Binance: get rich or die trying

[WillyAp]

Fictional money, a shot at inordinate riches and a good chance of landing in jail at some point. That, in a nutshell, is the popular board game of Monopoly.

Entire article is here:
https://www.economist.com/finance-and-economics/2023/11/22/another-crypto-boss-falls

Not only Changpeng Zhao, head of Binance known as CZ has to pay a fine, he most likely has to do some time (in Jail). What they (He and his management) did was what had to be done to become the most popular exchange. A construct which replaces the middleman. Also at least co-responsible that many people believe trading to be synonyms for Crypto, even Bitcoin.

Getting rich or die trying is the credo of many people living in Ghetto-like circumstances.
It would not have been possible without his management, the people he put in place to manage the accounts, among others.
The article paists a nice picture of the venue Binance if you cannot get to the info past the paywall use

https://www.removepaywall.com  a gift from Elon ,)

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[kryptqnick]

Binance really seemed like an exchange that was trying to comply with the regulations and even follow sanctions initially. But then came allegations and investigations that Binance is helpful for evading the US sanctions, and it seems that Binance didn't do enough to prevent that from happening (and, judging from the article, sometimes even helped high-level clients to keep using Binance). What's good about this case is that the fall of CZ did not take Binance down. Binance will be supervised but will continue to operate, and 18 months isn't a big jail term.

[tabas]

Binance really seemed like an exchange that was trying to comply with the regulations and even follow sanctions initially. But then came allegations and investigations that Binance is helpful for evading the US sanctions, and it seems that Binance didn't do enough to prevent that from happening (and, judging from the article, sometimes even helped high-level clients to keep using Binance). What's good about this case is that the fall of CZ did not take Binance down. Binance will be supervised but will continue to operate, and 18 months isn't a big jail term.

It seems that they are compliant but behind that there's more. I agree, that Binance didn't fall just because CZ has been taken over and sued by the regulators. I think that he has seen it coming and not willing to sacrifice the entire company just for his fall. Good thing that he has planned it all and had some actions that has saved the entire business. With that, he has to face all of these serious allegations and have to clear his name and whatever that has been charged of him, he can face it while was able to save already the exchange.

[WillyAp]

Quite interesting Story is the Story of Binance.
What is a missing is the role many of those managers played.
The web of companies he, CZ holds is quite an achievement. Something around 50 I think which are known.

Allegations is good, complaints were issued:

On Sept. 14, 2018, hackers broke into a Japanese crypto exchange called Zaif and stole $63 million of cryptocurrency. They transferred a $10 million portion to Binance to “launder” it, according to a civil complaint Zaif filed against Binance in January last year in San Francisco Superior Court in California.

https://www.reuters.com/investigates/special-report/finance-crypto-currency-binance/
No paywall

[Broly46]

not bad, how about write it into something else

Apple: get rich or die trying

Steve Jobs: get rich or die trying

michael saylor: get rich or die trying

I can never imagine there is a story of going from poor to rich, none of them actually existed. is binance an exception? really binance from poor to rich? based on what?? just a hype up catchphrase?

[WillyAp]

I can never imagine there is a story of going from poor to rich, none of them actually existed. is binance an exception? really binance from poor to rich? based on what?? just a hype up catchphrase?

Fitting to the article in the economist.
We have to take risks in order to make success happen.
I reckon about 30% of alle people will shy away from a credit.

with 200 pounds Hoodrich made it: https://se544.com/en/marketing-success.html

[coupable]

Binance really seemed like an exchange that was trying to comply with the regulations and even follow sanctions initially. But then came allegations and investigations that Binance is helpful for evading the US sanctions, and it seems that Binance didn't do enough to prevent that from happening (and, judging from the article, sometimes even helped high-level clients to keep using Binance). What's good about this case is that the fall of CZ did not take Binance down. Binance will be supervised but will continue to operate, and 18 months isn't a big jail term.

Completely unlike you, I believe that a year and a half in prison is a long time, and this sentence could have led to the collapse of the entire company system, regardless of its field of activity and regardless of its owner. You can imagine, for example, a prison sentence of the same period for Zuckerberg or Elon Musk. What do you think the situation will be like for Facebook and Twitter?
From the beginning, Binance was breaking the laws and the authorities knew it. The difference this time is that the authorities no longer want their citizens to deal with Binance without compromising the company’s function abroad. Today, Binance faces problems in complying with US laws, while it can request user data from the platform at any time and influence its decisions. The most prominent example is what happened in the recent Gaza war, when funds and accounts suspected of being linked to Palestinian armed factions targeting Israel with military operations were frozen.

