CZ Sentenced, Your Bitcoin in their Custody

[348Judah]

https://twitter.com/BitcoinMagazine/status/1785384669812273570?t=ZGZzfngY_UpyDCLbq4hWTA&s=19


What next after four months,

On Tuesday, the Binance CEO CZ was sentenced to four months imprisonment all on the charges of allowing for the participation of illegal money laundry from his exchange Binance, the US government gile a lawsuit against him and charged him, same way they habe been clamping down of other privacy means in which bitcoiner can use to achieve thier goals, i don't wa t to mention the keyword bit we all know about the recent ban thst took effect since January 1st of this year 2024.

With all these happening, I suggest we should be reminded as bitcoiners on what we are made for and should not loose focus on how we can achieve our target with the use of bitcoin for our financial economy in all modules of it's applications Privacy should be our heritage with bitcoin, using centralized exchanges is the weakest means to have it, because the governments will be after you when you're under a centralized exchange, they have all your details with them.

Every bitcoiners should understand why they need to have in custody their own digital financial asset and not with third parties like exchange ss, they can be attacked, hacked and if any of these happens, our asset with them are gone, we should learn to avoid the use of exchange, hold our bitcoin on cold storages and remember that not your keys not your coins still ever remains verdict in bitcoin network.

[Poker Player]

Well but 4 months is a laugh, and he won't go to prison, it's all a consequence of a pact. Although if we think about it more broadly this is part of an attack on privacy, for which it seems to be money laundering anything that has to do with protecting it. And the bad news is that it seems to me that this has only just begun.

[btc78]

With all these happening, I suggest we should be reminded as bitcoiners on what we are made for and should not loose focus on how we can achieve our target with the use of bitcoin for our financial economy in all modules of it's applications Privacy should be our heritage with bitcoin, using centralized exchanges is the weakest means to have it, because the governments will be after you when you're under a centralized exchange, they have all your details with them.

Bitcoin is decentralized and should be treated as such. I do understand that other people have a lot of various reasons for why they think centralized exchanges are better than decentralized ones. Personally I think we should stick to how bitcoin was made to be used.

Binance still seems to be doing well and is still continued to be used by many despite the huge heft of money that they are going to be paying for.

[EarnOnVictor]

That's a nice reminder and I do not know anyone conversant with Bitcointalk who will still slack in that regard, or else, such a person will regret it. The fact that Binance even has issues with my country has made me almost completely stop working with it, but for other exchanges and centralised systems, my cautious approach with them since they merely "owe" me the amount with them and not a guaranteed arrangement has ever made me careful in dealing with them.

However, there is no way this sentencing will ever affect Binance in any way, it is now under new management and the operation of the exchange continues to run smoothly after CZ excused himself as the CEO months back, which will not be different now. But what pains me is that the sentence is too little regardless of whether he pleads guilty or not, the 4 months will soon pass.

This will continue to embolden these rich guys to launder money, so what's the point?

[Upgrade00]

<snip> same way they habe been clamping down of other privacy means in which bitcoiner can use to achieve thier goals, i don't wa t to mention the keyword bit we all know about the recent ban thst took effect since January 1st of this year 2024.

I'm struggling to understand your post. Firstly you put binance in the same bunch as privacy services and go on to talk about the privacy risks of using it. What's happening to Binance has nothing to do with reducing privacy of bitcoin users, it's a criminal investigation.

CZ pleaded guilty to the charges, aided be investigation and binance has greed to pay fines to the tune of $4 billion, hence the lighter sentence.

[MusaMohamed]

What next after four months,

On Tuesday, the Binance CEO CZ was sentenced to four months imprisonment all on the charges of allowing for the participation of illegal money laundry from his exchange Binance, the US government gile a lawsuit against him and charged him, same way they habe been clamping down of other privacy means in which bitcoiner can use to achieve thier goals, i don't wa t to mention the keyword bit we all know about the recent ban thst took effect since January 1st of this year 2024.

By handling this with $4B, I could guess his sentence will not be too serious.

About safety of our bitcoins, it's our private keys, it's our bitcoins.

Binance or other centralized exchanges don't give us private keys so we only need to store our bitcoins on their exchanges if we can afford to lose them. By trusting them as custodians of our bitcoins, we afford to lose it anytime.

The warning is for all centralized exchanges, all online platforms, where you can store your bitcoins, not only Binance.

Reminder: do not keep your money in online accounts

[Minor Miner]

But what pains me is that the sentence is too little regardless of whether he pleads guilty or not, the 4 months will soon pass.

