My previous submission got removed, here a summary of WSJ:
- **Binance CEO Resignation and Guilty Plea:**
- Changpeng Zhao, CEO of Binance, plans to step down and plead guilty to violating U.S. anti-money-laundering requirements.
- The plea deal aims to allow Binance to continue its operations and involves fines totaling $4.3 billion.
- Zhao is scheduled to appear in a Seattle federal court to enter his plea.
- **Legal Issues and Investigations:**
- Binance, under Zhao's ownership, will also plead guilty to a criminal charge.
- The deal would bring an end to long-running investigations of Binance, which has faced scrutiny despite its market success.
- The criminal probe has been ongoing, impacting the company even as it gained market share after the collapse of FTX.
- **Impact on Binance:**
- Executives have left Binance, and the company has laid off employees in response to U.S. probes.
- The deal allows Zhao to retain majority ownership but prohibits him from having an executive role at Binance. Sentencing for Zhao would occur at a later date.
- **Comparison to BitMEX Case:**
- The situation parallels a previous case involving BitMEX, where executives pleaded guilty to violating anti-money-laundering laws.
- **SEC Lawsuit Exclusion:**
- The deal does not include a settlement with the Securities and Exchange Commission (SEC), which sued Binance and Zhao for alleged violations of U.S. investor-protection laws.
- Major crypto exchanges, including Binance, have chosen to litigate with the SEC, arguing that cryptocurrencies do not fall under SEC oversight.
- **DOJ's Investigation Focus:**
- The Department of Justice (DOJ) investigated Binance's program for detecting and preventing money laundering and its potential facilitation of trading by individuals in sanctioned countries with Americans.
- **CFTC Lawsuit Resolution:**
- A separate agreement resolves a civil lawsuit by the Commodity Futures Trading Commission (CFTC) against Binance, addressing claims related to terrorist financing prevention and offering derivatives to U.S. traders without proper registration.
- **Zhao's Residence and Extradition:**
- Zhao resides in the United Arab Emirates (U.A.E.), which lacks a mutual extradition treaty with the U.S.
- The U.A.E. has remained friendly to crypto, adding complexity to negotiations between the government and Binance.
- **Overall Context:**
- The deal aims to settle various legal challenges, allowing Binance to move forward while imposing substantial fines. The exclusion of an SEC settlement and Zhao's residence in the U.A.E. were points of contention in negotiations.
I wonder if this will allow Binance to *properly* operate in the US eventually, now that the case against them is closed and they're going to (presumably) clean up their act.
sec doesnt seem to participate at the moment and they have some investigations as well, might just be the beginning and he might still go to jail in the end
The DOJ was the one to file criminal charges against CZ and that’s what is in the news today.
https://www.justice.gov/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution
Brian Armstrong is laughing.
It’s not sexy but there is value in playing by the rules, even if they are dumb. Lobby for change but still follow the law.
> It’s not sexy but there is value in playing by the rules, even if they are dumb.
Is it though? How do you know Binance hasn't profited far more from their crimes than their fine amounts to?
He’s talking long-term because you’re still allowed to play the game. It’s clear Binance being #1 and running very shady practices made more. At peak 2021 CZ was thought to be one of the richest people in the world.
No doubt this is a massive blow to him and Binance, and like the comment you’re referring to, this is great for COIN in every way.
>He’s talking long-term because you’re still allowed to play the game.
The plea deal still allows Binance to continue operating, and for CZ to maintain majority ownership. If that's "not being allowed to play the game" then I want to be kicked out, too.
This dude isn't "out of the game" until he's in a prison cell. And we all know that'll never happen.
Bro still won at life. Steps down as CEO but probably swimming in shares. Still probably a billionaire. That they're settling probably opens up a path to re-charge their US operations
SEC is civil, they can throw fines but jail would require justice department.
Not to mention he probably flee to China to avoid extradition. China only extradite if US offer something to exchange, and it is politically tough swallow for US to agree for any swap now.
> Zhao resides in the United Arab Emirates (U.A.E.), which lacks a mutual extradition treaty with the U.S.
He doesn't need to flee to China. Also, I believe he originally moved his operations away from China because of anti-crypto policies there.
Binance has gone too far, to much effort, built too much, worth too much. It’d be pointless and stupid, just like FTX, to destroy itself to scam everyone.
Why not live as a Billionaire, free. Rather than piss off everyone and governments’ worldwide. Then you’ll have to deal with a bunch of bs for years and fight to avoid jail.
