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Binance fired employees who found $1.7B in crypto was sent to Iran

nytimes.com

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Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#231

Post by disgruntledphd2 »

embedding-shape wrote: post #226
giarc wrote: post #143

Earlier quoted context omitted.

"flowed from two Binance accounts to Iranian entities with links to terrorist groups, a possible violation of global sanctions."

"Global sanctions" being US sanctions? Which one of those are the ones that apply to entities in Malta, or wherever there HQ "isn't"?

Yeah basically, but weaponised globally through the dollar system. Basically, if you interact with sanctioned entities you get cut off from banks with dollar assets (basically all of them).

This is how the financial system currently works.

Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#232

Post by jalapenos »

chihuahua wrote: post #35
paxys wrote: post #6

Isn't this like the #1 use case for crypto? Everyone wants an untrackable unblockable currency that is out of government control until the day it is used for things they don't like, then suddenly "government please control this!"

I thought the #1 use case for crypto was ransomware, followed by shitcoin rug-pulls, and the ability to commit theft without recourse. Sending money to Iran is just a minor edge case.

I think you missed buying illegal goods over the internet and making absolutely inane videos and comment about crypto-shit that you spew all over the internet.

Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#233

Post by jalapenos »

htx80nerd wrote: post #151
rwmj wrote: post #59

Earlier quoted context omitted.

That's a rather narrow view of crypto's uses. What about subverting democracy by bribing the President?

There are a dozen better ways than Crypto to bribe politicians.

I think they prefer trafficked underage women, which is all fun and games for the suppliers until they get suicided at the MCC.

Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#234

Post by embedding-shape »

disgruntledphd2 wrote: post #231
embedding-shape wrote: post #226

Earlier quoted context omitted.

"Global sanctions" being US sanctions? Which one of those are the ones that apply to entities in Malta, or wherever there HQ "isn't"?

Yeah basically, but weaponised globally through the dollar system. Basically, if you interact with sanctioned entities you get cut off from banks with dollar assets (basically all of them). This is how the financial system currently works.

So going back to the original question, "Is Iran supposed supposed to be banned on Binance?" still doesn't have a clear answer?

It might be that Binance are OK with being cut off from banks or what not, and since there is no thing like "global sanctions", and Binance doesn't seem related to the US either legally or by the individuals running the company, they probably don't need to have Iran banned?

Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#235

Post by embedding-shape »

disgruntledphd2 wrote: post #227
afroboy wrote: post #220

Binance is not an American company and sending money to Iran or Palestine or Hamas is something should not be up to Americans to decide, i personally will not accept Americans be the police of the world they did so much horrible things and terrorising Muslims for so many years. I hope for the day the world will be decoupled from dollar as universal currency. That day countries will free to trade with each other witho…

> Binance is not an American company and sending money to Iran or Palestine or Hamas is something should not be up to Americans to decide, i personally will not accept Americans be the police of the world they did so much horrible things and terrorising Muslims for so many years. Doesn't matter, tbh. Regardless of the philosophical viewpoint here (which I do agree with), AML and Bank Secrecy type laws exist basically…

> Doesn't matter, tbh.

It does matter, for non-Americans, that America isn't the world police and doesn't dictate laws, norms and how other countries behave. Maybe it used to be relatively fringe to have this point of view, but last few years really vindicated this point of view, and I agree that many countries in the world should continue focusing on decoupling themselves from the US, this particular issue highlights one motivation for doing just so.

Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#236

Post by zeroCalories »

afroboy wrote: post #220

Binance is not an American company and sending money to Iran or Palestine or Hamas is something should not be up to Americans to decide, i personally will not accept Americans be the police of the world they did so much horrible things and terrorising Muslims for so many years. I hope for the day the world will be decoupled from dollar as universal currency. That day countries will free to trade with each other witho…

If the U.S decides to not work with, or allow its citizens to work with a company, that should be up to them.

Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#237

Post by mlrtime »

embedding-shape wrote: post #235
disgruntledphd2 wrote: post #227

Earlier quoted context omitted.

