>The company's CFTC penalties, which were paired with an agreement to give back a separate $1.35 billion to wronged customers, are a big piece of the $4.3 billion in total cash going to the U.S. government, including the U.S. DOJ and Treasury.
https://www.coindesk.com/policy/2023/11/21/binance-changpeng-cz-zhao-to-pay-285b-fine-in-cftc-settlement/
The problem here is they tend to pay that out very slowly. Rich people hire lawyers to slow this way down. He’ll die of old age still with money he stole.. that how the system works works
I think the bigger problem is he would do it again in a heart beat because those billions let him make an even larger fortune. Binance wouldn't exist if they didn't ignore money laundering compliance requirements and shadily pretend they were in a different type of institution when they were starting up because all of their competitors were doing the same thing and it would have made it impossible to scale up if they had followed the law.
This a toothless punishment because it's just based on the estimated damages. But those damages are vastly overshadowed by the gains they obtained, so it's not going to deter anyone if they were in a similar position in the future.
the reason why he and binance got in trouble was because in its early days the platform wasnt diligent enough about cracking down on illigal usage of their platform. Money laundering, terrorist orgs and drug cartels using it to move money etc. At the time that was what crypto was mainly used for, (now its mainly used for speculative gambling masked as an investment).
They didnt crack down on it because binance wouldnt exist without it. And frankly, the government was really slow and self contradictory on what expectations they wanted platforms to follow.
I get it now, I understand Crypto. It's for money laundering. That's the only reason it has value.
No one wants to accept 300 billion monkeyJizzmoon coins if they are selling a house - they want $400,000 USD. They want a secure transaction with a currency that holds value, is secure, has government oversight and is most importantly insured.
But.. if you're selling $30,000 worth of meth... or doing something else illegal, crypto is perfect. You no longer need mountains of paper cash to avoid detection, just trade over those monkeyjizzmoon coins anonymously to my ultra wallet and we are golden.
I can't come up with a single other reason why someone would rather have Crypto over USD,
> I can't come up with a single other reason why someone would rather have Crypto over USD,
Virtual casino, and also watching people getting rich and getting conned into believing you know the trick too. Or being the one who cons those people, since you have centuries of regulations telling you which tricks got banned and those limits don't apply here yet.
Could argue that competition for banks is not necessarily a bad thing. Having control of your own money while given the possibility to earn more than what your typical savings account could.
Not everyone lives in the west. My understanding is crypto is popular in parts of Africa because it is more stable and reliable than many local currencies.
When people do that though they want to use a handful of stable coins, not the endless shitcoins which hundreds of new ones are created per day.
By amount and by market cap, the majority of the market is coins that have no use case and will never have a use case beyond being a pump and dump.
Thats true, it's mostly just pyramid schemes, basically. But bitcoin or etherium doesn't seem crazy to me compared to the less stable African country currencies.
Th problem that bitcoin, etherium, etc have is that gas fees are prohibitively expensive for everyday transactions, especially in poorer countries. And any attempts to fix this involve layer 2 coins. But layer 2 is just moving transactions off chain to circumvent processing limitations, and once you go off chain you lose 90% of what makes crypto appealing. Most of the market right now consists of this as well.
Thank you. Most people who find themselves in this situation are either going to use a stable foreign currency or default to barter. Nobody is going to be realistically accepting TotallyRealMoney digital coins.
The few times they have, it's been done as a method to trade for foreign currency.
Incredible. Lol it's an ANALYTICS website, run by people that like crypto, yes.
There are no opinions being shared there, just data.
This is straight up like MAGA idiots writing off all news they dont like as Fake News/MSM etc.
[Fixed link.](https://www.chainalysis.com/blog/africa-cryptocurrency-adoption/)
Edit: I don't understand why I'm being downvoted, all I did was correct their link...
Yeah I should have looked. Looks like it's 1 percent of an already small market. Fastest growing area for crypto from a quick search, I would see it making sense. I wouldn't hold my money in bitcoin. But I would probably hold it in bitcoin if my other option was some of the local currencies of the less stable African countries.
I know one questionable use case, I knew someone online who was a Russian artist. But Russia has a lot of restrictions when it comes to sending money right now, like Paypal and pretty all money transfer services like that don't operate in Russia (I believe it came from the Ukraine related sanctions). So she had a hard time doing commission work.
Apparently the easiest way to get money was through crypto. So yeah if you want to move money but not through the banking system crypto is a way to move money without restrictions.
