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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

#71

Post by smeyer »

throwaw12 wrote: post #64
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 "[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'm not sure why the tweet adds the brackets around the w, since I don't see it in the SEC complaint. Here's what's in the linked complaint. For clarity, the "emphasis added" part is from the SEC bolding the text inside the quote, not something I added.

111. As Binance’s CCO bluntly admitted to another Binance compliance officer in December 2018, “we are operating as a fking unlicensed securities exchange in the USA bro.” (Emphasis added.)

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

#72

Post by saiya-jin »

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.

we don't hear from the smart ones, do we

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

#73

Post by gopuck16 »

infamouscow wrote: post #28
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.

[flagged]

That your feeling without specifying any factual data

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

#74

Post by Analemma_ »

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

I would love to know what context could surround the sentence "we are operating as a fking unlicensed securities exchange in the USA" that makes it not an admission that they are operating as an unlicensed securities exchange in the USA.

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

#75

Post by CPLX »

johndhi wrote: post #69
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.

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.

There is like 100 years of detailed precedent and caselaw around what a security is. The crypto scam artist just don't like it.

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

#76

Post by jxramos »

johndhi wrote: post #69
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.

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.

I love that, at most it establishes that they think that they engage in securities dealings but what if they're actually mistaken in that regard or merely speak that way as a shorthand for recognizing that others, namely the SEC itself, thinks of them as securities dealers or whatever. Leaning on their self identification alone does sound weak when we surface these points out in the open. We have no objective test like you say then why are they even talking about this stuff. Do the hard work to define and wrestle with the necessary concepts. Sounds like this is all cutting edge stuff though.

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

#77

Post by boring_twenties »

anonu wrote: post #48
boring_twenties wrote: post #7

Earlier quoted context omitted.

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

"Sharply" is anchored on where the price was just before announcement. Not where it was a week ago... Price moved on the news...

The price regularly moves more than 2.5% on no news at all. This move isn't sharp, it's negligible.

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

#78

Post by nubb »

Analemma_ wrote: post #74
webXL wrote: post #65

Earlier quoted context omitted.

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

I would love to know what context could surround the sentence "we are operating as a fking unlicensed securities exchange in the USA" that makes it not an admission that they are operating as an unlicensed securities exchange in the USA.

sarcasm and hyperbole soon to become illegal. thanks. good work.

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

#79

Post by [deleted] »

johndhi wrote: post #69
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.

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.

[deleted]

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

#80

Post by baby »

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.

Because that's his job? He's the compliance officer
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