11–20 of 61 posts
Earlier quoted context omitted.
You may want to transit the airspace of the US or one of their allies in the future.
I know Belarus has ordered at least one plane out of the sky for an arrest, but has the US?
I know this is how the US operates, still it's weird to trade cash for criminal allegations. Especially when Binance has been so vilified. I'm not defending Binance, rather, it feels like the SEC rhetoric went past the point where a fine is appropriate. Unless they are only proposing it so they can't be accused of not giving them the same treatment that everyone else gets.
"If Binance and the DOJ agree on a deferred-prosecution-agreement, the Justice Department would file a criminal complaint against the company. The US would not go forward with a prosecution as long as the company meets prescribed conditions, which usually include paying a substantial penalty and agreeing to a detailed statement of facts outlining its wrongdoing. A process would be set up to monitor the company’s compliance."
Also there might be personal criminal charges against CZ:
"Negotiations between the Justice Department and Binance include the possibility that its founder Changpeng Zhao would face criminal charges in the US under an agreement to resolve the probe into alleged money laundering, bank fraud and sanctions violations, according to people familiar with the discussions.
"Zhao, also known as “CZ,” is residing in the United Arab Emirates, which doesn’t have an extradition treaty with the US, but that doesn’t prevent him from coming voluntarily."
LOL at the "coming voluntarily" part though...
$80 billion in profit and a $4 billion fine! American justice at its finest.
I wonder if the SEC/CFTC stuff will be resolved too. That's the deal BitMEX got but this case is way more substantial than just not registering as a money transmitter.
$80 billion in profit and a $4 billion fine! American justice at its finest.
Did they really make $80 billion from the alleged wrongdoings? Or is that just their total profit?
Most likely the exchange is making between $2-$4B in profit a year (With bull markets around $12-$14B a year). However, with such a small team and the team being paid is bUSD, i suspect most of their revenue is pure profit.
Also, Binance executives are tied to Tether ($87B market cap) with around $8-12B in profit per year, and BNB ($39B market cap) $600-$800M per year, makes it one of the most profitable companies in the world.
So although $80B came from no where (And the real number is closer to around $20B a year with a market cap of $110B, $4B is nothing for them.)
Earlier quoted context omitted.
I know Belarus has ordered at least one plane out of the sky for an arrest, but has the US?
Of course. https://en.wikipedia.org/wiki/Evo_Morales_grounding_incident
Of course, if you’re flying over a landlocked country, and every neighbour blocks you from their airspace, you don’t have many options. (Not that this quite happened, but looked to be going in that trajectory).
Why would they even negotiate with the United States? It's like if I ran an online business from the US who happened to have customers in Indonesia and I was breaking Indonesian laws. As long as I never planned on going to Indonesia, why would I care? Fun fact: many years ago I did run an online business and I did break laws in other countries that I never plan to go to. I never broke US law.
I know this is how the US operates, still it's weird to trade cash for criminal allegations. Especially when Binance has been so vilified. I'm not defending Binance, rather, it feels like the SEC rhetoric went past the point where a fine is appropriate. Unless they are only proposing it so they can't be accused of not giving them the same treatment that everyone else gets.
The Mafia's bigger brother.