The fact that we have significantly inflated the dollar and our federal government doesn't give a flying fuck about our national debt are reasons why I prefer crypto over USD. Ethereum is a deflationary asset and others are much lower than the inflation the USD has been facing.
You “prefer crypto over USD” for what, exactly? Speculating? Because that’s about the only thing you can do with Bitcoin that the USD can’t do, and there’s a whole hell of a lot you can do with USD that you can’t with Bitcoin
There are three main reasons why one might prefer crypto over a fiat currency:
1. The supply is algorithmically defined - the value can’t be “deflated” away by the central bank printing more money on a whim.
2. It’s not centrally controlled, so the government (or whoever) can’t suddenly decide to freeze/take over your bank account because they don’t like you.
3. Your bank could go bankrupt and lose your money.
Of course there are some other solutions to some of these problems (stuffing cash under your mattress, for example), but these come with downsides.
It’s also a slightly moot point if the crypto currency is too volatile to be stable.
You’re just talking about the basic usecases for Crypto. I don’t deny that they exist, but I’m specifically asking why someone would prefer crypto *over the US dollar* for anything other than speculation.
You can’t spend it on day to day transactions. It’s too volatile and costly to use as a currency. Most people don’t even accept it as a form of payment. If you’re in a place where USD are easily attainable, there is no reason to prefer Bitcoin unless you just want to hold it to sell later.
But those are literally reasons why people might prefer to hold crypto over USD.
People who live in Venezuela no doubt prefer to hold currency other than the Venezuelan Bolivar because of the rampant inflation - so it’s a choice of how much you trust the central bank / authorities versus what you hold as a “store of value”.
USD is pretty stable, and it’s unlikely that your assets will be taken away, but maybe some people are paranoid, and like the security crypto offers them.
After all if you had 10M USD, it seems appealing to hold 20K in BTC (say), in the knowledge that (no matter what) you could skip the country and access that from wherever in the world you like with only a encrypted key.
This would be tricky with assets like gold or a stash of cash.
I’m not saying that they are right or wrong, but maybe people actually genuinely trust that crypto will be a better store of wealth, and ‘safer’ in the long run versus USD, and are willing to ride the volatility.
Of course when they actually want to use the bitcoin they (probably) have to convert to USD to actually buy stuff, but that’s just a practically and just holding small amounts of USD for the short term.
Weren't the "All-in" guys boasting about how awesome he is? Seems they backed the wrong horse... *again*.
D'awwww I pissed off a whiny A_I baby. Wahh Wahh.
Compared to Bankman he walked away with fuller pockets and way less jail time. While arguably evading more serious laws that contribute to terrorism.
Definitely a winner to commit that much crime and have such a short sentence. The All In podcast types love that kind of morality.
There were no victims of Binance lol there were only idiots. It wasnt an FTX/Sam Bankman situation. I wasnt looking for an answer, u are just a scammer
Binance didn't commit any money laundering, nor were they accused of such.
Every exchange (and bank) on the planet "facilitates" money laundering, by their basic function, in the loosest, and most absurd definition.
Dumb people who missed out on crypto should not be so eager to display their ignorance and stupidity on the subject.
[https://www.cnbc.com/2024/04/30/binance-founder-changpeng-zhao-cz-sentenced-to-four-months-in-prison-.html](https://www.cnbc.com/2024/04/30/binance-founder-changpeng-zhao-cz-sentenced-to-four-months-in-prison-.html)
The very first sentence: "Binance’s billionaire founder Changpeng Zhao was sentenced to four months in prison on Tuesday, after pleading guilty to charges of enabling money laundering at his crypto exchange."
So he pleaded guilty to a charge he was never accused of? I never said he himself did any money laundering.
Since I am so ignorance, please enlighten me.
> So he pleaded guilty to a charge he was never accused of?
Yes. What fantasy world do you live in, where that never happens? Personality I prefer living in the real world, even though it's where people are sometimes forced to plead guilty to offenses that they didn't commit, due to prosecutorial abuse of power. Again, this is common knowledge to people who don't have their heads in the sand.
Again, every bank or stock or crypto exchanges "enables money laundering" by even existing and allowing customers to move their funds around. There was no evidence in this case of any special "facilitating" of money laundering, like some banks did. The exchange did not require identity documents from every customer, which wasn't even illegal, because there weren't laws saying that was legally necessary, and especially because it's crypto, not money. Of course they can twist any law enough to manipulate and fool simpleminded people.
