CZ Sentenced, Your Bitcoin in their Custody

[Dunamisx]

The fact that Binance even has issues with my country has made me almost completely stop working with it...

This same exchange binance has been facing a lot of challenges with other countries, you can consider Us as the number one, we have Canada, India and so many other countries whereby they have been taking it hard on the exchange to ensure its been regulated by them, the better for us to know the danger and implication that be be involved with he use of a centralized exchanges, i thought about that of mixers will be a lesson for many of us, even the CEX that have no privacy were under attacks from government.

[malah]

The fact that Binance even has issues with my country has made me almost completely stop working with it...

This same exchange binance has been facing a lot of challenges with other countries, you can consider Us as the number one, we have Canada, India and so many other countries whereby they have been taking it hard on the exchange to ensure its been regulated by them, the better for us to know the danger and implication that be be involved with he use of a centralized exchanges, i thought about that of mixers will be a lesson for many of us, even the CEX that have no privacy were under attacks from government.

Binance has its own policy regarding the use of the exchange they have. As long as this country accepts the policies that exist in Binance as a trading place which are very firm with the rules they have then it will be easy for that country to access the Binance exchange, but if a country doesn't If you agree with Binance's policies, there will definitely be many obstacles that will occur. Mixer is indeed used to launder money because there are several Mixer platforms that can be used without having to use KYC. Meanwhile, for Binance currently, those who have large amounts of money are required to complete KYC first to continue transactions smoothly.

[EarnOnVictor]

The fact that Binance even has issues with my country has made me almost completely stop working with it...

This same exchange binance has been facing a lot of challenges with other countries, you can consider Us as the number one, we have Canada, India and so many other countries whereby they have been taking it hard on the exchange to ensure its been regulated by them, the better for us to know the danger and implication that be be involved with he use of a centralized exchanges, i thought about that of mixers will be a lesson for many of us, even the CEX that have no privacy were under attacks from government.

Binance has its own policy regarding the use of the exchange they have. As long as this country accepts the policies that exist in Binance as a trading place which are very firm with the rules they have then it will be easy for that country to access the Binance exchange, but if a country doesn't If you agree with Binance's policies, there will definitely be many obstacles that will occur. Mixer is indeed used to launder money because there are several Mixer platforms that can be used without having to use KYC. Meanwhile, for Binance currently, those who have large amounts of money are required to complete KYC first to continue transactions smoothly.

I see your post as one with so many faults, my friend. First, when it comes to registration, licencing and regulations, Binance or any exchanges/companies do not have much say in a domain, they must obey the law of the land, period! It is either they cooperate or exit their business from the country. The law is the law and the constitution is the constitution, no one will change it for Binance or any other company. The only avenues they can have some opportunities are in tax relief/holiday and a few opportunities at the discretion of the country. Nothing more.

Not that Binance would say this is what we want and this is how we will do it and the country will keep mute. Who does that?

As for the m!xing services and others, they are nothing more than unlawful establishments, we have them in almost all facets of all industries. Well, I blame the world's government over this for their lack of coordination. If they can work in unity, then those services could be a forgotten issue sooner than we expect. And as long as they are serving people and not ghosts, that means they are visible and reachable, and for this, the hand of the law will reach them faster.

[livingfree]

I just hope any exchange doesn't just collapsed again like FTX, it happens between 2022-2023 but it looks like something that happen years ago and many people has moved on but creditors are sideline waiting to get their money back,

I am not sure but it becomes a trend as well when we're getting to the bull run. But just as you, I am also hoping that no exchange will collapse this time, a big exchange.

they should be our significant lesson rather than just using exchange to keep coins that may vanish one day because we don't have power over to the private keys.

That's why if we're going to use exchange, just use them as an exchange and don't keep your funds there. We do understand that they don't give private keys.

But for the beginners, they might not be aware of it and that's why they have to be reminded about that.