> Binance is not an American company and sending money to Iran or Palestine or Hamas is something should not be up to Americans to decide, i personally will not accept Americans be the police of the world they did so much horrible things and terrorising Muslims for so many years. Doesn't matter, tbh. Regardless of the philosophical viewpoint here (which I do agree with), AML and Bank Secrecy type laws exist basically…

> Doesn't matter, tbh. It does matter, for non-Americans, that America isn't the world police and doesn't dictate laws, norms and how other countries behave. Maybe it used to be relatively fringe to have this point of view, but last few years really vindicated this point of view, and I agree that many countries in the world should continue focusing on decoupling themselves from the US, this particular issue highlight…

America doesn't dictate laws in the way you describe. However if someone is claiming to be an enemy of the state, it is the the federal government's duty to protect itself and it's citizens. This is [one of] the core responsibilities of the government.

Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#238

Post by disgruntledphd2 »

embedding-shape wrote: post #235
disgruntledphd2 wrote: post #227

Earlier quoted context omitted.

> Binance is not an American company and sending money to Iran or Palestine or Hamas is something should not be up to Americans to decide, i personally will not accept Americans be the police of the world they did so much horrible things and terrorising Muslims for so many years. Doesn't matter, tbh. Regardless of the philosophical viewpoint here (which I do agree with), AML and Bank Secrecy type laws exist basically…

> Doesn't matter, tbh. It does matter, for non-Americans, that America isn't the world police and doesn't dictate laws, norms and how other countries behave. Maybe it used to be relatively fringe to have this point of view, but last few years really vindicated this point of view, and I agree that many countries in the world should continue focusing on decoupling themselves from the US, this particular issue highlight…

> It does matter, for non-Americans, that America isn't the world police and doesn't dictate laws, norms and how other countries behave. Maybe it used to be relatively fringe to have this point of view, but last few years really vindicated this point of view, and I agree that many countries in the world should continue focusing on decoupling themselves from the US, this particular issue highlights one motivation for doing just so.

All of these (American driven) laws exist in basically every country at this point, and it's gonna be a struggle to remove them. Like, how would you even spin this as a good change?

I personally regard AML laws as problematic as they weaponise the financial system against its citizens with no democratic right of reply, but that doesn't change the fact that these laws exist basically everywhere and aren't going to be repealed.

Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#239

Post by disgruntledphd2 »

embedding-shape wrote: post #234
disgruntledphd2 wrote: post #231

Earlier quoted context omitted.

Yeah basically, but weaponised globally through the dollar system. Basically, if you interact with sanctioned entities you get cut off from banks with dollar assets (basically all of them). This is how the financial system currently works.

So going back to the original question, "Is Iran supposed supposed to be banned on Binance?" still doesn't have a clear answer? It might be that Binance are OK with being cut off from banks or what not, and since there is no thing like "global sanctions", and Binance doesn't seem related to the US either legally or by the individuals running the company, they probably don't need to have Iran banned?

> So going back to the original question, "Is Iran supposed supposed to be banned on Binance?" still doesn't have a clear answer?

I mean, theoretically not, but practically yes. Basically every bank has dollar reserves and as such get caught up in the sanctions screening process. Again, sanctions are most problematic for entities when used by the US, but the EU and other governments also do this, and if you want to transact in a governments currency, then you need to follow the sanctions laws (severe violations can lead to license revokation which basically kills your business).

Unless you have no connection to the fiat ecosystem, then you are gonna end up subject to these laws. And if you have no connection to the fiat ecosystem, you won't be a particularly useful service to most people or businesses.

Re: Binance fired employees who found $1.7B in crypto was sent to Iran

#240

Post by disgruntledphd2 »

mlrtime wrote: post #237
embedding-shape wrote: post #235

Earlier quoted context omitted.

> Doesn't matter, tbh. It does matter, for non-Americans, that America isn't the world police and doesn't dictate laws, norms and how other countries behave. Maybe it used to be relatively fringe to have this point of view, but last few years really vindicated this point of view, and I agree that many countries in the world should continue focusing on decoupling themselves from the US, this particular issue highlight…

America doesn't dictate laws in the way you describe. However if someone is claiming to be an enemy of the state, it is the the federal government's duty to protect itself and it's citizens. This is [one of] the core responsibilities of the government.

> America doesn't dictate laws in the way you describe.

In this particular case they do, because they cut banks off from the dollar system if they interact with sanctioned entities. It's probably one of their most effective weapons against their "enemies".

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