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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

#61
post #24

Earlier quoted context omitted.

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.

> CZ potentially broke the law while running a legitimate service Intentionally broke the law, according to his own statements. Also, co-mingled personal and client assets like Bankman-Fried.

> Intentionally broke the law...

It's not like there are much laws regulating cryptocurrency markets in the US to begin with. That's the whole point why most crypto companies avoid the US: random enforcements != clarity

But I'm really curious to see whether a large country (e.g. China) or countries union (e.g. EU) is going to provide enough clarity and security as to move the innovation elsewhere from the US.

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

#63

Earlier quoted context omitted.

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...

That accounts for the 5% of humans who live in the US, how about the 95% of humans who don't?

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

#64
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 "[w]e ...." literal text from a message?

when this kind of wording is used usually in english? For me typing "we" is much easier.

reason I am asking is, if text was written "e are operating as fk....." then it's very easy to claim: "oh I wanted to write "they are", when talking about FTX" and blame them for everything (IANAL)

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

#65
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'd give some benefit of the doubt like perhaps it was taken out of context, but... "bro"!? roflmao at the brazenness

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

#67
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 "[w]e ...." literal text from a message? when this kind of wording is used usually in english? For me typing "we" is much easier. reason I am asking is, if text was written "e are operating as fk....." then it's very easy to claim: "oh I wanted to write "they are", when talking about FTX" and blame them for everything (IANAL)

In legal context it almost always means "We" quoted as "we" or vice versa to match the capitalization required for the context it's quoted in. if it was "e are operating" then they probably would have notated it differently.

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

#68
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 "[w]e ...." literal text from a message? when this kind of wording is used usually in english? For me typing "we" is much easier. reason I am asking is, if text was written "e are operating as fk....." then it's very easy to claim: "oh I wanted to write "they are", when talking about FTX" and blame them for everything (IANAL)

It's an editorial correction. E.g. fixing a typo to what was obviously intended, while indicating it isn't an exact quote.

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

#69
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.

what's stupid is that quotes like this, not actual substance of what their business practices are, are the only way the SEC can establish what is and isn't a "security." there is no real truth or objective test and the SEC has offered no meaningful guidance. so they just determine this based on subjective emails the CEO sent once.

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

#70
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 "[w]e ...." literal text from a message? when this kind of wording is used usually in english? For me typing "we" is much easier. reason I am asking is, if text was written "e are operating as fk....." then it's very easy to claim: "oh I wanted to write "they are", when talking about FTX" and blame them for everything (IANAL)

I don't know why he quoted it like that because in the actual filing it's literally quoted as "we are operating as a fking unlicensed securities exchange in the USA bro.".

Not capitalized or missing the "w". Page 29 if you're curious. Ctrl + F also works.

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