[Abiky]

I still think it's a good deal for CZ. Different countries have different restrictions for someone who has done time, some stringent, some not so much and some you can clean off after a few years of decent community service.

CZ should also have enough money stashed away that he may not need to look for work as normal people would, and any job he does get will be covert and more of a consultancy role than a financial manager or part of an open board. That will not get so much trust from the public.

Of course he does. I bet CZ has all of his money in crypto stored away someplace safe. He's not that stupid. The government may be able to confiscate Fiat (USD) and crypto on exchanges. But not self-custodied crypto (where you control the private keys).

Once CZ gets out of prison, he will enjoy spending his fortune. SBF will not be that lucky because of his longer sentence. He used customer funds, whereas CZ only allowed money laundering on Binance exchange (and paid a hefty fine in return). He saved crypto by taking responsibility and stepping down as CEO of the world's largest crypto exchange. Hopefully, we'll see CZ involved in crypto again after four months. Who knows what the future of Binance and BNB will be?

[mich]

Well now CZ is going to begin his 4 month prison sentence in the US. It will be in a low-security prison that is for prisoners that do not pose any threat to others in there.
And even with his conviction he is still remaining positive. It is not alot of time only 4 months, I think he will come out a better person.
https://en.cryptonomist.ch/2024/06/03/the-founder-of-binance-cz-begins-the-prison-sentence/

[blckhawk]

Well now CZ is going to begin his 4 month prison sentence in the US. It will be in a low-security prison that is for prisoners that do not pose any threat to others in there.
And even with his conviction he is still remaining positive. It is not alot of time only 4 months, I think he will come out a better person.
https://en.cryptonomist.ch/2024/06/03/the-founder-of-binance-cz-begins-the-prison-sentence/

Considering how heavy the authorities are when it comes to financial related crimes (Bernie Madoff, Jordan Belfort, Charles Ponzi, and Al Capone), 4 months seems to me like something that's not that long, I guess CZ needs to be the sacrificial lamb in all of this to save Binance. I'd also like to point out that your crypto (if you store some of it in Binance which isn't recommended but do what you want, it's your life) is still safe, just because CZ is in prison doesn't mean that Binance is gone, before the sentencing, he's already relinquished the CEO title so the exchange can still do it's work.

[CryptoBuds]

Well now CZ is going to begin his 4 month prison sentence in the US. It will be in a low-security prison that is for prisoners that do not pose any threat to others in there.
And even with his conviction he is still remaining positive. It is not alot of time only 4 months, I think he will come out a better person.
https://en.cryptonomist.ch/2024/06/03/the-founder-of-binance-cz-begins-the-prison-sentence/

There are a lot of people on the forum who hate CZ because he created one of the centralized exchanges and went against the concept of decentralization that bitcoin created. But honestly, I don't see him as a bad person so I disagree with you when you say that hopefully he will become a better person after he gets out of prison. I bet if he had saved FTX from collapse he probably would have avoided this disaster. His imprisonment is just the repression and revenge of the US government against the dominance of binance, an exchange that does not come from their country and is not controlled by them.

[Catenaccio]

There are a lot of people on the forum who hate CZ because he created one of the centralized exchanges and went against the concept of decentralization that bitcoin created. But honestly, I don't see him as a bad person so I disagree with you when you say that hopefully he will become a better person after he gets out of prison. I bet if he had saved FTX from collapse he probably would have avoided this disaster. His imprisonment is just the repression and revenge of the US government against the dominance of binance, an exchange that does not come from their country and is not controlled by them.

I can not say on behalf of people who don't like CZ, don't like and hate is different and I think "hate" is too much.

Whey they don't like CZ?
If their reasons are like you said, they would don't like other people who are founders of other centralized exchanges and I don't think it is actual reason.

Possible reasons can be CZ created a quick successful centralized exchanges but he at the same time had some bad managements with his exchange and created opportunities for insider trading activities, scam projects to pump and dump.