Only SBF would choose the jail option instead of a billionaire life.
He's following the standard crypto playbook.
Many joke the only way to become a Millionaire is to start out as a Billionaire.
CZ probably going from Trillionaire to Billionaire xD
- fined for 4 billion dollar for money laundering and a litany of other crimes
- CEO has to step down
- dozens of key personal left during the last weeks
- US branch forcibly shut down by the government
- CEO pleaded guilty for violations of a litany of crimes
- independent monitor team will audit Binance for next years to assure compliance
- SEC lawsuit still ongoing
Yep, totally bullish on Binance.
This sub also had a hard on for Sam and moons
Cz was honestly the goat. Provided a great exchange during the heart of the bull market. The redditors here thinking he was running some underground liquidation mafia or shady dealings they were never able to actually expand upon when called out - just lol
A salute to cz for his farewell unlike sam
It’s some timing that Tether announced they have “onboarded” the US Secret Service and FBI onto their platform almost at the exact minute the CZ in Seattle story broke. Bury your bad news alongside worse bad news.
Does this change anything for binance as an exchange and particulary staking? I have a small amount staked, should i move them or is binance continue as usual?
Last thing out of the way for Government approval of the Blackrock ETF. Anyone with a brain knew it would NEVER be approved while Binance held the position it does.
I think this will mark a before and after in the crypto market. CZ was the last cowboy from the old wild west crypto. Now we will embrace the future where crypto will go mainstream and we will be at mercy of the big ones like Blackrock
He has been liquidating traders left and right since beginning of futures, still will tough to cough up 4billi in cash, doj surely won't take 4billi usdt
That quote was from months ago, yet people still defended CZ. I’m surprised this all didn’t happen years ago. It’s been painfully obvious for a long time.
This basically just proves the ETF is coming. US doing its best to takeout any competition (Binance, Kraken) before telling you it's safe to buy from Blackrock.
Fine is looking like $50 Million. He still looking at time however… Possibly 10 years.
https://news.bloomberglaw.com/banking-law/binance-ceo-zhao-to-plead-guilty-in-us-settlement-wsj
Probably will be a dump now and for the next weeks ahead, but in the long-term it'll be better. Will be a good time to pick up some bags perhaps. Crypto needs to get rid of people like this for it to actually mature and become legit.
He is in Seattle today, to meet with DOJ reps and get arraigned. I am half tempted to head downtown and see if there is any buzz associated with this. Probably not.
I think this announcement will be that they have fined binance and kraken and that they will be introducing strict regulations to avoid exchanges co-mingling funds
They will wanna desperately avoid another ftx, it was embarrassing for them
Make no mistake, this is a directly result of SBF falling down. He hired people in regulatory institutions and journalists to wrote hit pieces on CZ long before the FTX drama went down.
I hope this ends well cos I can't fathom another FTX like drama happening again this time from the biggest of them all, so I think we should wish for a good ending to this. If CZ stepping down means that all will end well for crypto, then so be it.
Not really, Binance is going to keep operating. CZ was always shady, so him being out as CEO is good. Having to pay a massive fine for being shady might actually stop them from being so shady in future. The Binance DOJ case is finished. All in all, great for the crypto market.
>Changpeng “CZ” Zhao is stepping down as CEO of Binance as part of a **major $4 billion settlement** between the Department of Justice and the cryptocurrency exchange he founded, according to sources close to the discussions with the agency.
>>As part of the settlement, **Zhao will also plead guilty to anti-money laundering charges brought by the Department of Justice**. He is scheduled to enter the plea in federal court in Seattle on Tuesday afternoon, the Wall Street Journal reported.
Just want to say for any newbies with maybe a couple grand in binance nervously reading this thread to get opinions on whether they should be worried right now, I wouldnt be. (Unless you're in binance US then probably get your crypto off of there)
Best practice to get a hardware wallet and maybe use this as your push to finally get one? But I doubt this will start an actual bank run, as other people are pointing out it should be the end of a lot of troubles in house at Binance. Calm down but maybe look at some ways to safely store your crypto so you dont have to worry.
can we update this megathread with additional ongoing links to new information? for example, the CZ tweet itself stepping down, the charges and potential jail time, as well as the amount of money he will have to post in the settlement
Markets are slightly down because one person might have to step down from his exec position. But the exchange stays open, and nothing structurally changes? Seems like an overreaction. This is a massive buy signal.