[WillyAp]

Today, Binance faces problems in complying with US laws, while it can request user data from the platform at any time and influence its decisions. The most prominent example is what happened in the recent Gaza war, when funds and accounts suspected of being linked to Palestinian armed factions targeting Israel with military operations were frozen.

The difference is that in 2019 Binance wasn't the company it is now.
Before losing a few high capital contributions and Finance would have a hard time to get over that.
Now it's a different ballgame. Trading has picked up considerately.

[coupable]

Today, Binance faces problems in complying with US laws, while it can request user data from the platform at any time and influence its decisions. The most prominent example is what happened in the recent Gaza war, when funds and accounts suspected of being linked to Palestinian armed factions targeting Israel with military operations were frozen.

The difference is that in 2019 Binance wasn't the company it is now.
Before losing a few high capital contributions and Finance would have a hard time to get over that.
Now it's a different ballgame. Trading has picked up considerately.

It has been clear since 2019 that Binance would become a giant in the crypto industry for a simple reason: the absence of any real competitors capable of operating efficiently in all markets. In 2019, Binance was still in the construction phase, from developing its systems to obtaining licenses, which was not easy at all, by the way.
I don't want to sound too pessimistic, but it has become difficult to control Binance due to the extent of its influence, and fears are increasing after what happened a year ago with the FTX exchange, which was a pioneer in the crypto market before Binance itself contributed to eliminating it.

[Twentyonepaylots]

It's only the US that they need to comply with, they are doing it in almost every country, but since we do have different Government (Interest, Point of view, judgement, and many more) they are having hard time to deal with all of this, In fact it is not only the US that are trying to sanction them. Binance is a huge company on its industry, I guess none of their competitor is on their level, you can see it after CZ paying such a huge amount of fine without announcing its closure, that means they are protecting their future stand perhaps they already have what it takes to jump on this hurdle.

[Broly46]

I can never imagine there is a story of going from poor to rich, none of them actually existed. is binance an exception? really binance from poor to rich? based on what?? just a hype up catchphrase?

Fitting to the article in the economist.
We have to take risks in order to make success happen.
I reckon about 30% of alle people will shy away from a credit.

with 200 pounds Hoodrich made it: https://se544.com/en/marketing-success.html

yeah, that is correct

"business must be run at a profit else it will die. But when anyone tries to run a business solely for profit... the business must die as well, for it no longer has a reason to exist." henry ford

i'm glad apple are in for the money, steve jobs are in for the money, I can never imagine they are in to actually make a product that is useful such as iphone that provide so much value to the user it is ground breaking and it is totally a technology from the future benefiting every mankid and bring everyone leap forward!

[EarnOnVictor]

Not only Changpeng Zhao, head of Binance known as CZ has to pay a fine, he most likely has to do some time (in Jail). What they (He and his management) did was what had to be done to become the most popular exchange. A construct which replaces the middleman. Also at least co-responsible that many people believe trading to be synonyms for Crypto, even Bitcoin.

I don't think there is a way out for CZ in this, the crime is obvious and what helps him most is that he didn't give the authorities many issues but cooperated with them and admitted to all wrongdoings. This, in addition to the fine on him and Binance, he will definitely do his jail term. But to admit the guilt might drastically reduce the jail term to less than 2 years.

Getting rich or die trying is the credo of many people living in Ghetto-like circumstances.
It would not have been possible without his management, the people he put in place to manage the accounts, among others.
The article paists a nice picture of the venue Binance if you cannot get to the info past the paywall use

Well, it depends on people and their style of leadership, it also depends on the system a business is operating. This is why the middlemen you referred to might not matter here. CZ might want to take full responsibility for what happened or might not even know the real people involved (fake identities) but deal with them deal to greed. After all, he can't do this alone, but he is the one who is calling the show. Also, the main crimes committed are not revealed in detail to the public, which explains the reason why he alone is going down. Who knows too, others might silently go down with him but is out of the media.

[pinggoki]

Binance really seemed like an exchange that was trying to comply with the regulations and even follow sanctions initially. But then came allegations and investigations that Binance is helpful for evading the US sanctions, and it seems that Binance didn't do enough to prevent that from happening (and, judging from the article, sometimes even helped high-level clients to keep using Binance). What's good about this case is that the fall of CZ did not take Binance down. Binance will be supervised but will continue to operate, and 18 months isn't a big jail term.