His bad management is with Terra too, by allowing Do Kwon and his team deposited massive new minted tokens to Binance and dumped it. You should never allow any project that has their number of tokens on your exchange is bigger than its total or circulating supply. If something quickly change, they must have available tools to detect it, do their exchange audits automatically and freeze it.

[CryptoBuds]

There are a lot of people on the forum who hate CZ because he created one of the centralized exchanges and went against the concept of decentralization that bitcoin created. But honestly, I don't see him as a bad person so I disagree with you when you say that hopefully he will become a better person after he gets out of prison. I bet if he had saved FTX from collapse he probably would have avoided this disaster. His imprisonment is just the repression and revenge of the US government against the dominance of binance, an exchange that does not come from their country and is not controlled by them.

I can not say on behalf of people who don't like CZ, don't like and hate is different and I think "hate" is too much.

Whey they don't like CZ?
If their reasons are like you said, they would don't like other people who are founders of other centralized exchanges and I don't think it is actual reason.

Possible reasons can be CZ created a quick successful centralized exchanges but he at the same time had some bad managements with his exchange and created opportunities for insider trading activities, scam projects to pump and dump.

His bad management is with Terra too, by allowing Do Kwon and his team deposited massive new minted tokens to Binance and dumped it. You should never allow any project that has their number of tokens on your exchange is bigger than its total or circulating supply. If something quickly change, they must have available tools to detect it, do their exchange audits automatically and freeze it.

You are greedy and invest in highly profitable projects, you are profitable and you think you are talented because you chose the right project.
But if you lose money and the project fails then you start blaming its creator and the exchange, is this really fair? Just like you always want privacy, don't want government control, you avoid taxes and don't want to comply with regulations, but when others scam you, you blame them for not protecting you. Do you find yourself being too greedy?

In addition, Binance or any exchange is just an exchange, meaning they only act as an intermediary. They have no obligation or responsibility to protect your money when you greedily invest in high-risk high-return projects.

[Supianto]

Thankfully, my Bitcoin is not in their custody. First of all, I'm buying it on Bitfinex. Secondly, I'm not keeping it there, I'm using OWNR wallet for that. Keeping your coins on exchanges is a bad idea, I always knew that and FTX crash just made me more confident about that.

[o48o]

I still think it's a good deal for CZ. Different countries have different restrictions for someone who has done time, some stringent, some not so much and some you can clean off after a few years of decent community service.

CZ should also have enough money stashed away that he may not need to look for work as normal people would, and any job he does get will be covert and more of a consultancy role than a financial manager or part of an open board. That will not get so much trust from the public.

Of course he does. I bet CZ has all of his money in crypto stored away someplace safe. He's not that stupid. The government may be able to confiscate Fiat (USD) and crypto on exchanges. But not self-custodied crypto (where you control the private keys).

Once CZ gets out of prison, he will enjoy spending his fortune. SBF will not be that lucky because of his longer sentence. He used customer funds, whereas CZ only allowed money laundering on Binance exchange (and paid a hefty fine in return). He saved crypto by taking responsibility and stepping down as CEO of the world's largest crypto exchange. Hopefully, we'll see CZ involved in crypto again after four months. Who knows what the future of Binance and BNB will be?

I am no so sure about that, he has been pretty much complying with the regulations, and at least tries to stay legit, but Binance does fight against all regulations that can't necessarily be forced upon them. Technically allowing money laundering could be because they chose to go with assumptions on what different regulations meant on that. And weren't actively reporting and kyc:ing and double checking every restricted country that used VPN.

And like you said, CZ isn't stupid. He knows that if he wants to hide the crypto, it's getting more and more harder to wash out that as legit money. And large amounts could take forever to wash, and will end up being more and more expensive. If he indeed has saved money/crypto, it's legit, reported and washed already. Not stashed in some transparent blockchain which is more and more under a microscope. Or god forbit opaque and private blockchain which would be nearly impossible to cash out in the future.