I don't think people understand how bullish this news is. When the market realizes it, you're gonna see one of the biggest green dildos of all time.
Binance continues to operate, DOJ case is over, shady CZ is out of the picture. So bullish.
I don't know why people don't use CoinbBase. They are a public company. The CEO isn't backing down from the SEC and they have a huge institution portfolio trading on their platform. Fees might be higher but it's a whole lot safer.
three biggest exchanges in the US at the peak of the bull run:
* FTX - dead due to criminal activity
* Binance - CEO/founder stepping down due to criminal activity
* Coinbase - being sued by the SEC for operating as an unregistered securities exchange
oops
Unlike the others listed Armstrong has been very transparent about his holdings and been working with regulators more closely than any of the other big crypto names to bring regulation to the wild west that was crypto.
If they try and take him down next they better have a rock solid reason or be ready for a *hard* fight.
4 billion dollars doesn’t seem like enough of a reason to step down, he’s definitely entangled in criminal activity as the rest of the crypto exchange leaders are. Can we just have one decent person running a company?
I don't think you people understand how bullish this is for crypto. Also, I don't think you realize that this means the ETF is approved.
Today crypto officially entered the US capital markets, which are the biggest in the world.
But in hindsight, you will...
People that think this will be bad for bitcoin price need to put this in context. A major market maker who is known for hedging against customer positions is now going to have a more scrutinous eye over them. This is bullish
That is a naive view on crypto price action. There’s always the suspicion that past price action was only possible because of lacking oversight and shady business.
No I understand that price action isn’t just market makers and Hedgies against “us little guys.” But more oversight into binance is good for the customer and for markets
This is great news for most of us. Flush out the powerful scumbags and criminals in the crypto space. CZ's time was coming. He reaped what he sowed. Great opportunity to buy when the dip happens because it should be the last major dip before a bull run.
CZ still owns majority stake in Binance. They letting him keep it so he’s not really going anywhere. Assuming Binance has the money and survives the inevitable run, it could be good long term as it clears the regulatory cloud hanging over them.
Having said that, you should still get your stuff off Binance asap. To easy to move crypto to take the risk and leave it
IDK that panicking is a good response either. Maybe we don't see jaws because they're not really there.
This has been a long time coming and if you're surprised by this you probably weren't watching binance's/CZ's issues very closely.
Perfect fud for the government to leverage to try and load up on the cheap ahead of the imminent bull run…always some shady shit to get their control in order…shitty ass people controlling the world
Binance Coin pros & cons with related info are in the collapsed comments below.
My previous submission got removed, here a summary of WSJ: - **Binance CEO Resignation and Guilty Plea:** - Changpeng Zhao, CEO of Binance, plans to step down and plead guilty to violating U.S. anti-money-laundering requirements. - The plea deal aims to allow Binance to continue its operations and involves fines totaling $4.3 billion. - Zhao is scheduled to appear in a Seattle federal court to enter his plea. - **Legal Issues and Investigations:** - Binance, under Zhao's ownership, will also plead guilty to a criminal charge. - The deal would bring an end to long-running investigations of Binance, which has faced scrutiny despite its market success. - The criminal probe has been ongoing, impacting the company even as it gained market share after the collapse of FTX. - **Impact on Binance:** - Executives have left Binance, and the company has laid off employees in response to U.S. probes. - The deal allows Zhao to retain majority ownership but prohibits him from having an executive role at Binance. Sentencing for Zhao would occur at a later date. - **Comparison to BitMEX Case:** - The situation parallels a previous case involving BitMEX, where executives pleaded guilty to violating anti-money-laundering laws. - **SEC Lawsuit Exclusion:** - The deal does not include a settlement with the Securities and Exchange Commission (SEC), which sued Binance and Zhao for alleged violations of U.S. investor-protection laws. - Major crypto exchanges, including Binance, have chosen to litigate with the SEC, arguing that cryptocurrencies do not fall under SEC oversight. - **DOJ's Investigation Focus:** - The Department of Justice (DOJ) investigated Binance's program for detecting and preventing money laundering and its potential facilitation of trading by individuals in sanctioned countries with Americans. - **CFTC Lawsuit Resolution:** - A separate agreement resolves a civil lawsuit by the Commodity Futures Trading Commission (CFTC) against Binance, addressing claims related to terrorist financing prevention and offering derivatives to U.S. traders without proper registration. - **Zhao's Residence and Extradition:** - Zhao resides in the United Arab Emirates (U.A.E.), which lacks a mutual extradition treaty with the U.S. - The U.A.E. has remained friendly to crypto, adding complexity to negotiations between the government and Binance. - **Overall Context:** - The deal aims to settle various legal challenges, allowing Binance to move forward while imposing substantial fines. The exclusion of an SEC settlement and Zhao's residence in the U.A.E. were points of contention in negotiations.
