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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

#451

Post by bergen »

lifty wrote: post #431
tw1984 wrote: post #414

After all these recent shit regarding crypto currencies in the US, you don't need a full brain to figure out that there is a huge hole in the system. It is also amazing to see that CZ managed to walk away free of any jail time, kept most of his assets gathered by his con job.

Why would you say it’s a con job? The settlement is for not enforcing money loundering restrictions, not conning or scamming people. Binance seems to be reputable and hasn’t done any shady things with customer funds, as far as I know.

Did you every track their tokens? The price of movement of the short and long coins was very dubious. Binance at points allowed up to transfer and 1 BTC without registration, therefore enabling a lot of shady characters to trade on their platform. A lot of scammers and fraudsters were using binance as their preferred platform.

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

#452

Post by dagaci »

blobbers wrote: post #237

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.

What the government agencies and police do with money they collect will surprise many, and in many cases might be considered corrupt. I can assure you that the very last possible thing that will happen is that the money will be used to make anyone whole.

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

#453

Post by mrjin »

naraga wrote: post #442
tw1984 wrote: post #414

After all these recent shit regarding crypto currencies in the US, you don't need a full brain to figure out that there is a huge hole in the system. It is also amazing to see that CZ managed to walk away free of any jail time, kept most of his assets gathered by his con job.

FWIW, CZ is (and was viewed as) a good actor in the industry. He did a lot of good not only for crypto adoption but for access to better fiat currencies for people in countries with hyper-inflating collapsing system. comparing him to SBF (like many do) is absolutely not fair. he fcked up on AML front for sure and he is going to be punished rightfully but he did just so much good for people that he will stay remembere…

So there is good con and bad con?

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

#454

Post by AniseAbyss »

brnt wrote: post #409
LandoCalrissian wrote: post #320

Earlier quoted context omitted.

Pretty great example of Hacker News when the top comment is "They should have done more crime but in a different way."

Free and unrestrained insight into the ruthless and the sociopath minds is half the reason I come here.

[dead]

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

#455

Post by ErikBjare »

mrjin wrote: post #453
naraga wrote: post #442

Earlier quoted context omitted.

FWIW, CZ is (and was viewed as) a good actor in the industry. He did a lot of good not only for crypto adoption but for access to better fiat currencies for people in countries with hyper-inflating collapsing system. comparing him to SBF (like many do) is absolutely not fair. he fcked up on AML front for sure and he is going to be punished rightfully but he did just so much good for people that he will stay remembere…

So there is good con and bad con?

Not adhering to AML isn't exactly a con

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

#456

Post by dymk »

seydor wrote: post #436
tw1984 wrote: post #414

After all these recent shit regarding crypto currencies in the US, you don't need a full brain to figure out that there is a huge hole in the system. It is also amazing to see that CZ managed to walk away free of any jail time, kept most of his assets gathered by his con job.

Should all gambling companies be jailed?

Yes

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

#458

Post by bko »

mrjin wrote: post #453
naraga wrote: post #442

Earlier quoted context omitted.

FWIW, CZ is (and was viewed as) a good actor in the industry. He did a lot of good not only for crypto adoption but for access to better fiat currencies for people in countries with hyper-inflating collapsing system. comparing him to SBF (like many do) is absolutely not fair. he fcked up on AML front for sure and he is going to be punished rightfully but he did just so much good for people that he will stay remembere…

So there is good con and bad con?

Who did he con? Binance wasn't found to be a rug and don't think it will be. He let people move money around freely and didn't obey anti money laundering laws. So maybe his service benefited "bad guys" as deemed by the state.

So yes there is a difference between gambling away deposits and allowing someone to use your service without taking their name and social security number and reporting it to government authorities

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

#459

Post by saalweachter »

acdha wrote: post #377
bnchrch wrote: post #129

Earlier quoted context omitted.

I understand your point but I feel like even a 10 year old could come up with 100 plausible excuses. Many of them end with "Consultant", "Collector", or "Trader".

Most of those only work at a certain scale: if you launder $500, you might be able to say some people bought your comic book collection at a garage sale and get away with it. Try that with $1M and you’re going to start getting requests for evidence of your collection, how it got to have so many high value items, etc. If you’re claiming consulting revenue, then you need clients and a justification for what kind of leg…

Also, it doesn't make it easier if you're a person well-known for maybe having access to billions of stolen dollars.

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

#460

Post by nashashmi »

WrongAssumption wrote: post #401
nashashmi wrote: post #206

> plead guilty to violating criminal U.S. anti-money-laundering requirements This has nothing to do with crypto. What forces him to comply with supposedly US dictatorship? Apparently this was a move against Iran and maybe Russia.

The DOJ literally never said it was about crypto.

Everyone else assumes this has something to do with crypto.
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