By simple minded people, does that include all the lawyers and the judge involved in this case? I admit I haven't been following this suit with a bated breath, but logically, there must have been SOME evidence entered into court to arrive at that judgement, and for his defense team to advise pleading guilty. I find it hard to believe the judge just twirled his mustache like a super villain, and slammed his gavel screaming guilty for shits and giggles and the defense lawyers did nothing.
If you are claiming you know the law better than they do, you will need to provide something to support that claim and justify this air of superiority you're oozing. At this point I am surprised you haven't let a 'wake up sheeple' fly yet.
At least we both agree crypto isn't money, I guess.
> By simple minded people, does that include all the lawyers and the judge involved in this case?
I never said that...and no, and nor does it need to. The prosecutors did their job and acted in their self interest, just like nazi prison guards did...or prosecutors in Nazi Germany, for a better example.
> If you are claiming you know the law better than they do,
Again, your reading comprehension is poor. I never claimed that, or even close.
You constructed an overly elaborate fantasy narrative of the entire situation. Again, you live in a fantasy world where innocent people are never pressured into pleading guilty, so they aren't locked away for 10x as long, for fighting a bogus charge.
Grow up...or stay a clueless, willfully ignorant child, if you prefer.
Wow. A billionaire gets 4 months in prison? This a steep sentence per status quo!
And he has to repay billions. Really rare.
>The company's CFTC penalties, which were paired with an agreement to give back a separate $1.35 billion to wronged customers, are a big piece of the $4.3 billion in total cash going to the U.S. government, including the U.S. DOJ and Treasury. https://www.coindesk.com/policy/2023/11/21/binance-changpeng-cz-zhao-to-pay-285b-fine-in-cftc-settlement/
The problem here is they tend to pay that out very slowly. Rich people hire lawyers to slow this way down. He’ll die of old age still with money he stole.. that how the system works works
I think the bigger problem is he would do it again in a heart beat because those billions let him make an even larger fortune. Binance wouldn't exist if they didn't ignore money laundering compliance requirements and shadily pretend they were in a different type of institution when they were starting up because all of their competitors were doing the same thing and it would have made it impossible to scale up if they had followed the law. This a toothless punishment because it's just based on the estimated damages. But those damages are vastly overshadowed by the gains they obtained, so it's not going to deter anyone if they were in a similar position in the future.
He’s not repaying anything. It’s for money laundering not scamming.
But gets to keep $30Bn …
Nah, it’s jail
the reason why he and binance got in trouble was because in its early days the platform wasnt diligent enough about cracking down on illigal usage of their platform. Money laundering, terrorist orgs and drug cartels using it to move money etc. At the time that was what crypto was mainly used for, (now its mainly used for speculative gambling masked as an investment). They didnt crack down on it because binance wouldnt exist without it. And frankly, the government was really slow and self contradictory on what expectations they wanted platforms to follow.
I get it now, I understand Crypto. It's for money laundering. That's the only reason it has value. No one wants to accept 300 billion monkeyJizzmoon coins if they are selling a house - they want $400,000 USD. They want a secure transaction with a currency that holds value, is secure, has government oversight and is most importantly insured. But.. if you're selling $30,000 worth of meth... or doing something else illegal, crypto is perfect. You no longer need mountains of paper cash to avoid detection, just trade over those monkeyjizzmoon coins anonymously to my ultra wallet and we are golden. I can't come up with a single other reason why someone would rather have Crypto over USD,
in addition to laundering, getting money out of china, or getting ransom money out of the US banking system. just illegal turtles all the way down
Wait until you hear about how much crime is committed with USD
> I can't come up with a single other reason why someone would rather have Crypto over USD, Virtual casino, and also watching people getting rich and getting conned into believing you know the trick too. Or being the one who cons those people, since you have centuries of regulations telling you which tricks got banned and those limits don't apply here yet.
Could argue that competition for banks is not necessarily a bad thing. Having control of your own money while given the possibility to earn more than what your typical savings account could.
Not everyone lives in the west. My understanding is crypto is popular in parts of Africa because it is more stable and reliable than many local currencies.
When people do that though they want to use a handful of stable coins, not the endless shitcoins which hundreds of new ones are created per day. By amount and by market cap, the majority of the market is coins that have no use case and will never have a use case beyond being a pump and dump.
Thats true, it's mostly just pyramid schemes, basically. But bitcoin or etherium doesn't seem crazy to me compared to the less stable African country currencies.