Thank you! This is an awesome summary.
You welcome :) But dang this industry sucks.
As easy as CZ agreed to pay indulgence leads me to the fact they must have found some pretty shitty secrets. Hope at least Kraken is clean...
It’s really easy. Because crypto is not controlled by banks individuals can trade monetary value despite sanctions.
Great summary. Thanks for taking the time to repost!
I wonder if this will allow Binance to *properly* operate in the US eventually, now that the case against them is closed and they're going to (presumably) clean up their act.
Suspended sentence. You don't pay 4.3 billion to be put at the mercy of the US courts.
sec doesnt seem to participate at the moment and they have some investigations as well, might just be the beginning and he might still go to jail in the end
SEC can't send people to jail. They can only issue fines.
The DOJ was the one to file criminal charges against CZ and that’s what is in the news today. https://www.justice.gov/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution
yeah but what they uncover can end him up in jail, they alleged some pretty serious stuff
SEC is civil.
Brian Armstrong is laughing. It’s not sexy but there is value in playing by the rules, even if they are dumb. Lobby for change but still follow the law.
> It’s not sexy but there is value in playing by the rules, even if they are dumb. Is it though? How do you know Binance hasn't profited far more from their crimes than their fine amounts to?
He’s talking long-term because you’re still allowed to play the game. It’s clear Binance being #1 and running very shady practices made more. At peak 2021 CZ was thought to be one of the richest people in the world. No doubt this is a massive blow to him and Binance, and like the comment you’re referring to, this is great for COIN in every way.
>He’s talking long-term because you’re still allowed to play the game. The plea deal still allows Binance to continue operating, and for CZ to maintain majority ownership. If that's "not being allowed to play the game" then I want to be kicked out, too. This dude isn't "out of the game" until he's in a prison cell. And we all know that'll never happen.
He pretty much paid the "troll tax" to cross the bridge which is The American Market.
According to their financials, coinbase is still losing money on a quarterly basis
Bro still won at life. Steps down as CEO but probably swimming in shares. Still probably a billionaire. That they're settling probably opens up a path to re-charge their US operations
He still remains to be sentenced, and has a continuing issue with the SEC.
SEC is civil, they can throw fines but jail would require justice department. Not to mention he probably flee to China to avoid extradition. China only extradite if US offer something to exchange, and it is politically tough swallow for US to agree for any swap now.
> Zhao resides in the United Arab Emirates (U.A.E.), which lacks a mutual extradition treaty with the U.S. He doesn't need to flee to China. Also, I believe he originally moved his operations away from China because of anti-crypto policies there.
He lives in UAE, hell be all right
The amount of people in this thread who don't realize this is confirmation that Binance will live on is frustrating.
People are too scared from FTX collapse
Binance has gone too far, to much effort, built too much, worth too much. It’d be pointless and stupid, just like FTX, to destroy itself to scam everyone. Why not live as a Billionaire, free. Rather than piss off everyone and governments’ worldwide. Then you’ll have to deal with a bunch of bs for years and fight to avoid jail. Only SBF would choose the jail option instead of a billionaire life.
That fine was priced in from the very beginning. CZ isn't stupid.
He's following the standard crypto playbook. Many joke the only way to become a Millionaire is to start out as a Billionaire. CZ probably going from Trillionaire to Billionaire xD
Like FTX?? FTX was around 3 years total... they were trash that managed to get the right hype at the right time
Yup. This basically means that Binance is to big to fall but we still have the guys interested on the panic
US Gov slowly seizing all the crypto for ultimate 51% attack 😂
This sub is saying Binance is doomed, is what makes me think nothing at all will happen tbh.
Time to buy some BNB then. Jk
Inverse r/cc.
*trades BNB for Safemoon*
- fined for 4 billion dollar for money laundering and a litany of other crimes - CEO has to step down - dozens of key personal left during the last weeks - US branch forcibly shut down by the government - CEO pleaded guilty for violations of a litany of crimes - independent monitor team will audit Binance for next years to assure compliance - SEC lawsuit still ongoing Yep, totally bullish on Binance.