This will continue to embolden these rich guys to launder money, so what's the point?

I don't even see him committing any crime and what is happening is just an abuse of power by the US government. If you support the US government's assessment as being correct, you should prepare yourself better because sooner or later they will intervene more deeply in the cryptocurrency market and completely control it.

The interesting thing I see is that millions of users on X are trying their best to support CZ for his contributions to the crypto industry. Meanwhile, on the forum, there are some people who don't like him. It is true that it is difficult to please everyone.

[mindrust]

4 months... must be a joke. It is probably just a warning to the other exchange and casino owners.  (and theymos lol)

"Do as we say or else we can mess you up in ways you can't even imagine. Don't f with us."

CZ and the Feds came to an agreement it seems but they couldn't let him go without a punishment because it would leave a bad image on the Feds. So they come with this joke-like sentence. I don't even believe CZ will do his time like the other prisoners. His punishment will be a vacation in a 5 star hotel for 4 months probably. Imagine spending 4 months in a hotel, I would go insane. Poor CZ.

It looks very orchestrated.

[Cosette]

But, my money in binance is safe right?
Sorry got a bit panic when i saw this thread and since i can't access my wallet right now, i'm just making sure everything is alright.

[mindrust]

But, my money in binance is safe right?
Sorry got a bit panic when i saw this thread and since i can't access my wallet right now, i'm just making sure everything is alright.

For now… but, “not your keys not your coins”

There were lots of big exchanges went down in the past. Some of them went down without a warning. Some gave many warnings before they collapsed. Maybe this is one of those warnings. I am not saying that you shouldn’t be holding any coins on an exchange but think about this: If binance went down today, the amount you’ll lose on their platform would make you mad? If you are saying “yes” then you should lower your risk levels and hold more coins in your cold wallet.

As long as you manage your risks the right way, there is nothing to be worried about.

[Helena Yu]

Every bitcoiners should understand why they need to have in custody their own digital financial asset and not with third parties like exchange ss, they can be attacked, hacked and if any of these happens, our asset with them are gone, we should learn to avoid the use of exchange, hold our bitcoin on cold storages and remember that not your keys not your coins still ever remains verdict in bitcoin network.

Yet another self pro claimed privacy and non custodial when he's the one who support centralized exchange, if you're someone who care about privacy, you won't use it!

bc1qpnmtsyslfunhdn7tv4tnahaxvgh7tk9axcu393

https://platform.arkhamintelligence.com/explorer/address/bc1qpnmtsyslfunhdn7tv4tnahaxvgh7tk9axcu393

But, my money in binance is safe right?

Right now it's safe, but we don't know in the next week, next month, next year etc.

Remember, CZ is ex Binance's CEO, even though he's going to jail, actually it shouldn't affect anything to Binance. It's why I don't understand why the medias make this news really big when he's now a nothing.

[Z390]

I like CZ, but people like CZ should understand the importance of privacy, they should have worked on a decentralised way to trade Bitcoin, if just Bitcoin only I will like it.

Satoshi created Bitcoin as a decentralised digital currency, we can't expect him to build a decentralised way to trade Bitcoin too.

Someone else have to do this, but crazy are the developers we have today, they want to create name for themselves, they want their names to be heard, they aim for massive popularity, if Satoshi is like them Bitcoin would have failed woefully today.

Why can't we just learn from the greatest master himself?

[sokani]

I don't even see him committing any crime and what is happening is just an abuse of power by the US government.

I do not see it as flexing of muscles by the US government. Binance is also having regulatory issues in other countries like the Philippines, Canada, Nigeria, India etc.

CZ and the Feds came to an agreement it seems but they couldn't let him go without a punishment because it would leave a bad image on the Feds. So they come with this joke-like sentence. I don't even believe CZ will do his time like the other prisoners. His punishment will be a vacation in a 5 star hotel for 4 months probably. Imagine spending 4 months in a hotel, I would go insane. Poor CZ.

You've got a point. The way the DOJ was going about the case, that they wanted to make an example of him to send a clear message to others, I thought CZ was going to get something stiffer, perhaps the 4 months imprisonment may just be a charade.

[Queentoshi]

Remember, CZ is ex Binance's CEO, even though he's going to jail, actually it shouldn't affect anything to Binance. It's why I don't understand why the medias make this news really big when he's now a nothing.