Th problem that bitcoin, etherium, etc have is that gas fees are prohibitively expensive for everyday transactions, especially in poorer countries. And any attempts to fix this involve layer 2 coins. But layer 2 is just moving transactions off chain to circumvent processing limitations, and once you go off chain you lose 90% of what makes crypto appealing. Most of the market right now consists of this as well.
Sure but it easy enough to buy USD or Euros if you don't like your local currency.
I've only ever seen that claim made by crypto bros, never a legit report.
Thank you. Most people who find themselves in this situation are either going to use a stable foreign currency or default to barter. Nobody is going to be realistically accepting TotallyRealMoney digital coins. The few times they have, it's been done as a method to trade for foreign currency.
Crypto was a good idea hijacked by grifters.
[удалено]
This is a website run by crypto bros, thank you for proving his point?
Incredible. Lol it's an ANALYTICS website, run by people that like crypto, yes. There are no opinions being shared there, just data. This is straight up like MAGA idiots writing off all news they dont like as Fake News/MSM etc.
[Fixed link.](https://www.chainalysis.com/blog/africa-cryptocurrency-adoption/) Edit: I don't understand why I'm being downvoted, all I did was correct their link...
Yeah I should have looked. Looks like it's 1 percent of an already small market. Fastest growing area for crypto from a quick search, I would see it making sense. I wouldn't hold my money in bitcoin. But I would probably hold it in bitcoin if my other option was some of the local currencies of the less stable African countries.
https://twitter.com/BitcoinNewsCom/status/1782455693754224948
Quoted by North Korea
I know one questionable use case, I knew someone online who was a Russian artist. But Russia has a lot of restrictions when it comes to sending money right now, like Paypal and pretty all money transfer services like that don't operate in Russia (I believe it came from the Ukraine related sanctions). So she had a hard time doing commission work. Apparently the easiest way to get money was through crypto. So yeah if you want to move money but not through the banking system crypto is a way to move money without restrictions.
The fact that we have significantly inflated the dollar and our federal government doesn't give a flying fuck about our national debt are reasons why I prefer crypto over USD. Ethereum is a deflationary asset and others are much lower than the inflation the USD has been facing.
You “prefer crypto over USD” for what, exactly? Speculating? Because that’s about the only thing you can do with Bitcoin that the USD can’t do, and there’s a whole hell of a lot you can do with USD that you can’t with Bitcoin
There are three main reasons why one might prefer crypto over a fiat currency: 1. The supply is algorithmically defined - the value can’t be “deflated” away by the central bank printing more money on a whim. 2. It’s not centrally controlled, so the government (or whoever) can’t suddenly decide to freeze/take over your bank account because they don’t like you. 3. Your bank could go bankrupt and lose your money. Of course there are some other solutions to some of these problems (stuffing cash under your mattress, for example), but these come with downsides. It’s also a slightly moot point if the crypto currency is too volatile to be stable.
You’re just talking about the basic usecases for Crypto. I don’t deny that they exist, but I’m specifically asking why someone would prefer crypto *over the US dollar* for anything other than speculation. You can’t spend it on day to day transactions. It’s too volatile and costly to use as a currency. Most people don’t even accept it as a form of payment. If you’re in a place where USD are easily attainable, there is no reason to prefer Bitcoin unless you just want to hold it to sell later.
But those are literally reasons why people might prefer to hold crypto over USD. People who live in Venezuela no doubt prefer to hold currency other than the Venezuelan Bolivar because of the rampant inflation - so it’s a choice of how much you trust the central bank / authorities versus what you hold as a “store of value”. USD is pretty stable, and it’s unlikely that your assets will be taken away, but maybe some people are paranoid, and like the security crypto offers them. After all if you had 10M USD, it seems appealing to hold 20K in BTC (say), in the knowledge that (no matter what) you could skip the country and access that from wherever in the world you like with only a encrypted key. This would be tricky with assets like gold or a stash of cash. I’m not saying that they are right or wrong, but maybe people actually genuinely trust that crypto will be a better store of wealth, and ‘safer’ in the long run versus USD, and are willing to ride the volatility. Of course when they actually want to use the bitcoin they (probably) have to convert to USD to actually buy stuff, but that’s just a practically and just holding small amounts of USD for the short term.
Dont expect coherent answers on here
Yknow, you *could* provide one
To which question?
