for Binance it is.

All of these money are going to the government and we might see a lot of continuation of this case against CZ now since the attention is already gone for Binance.

IMHO, there's not that much difference at all whether they chase Binance or CZ since he's part of the company, owner of it when all of the acts had done. But then, I am not a lawyer, I am not the government so let it all be to them.

[arabspaceship123]

You're making false claims. It isn't true so it isn't right ppl can say there's under the table deals when the stakes are high for them.

CZ's rich. He'll have $Bs when his sentence's over so it wasn't like he couldn't afford to pay fines. He's accepted money laundering so the plea deal means CZ won't have investigators chasing him. Paying fines worked for CZ & regulators so they've agreed a plea deal. He didn't bribe govt lawyers.

Great, they finally got the way out with the attorneys by paying them money under the table. It was just about the value that is under consideration for which we were waiting, that's 4.3B. I am not sure how they came to this conclusion but something must have triggered in the minds of CZ. They must have plans otherwise they wouldn't go this far to pay such a high amount to bail out of the country where they had halted their business.

Overseas they are anyway doing great business. However, they might be seeing another future within the USA that can trigger even bigger business soon. The best way to tackle this is to get bail, file for guilty operations, and restart the business USA-wide. This can again bring them the huge number of investors onboard with newer investments. Plus, we are closing towards the Halving, I am seeing some patterns here with the timeline they are going.

[Dump3er]

You're making false claims. It isn't true so it isn't right ppl can say there's under the table deals when the stakes are high for them.

CZ's rich. He'll have $Bs when his sentence's over so it wasn't like he couldn't afford to pay fines. He's accepted money laundering so the plea deal means CZ won't have investigators chasing him. Paying fines worked for CZ & regulators so they've agreed a plea deal. He didn't bribe govt lawyers.

Great, they finally got the way out with the attorneys by paying them money under the table. It was just about the value that is under consideration for which we were waiting, that's 4.3B. I am not sure how they came to this conclusion but something must have triggered in the minds of CZ. They must have plans otherwise they wouldn't go this far to pay such a high amount to bail out of the country where they had halted their business.

Overseas they are anyway doing great business. However, they might be seeing another future within the USA that can trigger even bigger business soon. The best way to tackle this is to get bail, file for guilty operations, and restart the business USA-wide. This can again bring them the huge number of investors onboard with newer investments. Plus, we are closing towards the Halving, I am seeing some patterns here with the timeline they are going.

Filthy rich! I think almost any human being in the world would agree to the hypothetical scenario that they can found a business today, build it into a multi-billion dollars empire within just six years, become a multi-billionaire, go to prison for 18 months and pay $50 million and then get released, be a free man and enjoy life. I am sure that part of the deal was CZ can go to the US whenever he wants and does not get recjected at the boarder.

But what is a bit weird are the different reports about the sentence he could be facing. Most reports say 18 months whereas there are sources stating that he could be facing up to 10 years. I assume that there was a deal about that at some point?

CZ has been a smart guy and I doubt that he kept most of his fortune in the form of BNB. I guess he is swimming in BTC and businesses and real estate all over the world. Does anyone understand how these $50 million were chosen as the fine? Is that based on his income or is that all about negotiation or some catalog?

[Alpha Marine]

IMHO, there's not that much difference at all whether they chase Binance or CZ since he's part of the company, owner of it when all of the acts had done. But then, I am not a lawyer, I am not the government so let it all be to them.

I asked that because, from my little understanding of business law, there's something called "the entity concept". This means that the person/people who own the company are different entities from the company.
Elon Musk might have a charge against him but none of his companies would be in court. Likewise, his company might have a court case, but it doesn't mean he's the person standing trial.

I may be wrong, but if Binance was committing fraud and the company was involved in it, then the whole company would be sued or at least the board that was involved, but if CZ alone was committing fraud, either through Binance or other means and the company was not involved then he'll be sued alone.
The company won't be going to court, but it's still bad news for the company because it taints their image.

[sunsilk]

IMHO, there's not that much difference at all whether they chase Binance or CZ since he's part of the company, owner of it when all of the acts had done. But then, I am not a lawyer, I am not the government so let it all be to them.

I asked that because, from my little understanding of business law, there's something called "the entity concept". This means that the person/people who own the company are different entities from the company.
Elon Musk might have a charge against him but none of his companies would be in court. Likewise, his company might have a court case, but it doesn't mean he's the person standing trial.

I may be wrong, but if Binance was committing fraud and the company was involved in it, then the whole company would be sued or at least the board that was involved, but if CZ alone was committing fraud, either through Binance or other means and the company was not involved then he'll be sued alone.
The company won't be going to court, but it's still bad news for the company because it taints their image.

I think that you are right with that because with my understanding as well, either Binance or CZ have been on the track and eyes of the regulators. But since then the bail has been made, it was for Binance so, the company is already safe at all.

Now that the litigation goes to CZ and it was for the admission of fraud that has been done during his leadership. I guess on how the company bailed out, he can also do it on his case. Otherwise, people are thinking about the same fate or close to SBF.

[Trawda]

Perhaps the two men will be judged next year. The year 2023 was full of major events, at the end of which is the largest condemnation event of Beans and CZ.

It was clear from the start that CZ manipulated the Crypto market and extended its arms like octopus everywhere in Crypo, so I think it is good that this central octopus has been eliminated.