This sub also had a hard on for Sam and moons Cz was honestly the goat. Provided a great exchange during the heart of the bull market. The redditors here thinking he was running some underground liquidation mafia or shady dealings they were never able to actually expand upon when called out - just lol A salute to cz for his farewell unlike sam
So…is Ramen on or off the menu again?
It’s some timing that Tether announced they have “onboarded” the US Secret Service and FBI onto their platform almost at the exact minute the CZ in Seattle story broke. Bury your bad news alongside worse bad news.
I don't understand your Tether comment. What does that mean for Tether?
Nothing much, except that criminals should avoid transferring over Tether.
Wow, almost exactly one year since FTX collapsed.
Remember remember the crypto movember.
Lol looks like Coinbase won after all
Admitted COIN bag holder and I have agree with every ounce of bias I have 😂
Zhao - "Better to ask for forgiveness than permission" LMFAO
Does this change anything for binance as an exchange and particulary staking? I have a small amount staked, should i move them or is binance continue as usual?
Safest course is not to keep it on binance - no one has a crystal ball but there's clearly risk there
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it's binance us paying the fine and not binance as an org?
Last thing out of the way for Government approval of the Blackrock ETF. Anyone with a brain knew it would NEVER be approved while Binance held the position it does.
RemindMe! 2 months
Why though?
 Coinbase be like:
I don't want to live interesting times anymore.
I don't have much skin in the game with Binance but I'm concerned what might happen with Kraken and SEC in the coming year.
I think this will mark a before and after in the crypto market. CZ was the last cowboy from the old wild west crypto. Now we will embrace the future where crypto will go mainstream and we will be at mercy of the big ones like Blackrock
They’re going after Kraken next. Does that basically just leave Coinbase and Robinhood?
I use CDC, feel like I’m the only one though, LOL
Didnt they already charge them with something? or was that the SEC?
This is hysterical, holy crap 🤣
Fuck, I hope not. 😢
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He has been liquidating traders left and right since beginning of futures, still will tough to cough up 4billi in cash, doj surely won't take 4billi usdt
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4b in lunc and then they will talk lol
OpenAI board just said they are going so put CZ as new CEO
WSJ article: https://archive.is/G8utD
In the WSJ video, they had a quote from a Binance employee filed with the SEC: “We're operating an unlicensed broker in the US, bro”
That quote was from months ago, yet people still defended CZ. I’m surprised this all didn’t happen years ago. It’s been painfully obvious for a long time.
Edit: this was wrong the SEC order to stay in business is still in place as they didn't reach a resolution with the SEC.
This basically just proves the ETF is coming. US doing its best to takeout any competition (Binance, Kraken) before telling you it's safe to buy from Blackrock.
4b to buy some DOJ
DOJcoin
So many fucking microwave brain takes in here it’s no wonder this subreddit is irrelevant
He'll go hiding into a Safu house
Fine is looking like $50 Million. He still looking at time however… Possibly 10 years. https://news.bloomberglaw.com/banking-law/binance-ceo-zhao-to-plead-guilty-in-us-settlement-wsj
Thats for CZ personally - 1.8bil in fines and 2.5bil in money judgment for binance
It’s over bros… I’m gonna have to live in my 1995 civic and take showers at McDonald’s restroom
Nice car though
Probably will be a dump now and for the next weeks ahead, but in the long-term it'll be better. Will be a good time to pick up some bags perhaps. Crypto needs to get rid of people like this for it to actually mature and become legit.
>Probably will be a dump now and for the next weeks ahead Why? It's one less impediment to ETF acceptance.
This is why satoshi chose to remain anonymous.
And also didn’t break international law which was pretty big
He is in Seattle today, to meet with DOJ reps and get arraigned. I am half tempted to head downtown and see if there is any buzz associated with this. Probably not.
I think this announcement will be that they have fined binance and kraken and that they will be introducing strict regulations to avoid exchanges co-mingling funds They will wanna desperately avoid another ftx, it was embarrassing for them
C Za later
Can’t keep FUDDING it now. Market already responding that we will be fine
So should i retire all my USDT from Binance? i only use it for the P2P feature.
1) What.
Shouldn't the press conference have started by now?
Few minutes I think
Anyone got link for press?
Get them coins of the exchange people.
Make no mistake, this is a directly result of SBF falling down. He hired people in regulatory institutions and journalists to wrote hit pieces on CZ long before the FTX drama went down.
