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SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

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Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#51

Post by klyrs »

gunshai wrote: post #24
monero-xmr wrote: post #13

Earlier quoted context omitted.

This is good for bitcoin. CZ, Justin Sun, and all the scammers need to be in prison.

Seems strange to say Justin Sun an CZ are even close to one another in terms of impropriety. Justin Sun is a snake oil salesman, CZ potentially broke the law while running a legitimate service. One that worked and was actually quite successful.

From page 29 of the complaint:

> As Binance’s [chief compliance officer] bluntly admitted to another Binance compliance officer in December 2018, “we are operating as a fking unlicensed securities exchange in the USA bro.”

Whoops. The press are supposed to say "allegedly" in cases like this, but when your people are on the record admitting that the business is criminal, the public tends to jump to the same conclusion that the courts will inevitably reach.

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#53

Post by ingenieros »

rkagerer wrote: post #12
JumpCrisscross wrote: post #8

Earlier quoted context omitted.

> presume he is not based or living in the US Zhao “unlawfully solicited U.S. investors to buy, sell, and trade crypto asset securities through unregistered trading platforms” while “raising approximately $200 million from private investors” and “direct[ing] Binance to assist certain high-value U.S. customers in circumventing…controls and to do so surreptitiously” [1]. [1] https://www.sec.gov/files/litigation/complai…

If he's outside the US and the country he is in had an extradition treaty with the US, but has no comparable law in the books, wouldn't that impede extradition?

That didn't stop Montenegro from finding some other probable causes (fake passports) to arrest Do Kwon. They are now trying to decide where to extradite him. US, South Korea and Singapore all want a piece of him. https://www.rferl.org/a/montenegro-korea-kwon-terraform/3234...

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#54

Post by nickpinkston »

zarzavat wrote: post #16
colesantiago wrote: post #10

This is brilliant. I really want crypto to fade away out of existence and into irrelevance, FedNow is coming soon and we don't need crypto or shady crypto exchanges like Binance. Glad to see the US taking action.

95% of people don’t have a bank account in the US.

Most Americans have a bank account:

"According to the report, 81% of adult Americans are fully banked, 13% are underbanked, and 6% are unbanked. The share of Americans with each banking status in 2021 remained almost constant from 2020."

https://usafacts.org/articles/who-is-the-least-likely-to-hav...

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#55

Post by mytailorisrich »

jeroenhd wrote: post #50
gadnuk wrote: post #40

> In one instance, the Binance chief compliance officer messaged a colleague that, “[w]e are operating as a fking unlicensed securities exchange in the USA bro.” Source: https://twitter.com/JohnReedStark/status/1665748594421297152 This is a legendary quote from the filing.

I get why you would say something like that in astonishment. By why would you ever send that out over a medium that'll leave a paper trail? Thank goodness that criminals aren't very smart. Their idiocy is doing society a huge favor.

It's a global phenomenon. People can't abstain from posting online and from sharing on messaging platforms these days.

It's even been noticed by contemporary philosophers:

https://youtube.com/shorts/Blw2dNZwZzg?feature=share

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#56

Post by [deleted] »

boring_twenties wrote: post #7
anonu wrote: post #5

And BTCUSD down sharply on the news... The crypto winter will be a long one. Link is broken. Here's the SEC press release: https://www.sec.gov/news/press-release/2023-101 And the full 136 page complaint: https://www.sec.gov/files/litigation/complaints/2023/comp-pr...

It's down ~2.5% to a level last seen ... a week ago. That is not "sharply" by any stretch of the imagination.

[deleted]

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#58

Post by tedivm »

jeroenhd wrote: post #50
gadnuk wrote: post #40

> In one instance, the Binance chief compliance officer messaged a colleague that, “[w]e are operating as a fking unlicensed securities exchange in the USA bro.” Source: https://twitter.com/JohnReedStark/status/1665748594421297152 This is a legendary quote from the filing.

I get why you would say something like that in astonishment. By why would you ever send that out over a medium that'll leave a paper trail? Thank goodness that criminals aren't very smart. Their idiocy is doing society a huge favor.

Oh that's easy- this was the compliance officer, and by showing that he raised concerns over this he may be able to claim that he did his job as best he could under the circumstances. I'd need to see the rest of the context, but this could very well be a "cover your ass" message.

Imagine if you're a security officer at a company and were just overridden on a decisions- you'd definitely want to shoot off an email describing the issue so that later on you aren't held responsible for it (of course depending on the severity quitting may also be desirable, but not everyone is in a position to immediately drop a job).

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#59

Post by ZephyrBlu »

gadnuk wrote: post #40

> In one instance, the Binance chief compliance officer messaged a colleague that, “[w]e are operating as a fking unlicensed securities exchange in the USA bro.” Source: https://twitter.com/JohnReedStark/status/1665748594421297152 This is a legendary quote from the filing.

All I can say is, wen movie?

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#60

Post by civilitty »

gadnuk wrote: post #40

> In one instance, the Binance chief compliance officer messaged a colleague that, “[w]e are operating as a fking unlicensed securities exchange in the USA bro.” Source: https://twitter.com/JohnReedStark/status/1665748594421297152 This is a legendary quote from the filing.

Is you takin' notes on a criminal fuckin' conspiracy?

https://www.youtube.com/watch?v=Ly82nabRRYc&t=80

Robert Rules would be proud

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