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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

#231

Post by dragonwriter »

crypt1d wrote: post #221
yscal wrote: post #181

Earlier quoted context omitted.

do the recent Kraken charges change this sentiment at all?

Not really. SEC investigations are civil, not criminal. They might end up paying a fine, but there is no risk of jail time or anything similar. Also, while I like Kraken as an exchange, its market share is not significant enough for it to matter in the big picture.

> SEC investigations are civil, not criminal.

SEC investigations address both aspects, when it gets past investigation to litigation, they do civil litigation themselves and refer to DOJ for potential criminal prosecution.

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

#232

Post by underseacables »

I'm absolutely astonished by this. He lives in the Middle East, which does not have any extradition treaties with America. Granted, he might transit a country that has a treaty, but I'm really shocked that he would give him. What did they have over him? Maybe it was China…

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

#233

Post by boeingUH60 »

WinstonSmith84 wrote: post #29
xadhominemx wrote: post #10

Earlier quoted context omitted.

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…

Any railing about Citadel is a good signal for ignorance about the traditional finance markets and susceptibility to crypto and meme stock rubbish.

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

#234

Post by vkou »

crypt1d wrote: post #135
rideontime wrote: post #119

Earlier quoted context omitted.

What makes you think this is the end of anything?

The rumour about Binance indictment by DoJ has been going around for 1-2 years now. Its one of the last remaining pieces of major news that could have potentially negatively affected the industry. After two years of prosecutions, regulatory uncertainty and general poor market conditions, its only now starting to feel like there's light at the end of the tunnel.

> Its one of the last remaining pieces of major news that could have potentially negatively affected the industry.

What, is the giant ticking timebomb of the USDT money printer not likely to 'negatively affect the industry'?

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

#235

Post by lavezzi »

Enogoloyo wrote: post #195
lavezzi wrote: post #150

Earlier quoted context omitted.

No large crypto orgs left? Tether has a market cap of $88bn alone.

So you tell me someone has 88bn us dollar or real assets somewhere stored away safely? Somehow I doubt that. That would mean someone invested this in a save and independent way with enough return to keep it inflation save and apparently has no other idea on how to invest that even more magical. How is tether really pegged safely?

I think you are preaching to the choir here, maybe I misread the intent of the OP above me.

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

#236

Post by keep_reading »

colesantiago wrote: post #120
pawelduda wrote: post #50

Earlier quoted context omitted.

Because he's salty about it, the comment doesn't point at anything else

Name any positive valid use case that crypto does better than the current financial system.

Domestic and international settlement speed

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

#237

Post by blobbers »

SBF decided to testify against CZ to try to save his own ass, giving justice dept and sec something to fine CZ with.

Govt collects a big crypto fine, fine makes the big losers in FTX whole, problem solved.

CZ should have just bought FTX and closed the deal and made people whole, woulda saved himself some drama.

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

#238

Post by yieldcrv »

netrus wrote: post #134
yieldcrv wrote: post #109

Earlier quoted context omitted.

huh. both of those quotes are true for easily quantifiable reasons? you don't have be a believer in either to understand that objectively

It's a tautology, as no implementation of a concept will ever be equivalent to the pure concept. The real existing examples of implementations of concepts will still tell you something about the viability of the concept.

standing committees are necessary parts of communism that always result in permanent authoritarian control of all people and all resources. humans don't have a way around that and that necessary phase is a prerequisite to the ideological phase. there is no evidence that it is worth pursuing given that irreconcilable implementation flaw.

consumers choosing mismanaged companies are consumer discernment problems that have nothing to do with the sector they're involved in. specifically with crypto, centralized exchanges and brokerage experiences are not necessary parts of the crypto ecosystem and exist in parallel to other ways of getting fiat in and out of crypto, and other ways of getting exposure to the crypto ecosystem. many proponents of the crypto asset ecosystem have always sounded the alarm on those kinds of companies and actively track how much crypto is held by the companies or in self custody.

analogies compare dissimilar things with common attributes, what is the common attribute between observers of these two concepts?

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

#239

Post by dragonwriter »

underseacables wrote: post #232

I'm absolutely astonished by this. He lives in the Middle East, which does not have any extradition treaties with America. Granted, he might transit a country that has a treaty, but I'm really shocked that he would give him. What did they have over him? Maybe it was China…

> He lives in the Middle East, which does not have any extradition treaties with America.

Some Middle Eastern countries have extradition treaties with the US, but, more relevantly, a number of countries have legal extradition processes not dependent on treaties, including the UAE, the country where he lives.

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

#240

Post by pants2 »

underseacables wrote: post #232

I'm absolutely astonished by this. He lives in the Middle East, which does not have any extradition treaties with America. Granted, he might transit a country that has a treaty, but I'm really shocked that he would give him. What did they have over him? Maybe it was China…

Binance is also paying many billions in fines to the US and exiting the US completely. I also don't understand why - if they're presumably headquartered outside of US jurisdiction, what are they gaining by paying exorbitant fines?

They're also further inviting every country they've ever had a customer in to levy huge fines against Binance.

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