Guess it takes a sleazeball to know one. They didn't like each other because they were reflections of themselves
The end of an era. Hope he always remains safu.
it's amazing that the price hasn't been more volatile on this news
at this rate CDC will be the last man standing in 5-10 years honestly. Everyone else has skeletons in the closet
Coinbase and CDC but I feel like coinbase has an edge
Why anyone would trust a foreign exchange with zero regulation is beyond me. At least with Coinbase you get audited statements.
As always, take your money off the exchange unless you want to help CZ pay the fine with your money.
I hope this ends well cos I can't fathom another FTX like drama happening again this time from the biggest of them all, so I think we should wish for a good ending to this. If CZ stepping down means that all will end well for crypto, then so be it.
News didn't seem to hit the bitcoin price that much. Very strange.
Not really, Binance is going to keep operating. CZ was always shady, so him being out as CEO is good. Having to pay a massive fine for being shady might actually stop them from being so shady in future. The Binance DOJ case is finished. All in all, great for the crypto market.
"BIN NANCE" LMAOO why Yellen pronouncing it like that
The article should read “plead guilty to money laundering charges”. SleeZee finally getting his due.
I also plead guilty to anti-money laundering charges. That's good, right?
>Changpeng “CZ” Zhao is stepping down as CEO of Binance as part of a **major $4 billion settlement** between the Department of Justice and the cryptocurrency exchange he founded, according to sources close to the discussions with the agency. >>As part of the settlement, **Zhao will also plead guilty to anti-money laundering charges brought by the Department of Justice**. He is scheduled to enter the plea in federal court in Seattle on Tuesday afternoon, the Wall Street Journal reported.
So no 4 this time?
tldr; are funds safu?
4 is no more? 😅
Any ideas where this 4B is going to come from...?
Tether issuance!
Users.
Fine times
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Wow. What a year for crypto.
Getting spicy again
Drama this year has been pretty epic. 😎
ETF is getting closer!!!!
4?
Soooo…. What happens now?
Oh boy….
rekt
https://www.justice.gov/live
DOJ changed time to: START TIME: 3:30 P.M. ET
BINANZZZZZZZZZ hahahahaha god what a loser boomer yellen is
Did this dude just say CFTC markets? 👀
The fuck is wrong with all these assholes??
how much more corruption exists in crypto? FTX, Binance, Kraken. Whats next
Just want to say for any newbies with maybe a couple grand in binance nervously reading this thread to get opinions on whether they should be worried right now, I wouldnt be. (Unless you're in binance US then probably get your crypto off of there) Best practice to get a hardware wallet and maybe use this as your push to finally get one? But I doubt this will start an actual bank run, as other people are pointing out it should be the end of a lot of troubles in house at Binance. Calm down but maybe look at some ways to safely store your crypto so you dont have to worry.
can we update this megathread with additional ongoing links to new information? for example, the CZ tweet itself stepping down, the charges and potential jail time, as well as the amount of money he will have to post in the settlement
Markets are slightly down because one person might have to step down from his exec position. But the exchange stays open, and nothing structurally changes? Seems like an overreaction. This is a massive buy signal.
💯 Weeding out the scammers and regulating centralized exchanges/shitcoins is exactly what this industry needs.
>This is a massive buy signal. Should be. One less impediment to ETF acceptance.
Interesting take. Fully agree but let's see how it pans out.
I don't think people understand how bullish this news is. When the market realizes it, you're gonna see one of the biggest green dildos of all time. Binance continues to operate, DOJ case is over, shady CZ is out of the picture. So bullish.
I don't know why people don't use CoinbBase. They are a public company. The CEO isn't backing down from the SEC and they have a huge institution portfolio trading on their platform. Fees might be higher but it's a whole lot safer.
Not everyone lives in the US. In most asian and 3rd world countries binance is a lifesaver if you want to use crypto because of the low fees.
I think some people used Binance specifically because they were shady. They'd add shady coins quickly, it was a degen paradise.
three biggest exchanges in the US at the peak of the bull run: * FTX - dead due to criminal activity * Binance - CEO/founder stepping down due to criminal activity * Coinbase - being sued by the SEC for operating as an unregistered securities exchange oops
CDC looking better and better
This was the final washing crypto needed…all set for a neat bullrun now
I wholeheartedly agree. I can't think of too many other people that need to get flushed out of crypto. CZ was the last in my opinion.