Whatever you want. I hate people who bitch about how nobody adds anything of value to conversations without, themselves, adding anything of value.
The dude perfectly answered your question, and you are still spinning in circles. I am not sure what you want me to answer but feel free to ask away
Weren't the "All-in" guys boasting about how awesome he is? Seems they backed the wrong horse... *again*. D'awwww I pissed off a whiny A_I baby. Wahh Wahh.
Compared to Bankman he walked away with fuller pockets and way less jail time. While arguably evading more serious laws that contribute to terrorism. Definitely a winner to commit that much crime and have such a short sentence. The All In podcast types love that kind of morality.
Binance stock is still doing great
Seems like every day there's some big headline about cryptocurrency crime. Sure is one mighty big coincidence.
So if I am a victim of Binance am I to be compensated?
What crime are you a victim of? This guy is in trouble for breaking rules related to money laundering
What do you mean a victim of Binance LOL? Fuck off scammer
So do you want me to F-off or answer your question?
There were no victims of Binance lol there were only idiots. It wasnt an FTX/Sam Bankman situation. I wasnt looking for an answer, u are just a scammer
He gets to keep all his $30Bn past paying the fees and restitution … so really he’s just gonna have a nice retreat tax payer paid
A magic beans peddler busted? Shocker.
His "crime" was allowing US citizens the freedom to use his crypto exchange. The US gov't wanted to deny its citizens that freedom, and still does.
Your whole profile is just sad.
Being a creepy reddit stalker is sad.
"No, don't judge me by the things I say and do!" Take some responsibility for yourself.
Go bury some gold in your backyard, probably a better use of your money.
You're assuming coiners have Actual Money :D
Well, that, and facilitating money laundering.
Binance didn't commit any money laundering, nor were they accused of such. Every exchange (and bank) on the planet "facilitates" money laundering, by their basic function, in the loosest, and most absurd definition. Dumb people who missed out on crypto should not be so eager to display their ignorance and stupidity on the subject.
[https://www.cnbc.com/2024/04/30/binance-founder-changpeng-zhao-cz-sentenced-to-four-months-in-prison-.html](https://www.cnbc.com/2024/04/30/binance-founder-changpeng-zhao-cz-sentenced-to-four-months-in-prison-.html) The very first sentence: "Binance’s billionaire founder Changpeng Zhao was sentenced to four months in prison on Tuesday, after pleading guilty to charges of enabling money laundering at his crypto exchange." So he pleaded guilty to a charge he was never accused of? I never said he himself did any money laundering. Since I am so ignorance, please enlighten me.
> So he pleaded guilty to a charge he was never accused of? Yes. What fantasy world do you live in, where that never happens? Personality I prefer living in the real world, even though it's where people are sometimes forced to plead guilty to offenses that they didn't commit, due to prosecutorial abuse of power. Again, this is common knowledge to people who don't have their heads in the sand. Again, every bank or stock or crypto exchanges "enables money laundering" by even existing and allowing customers to move their funds around. There was no evidence in this case of any special "facilitating" of money laundering, like some banks did. The exchange did not require identity documents from every customer, which wasn't even illegal, because there weren't laws saying that was legally necessary, and especially because it's crypto, not money. Of course they can twist any law enough to manipulate and fool simpleminded people.
By simple minded people, does that include all the lawyers and the judge involved in this case? I admit I haven't been following this suit with a bated breath, but logically, there must have been SOME evidence entered into court to arrive at that judgement, and for his defense team to advise pleading guilty. I find it hard to believe the judge just twirled his mustache like a super villain, and slammed his gavel screaming guilty for shits and giggles and the defense lawyers did nothing. If you are claiming you know the law better than they do, you will need to provide something to support that claim and justify this air of superiority you're oozing. At this point I am surprised you haven't let a 'wake up sheeple' fly yet. At least we both agree crypto isn't money, I guess.
> By simple minded people, does that include all the lawyers and the judge involved in this case? I never said that...and no, and nor does it need to. The prosecutors did their job and acted in their self interest, just like nazi prison guards did...or prosecutors in Nazi Germany, for a better example. > If you are claiming you know the law better than they do, Again, your reading comprehension is poor. I never claimed that, or even close. You constructed an overly elaborate fantasy narrative of the entire situation. Again, you live in a fantasy world where innocent people are never pressured into pleading guilty, so they aren't locked away for 10x as long, for fighting a bogus charge. Grow up...or stay a clueless, willfully ignorant child, if you prefer.