He's still getting a jail sentence? That's weird because last that I've heard about this issue is that CZ paid for the investigation to stop and him stepping down as the CEO is also part of that, didn't know that he's also getting that metal bracelets. I guess they got to comply with the US government, and it shouldn't be a problem to them because they're a CEX after all, they won't mind having the identities of their clients exposed right?

[btc78]

Binance really seemed like an exchange that was trying to comply with the regulations and even follow sanctions initially. But then came allegations and investigations that Binance is helpful for evading the US sanctions, and it seems that Binance didn't do enough to prevent that from happening (and, judging from the article, sometimes even helped high-level clients to keep using Binance). What's good about this case is that the fall of CZ did not take Binance down. Binance will be supervised but will continue to operate, and 18 months isn't a big jail term.

He's still getting a jail sentence? That's weird because last that I've heard about this issue is that CZ paid for the investigation to stop and him stepping down as the CEO is also part of that, didn't know that he's also getting that metal bracelets.

I have also heard that with him paying and stepping down the investigations will stop but it seems like the US has sentenced him and it seems like he can be sentenced up to 18 months if i am not mistaken he will be sentenced 23 of February next year it also seems that the court has banned CZ from going back to his homeland, UAE as they basically do not trust CZ to go back to USA given his enormous wealth

[Peanutswar]

Once the government notices that theres a large amount of money making a transaction outside of the country they will notice this immediately and focus because seems like illegal to them, in my country SEC gives an issue that the Binance must comply within 3 months or else they will now mandatory banned this exchange currently it takes already a month and we haven't received any news yet regarding with the issue and i don't know if the binance want to comply too most of the user in the PH now will seek other exchange if this will become implemented.

[Husires]

It would be good if this was the end of the Binance story and no further investigations were conducted, because if the snowball starts to move, it will roll violently and then the platform’s bankruptcy is a matter of time.
The best thing that Binance can do is to avoid being the focus of attention of the authorities in any way, and to adhere to all existing legislation, completely withdraw from everything related to the United States, and try to ensure that all internal financial matters are in order, and then try to enter these markets with new employees who have knowledge of these markets.

[davis196]

Fictional money, a shot at inordinate riches and a good chance of landing in jail at some point. That, in a nutshell, is the popular board game of Monopoly.

Entire article is here:
https://www.economist.com/finance-and-economics/2023/11/22/another-crypto-boss-falls

Not only Changpeng Zhao, head of Binance known as CZ has to pay a fine, he most likely has to do some time (in Jail). What they (He and his management) did was what had to be done to become the most popular exchange. A construct which replaces the middleman. Also at least co-responsible that many people believe trading to be synonyms for Crypto, even Bitcoin.

Getting rich or die trying is the credo of many people living in Ghetto-like circumstances.
It would not have been possible without his management, the people he put in place to manage the accounts, among others.
The article paists a nice picture of the venue Binance if you cannot get to the info past the paywall use

https://www.removepaywall.com  a gift from Elon ,)

I really believe that Chanpeng Zhao is no different than Sam Bankman-Fried. Of course, SBF was more irresponsible and maybe stupider, but I can't get out of my mind the comparison between those two guys.
When you become financially successful really quick, you start getting delusional and you begin to think that you are some kind of genius. Greed also starts to kick in and you begin to think that making 100M per year isn't enough. You have to make several billions per year. The sky is the limit. So you begin doing illegal stuff and you sacrifice morals in order to make even more money. Eventually you get caught and you end up in jail. Those crypto CEOs are basically following the same path towards failure.

[pooya87]

This story is more about surveillance than wanting to get rich.
Basically US government wanted full 100% surveillance on all activities of all users from a centralized exchange called Binance, they didn't fully comply so they arrested CZ to show them how they mean business

[dansus021]

I don't know why but when Bitcoin or crypto in general getting recognized by world and getting more popular than ever there are more government to seems don't like it and keep push crypto to edge.

Binance is big and now getting pushed in USA and maybe in other country aswell I just hope the crypto innovator not give up.

[kentrolla]

Indeed, it was a very smart move to disassociate CZ from Binance as soon as the allegations were triggered which saved a possible downfall of Binance, what's more surprising is the fact that the allegations were accepted but Binance was visibility the most centralized crypto exchange and this might be a warning to all the centralized exchanges that they would be punished if they don't comply with US government and it's demands.