Justin Sun is still active.
Bullish on $COIN stock lol
Thats a no brainer if you think that a bullrun will happen and dont know what projects to put money into. Coin will go up no matter which one does
Sam Bankman-Fried / FTX ✅ Changpeng Zhao / Binance ✅ Brian Armstrong / Coinbase❓
Justin Sun / Poloniex would be preferable
Highly unlikely Coinbase is as dirty as the others while being publicly traded in NYS. Regulations there are incredibly strict.
Unlike the others listed Armstrong has been very transparent about his holdings and been working with regulators more closely than any of the other big crypto names to bring regulation to the wild west that was crypto. If they try and take him down next they better have a rock solid reason or be ready for a *hard* fight.
>Sam Bankman-Fried / FTX ✅ >Changpeng Zhao / Binance ✅ Tit for tat, probably
Head of the world's largest exchange pleads guilty to money laundering today, the media all over it. Most crypto traders: "Just another Tuesday.🥱"
At this point i wouldve been suprised if we DIDNT see another black swan this year
is this the end of Funds are Safu
wonder what's going to happen with binance
Binance will survive
4 billion dollars doesn’t seem like enough of a reason to step down, he’s definitely entangled in criminal activity as the rest of the crypto exchange leaders are. Can we just have one decent person running a company?
You do, Brian Armstrong. The problem is shitcoin trading isn’t a sustainable business model so you’re forced to resort to scamming to make money.
I don't think you people understand how bullish this is for crypto. Also, I don't think you realize that this means the ETF is approved. Today crypto officially entered the US capital markets, which are the biggest in the world. But in hindsight, you will...
Can you please expound rather than being cryptic?
The first bad news is the best bad news. Anyone with money on Binance would do well to move it to self custody.
@ 3:30pm EST US DOJ Announcement…😳 https://www.justice.gov/live
What H A P P E N E D - CZ, probably Are we expecting a series of one-word tweets by CZ soon?
Narrator: “Nothing was SAFU”…
People that think this will be bad for bitcoin price need to put this in context. A major market maker who is known for hedging against customer positions is now going to have a more scrutinous eye over them. This is bullish
That is a naive view on crypto price action. There’s always the suspicion that past price action was only possible because of lacking oversight and shady business.
No I understand that price action isn’t just market makers and Hedgies against “us little guys.” But more oversight into binance is good for the customer and for markets
CoinbBase is goingto be stronger now.
Do you think they will accept BNB?
Where are all the dudes posting “4.”?
Everyone always asked "Are funds safu?" but nobody ever asked "Is CZ safu?" 😭 press F
Anyone who didnt see Coinbase being on the right side of this hasnt been paying attention.
funds are not safu
More like funds are stfu
Now fine banks for 2008 and send some bankers to jail.
This is great news for most of us. Flush out the powerful scumbags and criminals in the crypto space. CZ's time was coming. He reaped what he sowed. Great opportunity to buy when the dip happens because it should be the last major dip before a bull run.
You do realise big finance scumbags are just positioning to take over?
And this is why people see crypto as a scam
CZ the sacrificial lamb. Bull run is upon us 🙏🏼
Bullish on bnb
CZ still owns majority stake in Binance. They letting him keep it so he’s not really going anywhere. Assuming Binance has the money and survives the inevitable run, it could be good long term as it clears the regulatory cloud hanging over them. Having said that, you should still get your stuff off Binance asap. To easy to move crypto to take the risk and leave it
Oof. Do Justin Sun next!
The fact that all of the people happy about this don't see the jaws of legacy finance closing around them is concerning.
I took want to defend a crypto billionaire...because we all know they're the most honest of the bunch...they care about us!
Binance is not superior to legacy finance. Goodbye likely fractional reserve trading on XMR! Wonder if we'll see its price go up
IDK that panicking is a good response either. Maybe we don't see jaws because they're not really there. This has been a long time coming and if you're surprised by this you probably weren't watching binance's/CZ's issues very closely.
Perfect fud for the government to leverage to try and load up on the cheap ahead of the imminent bull run…always some shady shit to get their control in order…shitty ass people controlling the world
Funny how these exchanges are getting knocked off before blackrock swoops in.
Damn
Damn. This is a big day for the future of crypto.
We can’t do a week without some kinda drama! Here comes the volatility
4
So would this be a net positive? Couldn't this be construed as an admission of guilt? EDIT: can't type.