Read the court filing. There's a lot of inside information from "BAM CEO A" and "BAM CEO B". These were the first two CEOs of Binance.us. They came on board thinking they had a real job. Then they discovered they were just figureheads. "BAM CEO A" was fired. "BAM CEO B" quit after three months and started cooperating with US regulators. "Upon assuming his CEO duties, however, BAM CEO B quickly learned that Binance, i…
SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
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Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#372Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#373Earlier quoted context omitted.
Can you make the same argument without invoking international bogeymen? This is basically one of the aforementioned Patriot Act talking points.
I already did. DPRK and Russia aren't imaginary. https://blog.chainalysis.com/reports/2022-crypto-crime-repor... https://www.nytimes.com/2022/06/30/business/north-korea-cryp...
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#374Are we days or hours away from finding out Binance is insolvent? Anyway, it was obvious to everyone that Binance was a scam from the beginning. Anyone with a brain knows to use a quality exchange like .
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#375Is there any indication that eventually Bitcoin and Ethereum don't eventually get pulled into the "unlicensed security" category?
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#376The same thing will happen to Coinbase. Just look at the backgrounds of their CXOs. None are qualified to be leading such a large company IMO. I bet my life the same shit is going on over there.
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#377> In one instance, the Binance chief compliance officer messaged a colleague that, “[w]e are operating as a fking unlicensed securities exchange in the USA bro.” Source: https://twitter.com/JohnReedStark/status/1665748594421297152 This is a legendary quote from the filing.
My theory is that Binance execs were having these chats in an encrypted medium (e.g. WA or Signal) but didn't secure themselves against a defector. I think someone on the inside took screenshots and went to the feds (or started cooperating under legal pressure). There's even a leading candidate [0]. What's funny about this is it's a fine metaphor for what ails crypto as a whole. The technology is cryptographically se…
I wonder if they snagged a backup of an insider's phone.
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#378Earlier quoted context omitted.
Being a hitman should be illegal. Selling a slave should be illegal. Accepting a bribery should be illegal. Chop the trunk, not the branches.
> Being a hitman should be illegal You don't see any reason why hiring a hitman should also be illegal?
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#379Earlier quoted context omitted.
> these were amateurs who didnt know that in Anglosaxon common law, you have to avoid being honest about anything and even deny any wrongdoing even if you get caught the act of murdering someone Ignoring the "Anglosaxon" buzzword here, none of this is unique conceptually to US law, or foreign conceptually to anyone who's told a lie when younger. It's instinctual for many when they know they've done something wrong. T…
> Ignoring the "Anglosaxon" buzzword The 'Anglosaxon' term is a long-standing political science, history and diplomacy term. Its not something that can be ignored, especially because... > none of this is unique conceptually to US law ... it is. The common law derives from the medieval !Anglosaxon! feudal law, which is based on contracts, agreements, negotiations and precedents. It can be 'interpreted' by the judge, w…
The judge is separate from the prosecution (who are referred to in court as "the state" or "the government"). This is called "judicial independence".
>The persecution or the defendant can negotiate any outcome...
...provided that outcome is preferable to having the jury decide.
>Which obligates the need for lying
No, that's perjury if done under oath. Or, in the case of prosecutorial misconduct, grounds for a mistrial.
>The ENTIRE rest of the world uses the civil law system
No, it does not.
>which descended in turn from the French Revolutionary principles.
No, it's even older than that.
>It cannot be 'interpreted'
You have never been sued in France, and you have never seen the inside of a US courtroom except on TV.
>Which is also the reason why the lawyers get upper middle class salaries and income in entire rest of the world but make obscene, irrational income in the US
The average US lawyer makes less money than the average web developer in the Bay Area.
>In Europe, judges and lawyers and prosecutors function more like clerks - the law is clear and solid.
Europe, equipped with legal technology far in advance of what the Anglophone world must deal with, has eliminated ambiguity in language to such an extent that the legal profession there is now a form of bookkeeping. Soon, the Sorbonne law faculty will be replaced by Droite-GPT (which will still take the month of August off, because reasons...)
>In the rest of the world that does not happen - there is no way to negotiate down any sentence that may befall on your corporation, but most importantly, you, the perpetrator...
The Code Napoleon has eliminated corporate malfeasance in the non-english-speaking world. Quite remarkable.
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#380Not a Binance fan but in this context, and considering the SECs unwillingness of declaring when cryptocurrencies are securities or not, it's pretty clear that they go after Binance for strategic reasons. Not sure but I assume this is controlled by the Biden admin.
They have been very clear. Everything except bitcoin. Crypto people just don't like the response.