Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

bloomberg.com

Post reply on HN
Print view View original

301–310 of 489 posts

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#301

Post by KptMarchewa »

wslh wrote: post #203
JumpCrisscross wrote: post #184

Earlier quoted context omitted.

> Domestic wire transfers in US takes longer and are more expensive than in Europe and developing countries such as Brazil and Argentina Fedwires take minutes and cost nickels [1]. If you use wires frequently, get an account that doesn't charge anything for them. (The Fed is launching FedNow [2]. It will cost 4.5¢ per transfer [3].) [1] https://www.frbservices.org/resources/fees/wires-2023 [2] https://www.federalrese…

I am aware of this option but it happen than not every financial service use them. Also, it is wondering than other countries where faster. Immediate payment account in Argentina exists since the late 90s and we are not talking precisely about a country with a good economy and financial system. Also take a look at the Brazilian Pix payment system [1] that provides a neutral code for payment where other services built…

>Immediate payment account in Argentina exists since the late 90s and we are not talking precisely about a country with a good economy and financial system.

It actually helps that the country does not have a good economy and financial systems. It's called Leapfrogging.

The same concept applies to internet access and speed in Romania. They never had widespread copper telecom system, so they went straight into fiber.

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#302

Post by KptMarchewa »

300bps wrote: post #185
wslh wrote: post #110

I remember the last post from Fred Wilson: "The Freedom To Innovate" [1]. Even if the SEC is right about Binance and others, and there are without doubt blatant and huge frauds in Web3, there are huge problems with the financial modernization within the US (and the world). Domestic wire transfers in US takes longer and are more expensive than in Europe and developing countries such as Brazil and Argentina. The SEC is…

Domestic wire transfers in US takes longer and are more expensive than in Europe and developing countries such as Brazil and Argentina Do you think the US is incapable of sending an immediate message transferring money? Of course the US has that technical capability. AML, BSA, KYC, Anti-Fraud. These are a few of the things that slow down the transfers and add to the cost. A lot of people think they're a feature, not…

> AML, BSA, KYC, Anti-Fraud. These are a few of the things that slow down the transfers and add to the cost. A lot of people think they're a feature, not a bug.

This is why you have to harden system at the fringes, not in the middle as old clearing systems did.

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#303

Post by alphanullmeric »

JumpCrisscross wrote: post #150
alphanullmeric wrote: post #146

Earlier quoted context omitted.

[flagged]

> like I asked for you to do it Plenty of crypto operates outside U.S. jurisdiction. FTX didn't. Binance isn't. > this discussion is about whether you have the right to make it illegal for me to do the same If you use U.S. dollars or solicit American investors damn right I do. For the same reason you have a say over whether I can open a toxic industrial plant in the plot adjacent to your home's.

Brings me back to my point. You don’t believe American investors should be able to do what they want with their own money.

A factory pollutes those that didn’t consent to it, what effect does my trading on binance have on you?

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#304

Post by alphanullmeric »

lijok wrote: post #180
alphanullmeric wrote: post #108

Earlier quoted context omitted.

[flagged]

Disagree. I should be able to use my money to hire someone to kick you in the nuts.

What part of “consenting individuals” is so hard for you to understand?

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#305

Post by KptMarchewa »

alphanullmeric wrote: post #49
colesantiago wrote: post #10

This is brilliant. I really want crypto to fade away out of existence and into irrelevance, FedNow is coming soon and we don't need crypto or shady crypto exchanges like Binance. Glad to see the US taking action.

CBDCs are exactly why crypto will always be around. Spying on other people’s money is not a basic human right.

CBDC won't have to do anything with "blockchain" and will be a regular relational database.

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#306

Post by alphanullmeric »

shkkmo wrote: post #156
alphanullmeric wrote: post #108

Earlier quoted context omitted.

[flagged]

Easy agree. There are all kinds of things you can do with money that should be (and are) illegal. Hiring a hitman should be illegal. Buying slaves should be illegal. Bribing the court system should be illegal. This is not to say that every restrictions is justified, but taking the stance that no restrictions are justified is advocating anarchy.

Is the implication that the victims of hits and slavery are consenting?

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#307

Post by alphanullmeric »

lern_too_spel wrote: post #131
alphanullmeric wrote: post #108

Earlier quoted context omitted.

[flagged]

It should be possible for non-consenting individuals to claw back their money when needed, by rules agreed to by the society they live in. Agree or disagree? More than one word, please. A full explanation is required to justify allowing DPRK and Russia to fund themselves by stealing from crypto-fools and innocent bystanders around the world.

This is to the point I made on the patriot act. You support the redistribution of consequences and I don’t, that’s what makes us different.

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#308

Post by alphanullmeric »

chunky1994 wrote: post #162
alphanullmeric wrote: post #94

[flagged]

More like: - It should be illegal to defraud unsuspecting individuals by hiding information that would necessarily clarify the riskyness of the contracts they are engaging in. - Businesses have way more information asymmetry advantage and we want to help limit this. - Financial responsibilities of business and individuals is something that should be looked at by a third party because this can be financing bad things…

It should be legal for anyone to do what they want with their own money. If they want to throw it off a cliff that’s fine too. What someone else chooses to risk is none of your business.

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#309

Post by lern_too_spel »

alphanullmeric wrote: post #307
lern_too_spel wrote: post #131

Earlier quoted context omitted.

It should be possible for non-consenting individuals to claw back their money when needed, by rules agreed to by the society they live in. Agree or disagree? More than one word, please. A full explanation is required to justify allowing DPRK and Russia to fund themselves by stealing from crypto-fools and innocent bystanders around the world.

This is to the point I made on the patriot act. You support the redistribution of consequences and I don’t, that’s what makes us different.

I don't know how you call preventing DPRK and Russia from getting money "redistribution of consequences." That's what makes us different.

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#310

Post by api »

samsolomon wrote: post #187
Animats wrote: post #165

"The S.E.C. said the world’s largest cryptocurrency exchange mixed “billions of dollars” in customer funds and secretly sent them to a separate company controlled by Binance’s founder, Changpeng Zhao." That's a criminal offense. Here's the court filing.[1] This is just a civil case for now, but expect criminal charges. "Between October 2022 and January 2023, Zhao personally received $62.5 million from one of the Bina…

The map linking companies is on page 12 for those interested.

That all looks very decentralized.
Post reply on HN