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Binance founder Changpeng Zhao agrees to step down, plead guilty

wsj.com

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Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#21

Post by RationalDino »

boeingUH60 wrote: post #6

He'll pay $4.3bn in fines and likely be sentenced to probation or short home confinement instead of prison...in exchange for not being a US fugitive. He'll step down from Binance and live the rest of his life with billions. Sounds like a good deal :)

What billions will he wind up with?

Binance did a lot of fraud and money laundering. Clawbacks are coming. There will be no fortune when the legal system is done with him.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#23

Post by n2d4 »

wonderwonder wrote: post #18
colesantiago wrote: post #2

Good. May the entire of crypto be brought down with it.

Anyone in the variety of South American countries experiencing massive inflation would have been worlds better if they had just parked their money in BTC. Crypto is full of scams but there is also a world of positives and opportunity there.

They would've also been worlds better if they had parked their money in Gamestop, or honestly even in a casino, but that doesn't make it a sound investment

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#24

Post by crypt1d »

fhinson wrote: post #9

Perhaps this was the final takedown necessary to pave the way for BTC ETF approval.

While I can see how it helps clear the bad image of the industry, the two are not directly related. The ETF was/is going to get approved regardless.

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#25

Post by tsujamin »

tw04 wrote: post #17
pwb25 wrote: post #4

[flagged]

The SEC and DOJ don't exist to stop crimes in real-time - that would be basically impossible. They exist to uncover and punish crimes that have already occurred in order to dissuade others from doing the same. They appear to be doing a fine job of both. Or were you looking to prosecute thought crime?

You mean the SEC _doesn't_ have a secret basement of blockchain precogs?

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#26

Post by shawabawa3 »

RationalDino wrote: post #21
boeingUH60 wrote: post #6

He'll pay $4.3bn in fines and likely be sentenced to probation or short home confinement instead of prison...in exchange for not being a US fugitive. He'll step down from Binance and live the rest of his life with billions. Sounds like a good deal :)

What billions will he wind up with? Binance did a lot of fraud and money laundering. Clawbacks are coming. There will be no fortune when the legal system is done with him.

It's obviously just speculation but someone in his position could very easily siphon off a few million in BTC/crypto at the very least, and almost impossible to detect/trace if done well

Re: Binance founder Changpeng Zhao agrees to step down, plead guilty

#29

Post by WinstonSmith84 »

xadhominemx wrote: post #10
pwb25 wrote: post #4

[flagged]

Have you looked into this case at all? The evidence compiled against Binance is extensive and compelling.

Are you sure? Well, you must be new, it's just SEC's business.

Here is what the most enshrined companies are doing

Your average tradfi trader - https://www.fnlondon.com/articles/wall-street-pays-1-8bn-in-...

And here the most respected (and/or feared) financial institution - https://www.reddit.com/r/amcstock/comments/p8m2p6/citadels_p...

If I were you, I'd be much more concerned about a very influential company like Citadel which just keeps breaking law years after years despite numerous lawsuits, than about a crypto company that probably is not affecting you the slightest.

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