CZ was smart enough to step down as the CEO of Binance so any case or issue against him will not bring down his empire. If he was still the active CEO, this news would have had a greater effect on the company.

But, my money in binance is safe right?

Always consider any money you leave in an exchange not safe.

[DeathAngel]

Four months isn’t too bad after what some people were predicting but regardless, I don’t see any victims in this case. I don’t think he should have received a custodial sentence at all. He paid a huge fine & had to step down at Binance, that is enough of a punishment in my opinion. We will see you out as a free man in four years CZ.

[SquirrelJulietGarden]

4 months... must be a joke. It is probably just a warning to the other exchange and casino owners.  (and theymos lol)

It is fair or unfair sentence for CZ, depends on each person and their stance on it.

I believe there is no place in the world can give us completely fairness but from CZ case, I see it looks good that CZ still got supports from the judge Richard Jones.

How Changpeng Zhao's 'Good Guy' Reputation Secured a 4-Month Prison Sentence

Is CZ a good guy or bad guy?

Again, there will be different thinking among us on it but I imagine that if CZ is sentenced in another country, like in China, North Korea for example, he will be sentenced to death if the government want to do that. In the USA., it's simply impossible.

Judge Richard Jones said he spent the weekend poring over the voluminous letters of support for the ex-CEO of Binance until the book they were contained in literally fell apart

[Husires]

Binance CEO CZ is not a privacy advocate and took advantage of newbies' ignorance to get them to continue depositing into Binance.
There is no connection between his conviction in the money laundering case and the ban on privacy services. CZ may indeed be guilty and should deserve punishment. 4 months is not enough, but Binance and CZ have fully cooperated with the authorities, and these provisions may send a message to scammers that all crimes are possible if you cooperate with the authorities, and the punishment will be very light.
CZ cooperated and did everything to avoid prison and yet he was imprisoned.

[Outhue]

Apart from him being guilty, I hope he learned from this, I am surprised that a smart man like CZ could build a centralized exchange and wanted his name to be online everywhere, he later found out that decentralization is the key, something he should have done to erase any crackdown, the proof is there already, Bitcoin and Satoshi Nakamoto is a very good example.

A system needs to be built, on the blockchain where there will be no way for any centralized entities to stop it from running and it will serve as a dex, all teams will have to get it running and vanish into thin air just like what Nakamoto did, I believe this is the way now.

Enough with trying to get popular, the more popular you are in the crypto space the more dangers of getting locked up will come looking for you, the only way to be powerful in this world and stay powerful is to be a shadow, remain unknown, pull your strings in a no man's land.

You can't hurt what you can't see.

[PrivacyG]

I am not stating the guy from Binance is a saint.  Nor am I stating that Binance was the greatest thing ever.  Partly, it was.  Whether we like it or not, it is one of the reasons Cryptocurrencies became so popular.  They did make it much, much easier and more comfortable for the average user to join our crib.

BUT as usual, this sentencing is more than exaggerated and the News are making it seem like such a big deal.

Maybe it is.

But then if to the Authorities it is such a big deal I want some body to tell me what similar or worse sentencing the CEOs of Banks who processed MANY suspicious Transactions, worked with the Taliban, North Korea and played a role in Money Laundering?

https://www.nytimes.com/2020/09/20/business/fincen-banks-suspicious-activity-reports-buzzfeed.html

Oh.  Yes.  Right.  No sentencing.  Only Cryptocurrency enthusiasts receive the worst, because they play a role in building an ecosystem the Authorities hate.

Sure.  Fair if you ask me, what can I say.

[naira]

Every bitcoiners should understand why they need to have in custody their own digital financial asset and not with third parties like exchange ss, they can be attacked, hacked and if any of these happens, our asset with them are gone, we should learn to avoid the use of exchange, hold our bitcoin on cold storages and remember that not your keys not your coins still ever remains verdict in bitcoin network.

All choices regarding privacy are in each person hands because from a legal perspective, sometimes we cannot prevent other people from being on the stock exchange. Use it appropriately without needing to keep assets on the exchange for too long. Regarding CZ since he admitted his mistake, all power on behalf of Binance has been transferred to the new CEO. That's formal but behind the scenes anything can be manipulated to make us fooled. But I don't care that far regarding the CZ case, there is no gain or loss for me personally in investing in Bitcoin as long as I can find my own way. Binance is just 1 of 1000 bridges so we have the right to choose. The most important thing is that our investment is safe, no other party touches it, so there is nothing to worry about. We are used to the US government's activities to target people in the crypto industry  .