Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Binance Smart Chain + Ecosystem => Topic started by: coingabbarmarket on October 26, 2023, 11:46:53 AM
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Binance and CZ Challenge CFTC Lawsuit, Allege Regulatory Overreach
Binance and Changpeng "CZ" Zhao, its CEO, have filed statements to support a motion to dismiss a lawsuit by the US Commodity Futures Trading Commission (CFTC) reported in March. Their legal executive argued that the CFTC's case would permit it global authority to regulate cryptocurrency activities related to derivatives, which exceeds its decree. They also questioned individual counts in the lawsuit. The CFTC's suit summons Binance for failing to register and soliciting US customers, proclaiming non-compliance with derivatives trading rules. Binance formerly sought dismissal in July, contending the CFTC overstepped its regulatory boundaries. The exchange also faces a legal dispute with the SEC.
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Binance and Its CEO Sued by CFTC Over US Regulatory Violations
The US took its most forceful move yet on Monday to crack down on crypto exchange Binance Holdings Ltd. and its chief executive officer Changpeng Zhao.
The Commodity Futures Trading Commission alleged in federal court in Chicago that Binance and its CEO, who is known as CZ, routinely broke American derivatives rules as the firm grew to be the world’s largest trading platform. Binance should have registered with the agency years ago and continues to violate the CFTC’s rules, according to the regulator.
For More Information here https://www.bloomberg.com/news/articles/2023-03-27/crypto-exchange-binance-sued-by-us-cftc-for-alleged-derivatives-rule-lapses#xj4y7vzkg (https://www.bloomberg.com/news/articles/2023-03-27/crypto-exchange-binance-sued-by-us-cftc-for-alleged-derivatives-rule-lapses#xj4y7vzkg)
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There is an update for this lawsuit: Changpeng Zhao (CZ) resigns as Binance CEO and pleads guilty to violating criminal anti-money laundering requirements. Binance agrees to pay $4.3 billion to settle case with US Government. Changpeng Zhao (CZ) released from custody on $175 million bond.
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Binance and CZ have responded to the CFTC lawsuit by filing statements to try to dismiss the case. They say that if the CFTC wins it give them the power to control cryptocurrency activities all over the world, which they think is too much power for the CFTC.They also have questions about some parts of the lawsuit.The CFTC says that Binance didn't register and asked people in the US to use their services, which breaks the rules for trading derivatives.Binance already try to get the case dismissed in July saying that the CFTC was going too far with its regulations. It's important to know that Binance is also in a legal fight with the SEC.The results of these legal battles will have a big impact on how cryptocurrencies are regulated and how much power regulators have in the US.
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The US Commodity Futures Trading Commission (CFTC) is very strict and even for Binance it is very manipulative and this makes me very sad to see.
Sometimes the SEC is too strict with Binance which makes Changpeng Zhao (perhaps) very frustrated which results in CZ resigning as CEO of Binance.
I assume that CZ's withdrawal from Binance is the effect of strict regulations from the US Commodity Futures Trading Commission (CFTC) and SEC, very unfortunate!
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Binance agrees to pay $4.3 billion to settle case with US Government. Changpeng Zhao (CZ) released from custody on $175 million bond.
Hii bubbalx , How are you? where are you rarely active? look at the market, now it is starting to turn green and rise!
It's very big for Cz to be able to redeem money like that, this is truly an extraordinary sacrifice for a CEO for his company.
4.3 billion USD is a very large value and this is truly extraordinary, but for Cz perhaps this value is quite small because from the perspective of Binance's Marketcap it is also very large.
Behind the resignation as CEO for Cz, it seems that it is very feasible to implement it so that Cz focuses on solving problems regarding regulations emphasized by the SEC and security in the US.
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It's hard when you become a famous person, wherever you want to run you will definitely be chased by circumstances and various regulations.
Before Changpeng Zhao was famous, his life was still safe, Binance also had no problems with anyone or anything and I still continue to support Binance.
But after Binance Exchange became famous and became number 1 in cryptocurrency, I saw a lot of problems that befell Changpeng Zhao, starting from the SEC which required regulations to be safe.
If it's like this, Changpeng Zhao must continue to provide very good, true, real evidence that Binance Exchange does not have many problems with the Commodity Futures Trading Commission (CFTC), but I still believe that Binance can go through these various problems and trials calmly and correct evidence.
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Behind the resignation as CEO for Cz, it seems that it is very feasible to implement it so that Cz focuses on solving problems regarding regulations emphasized by the SEC and security in the US.
I'm just guessing with my good prejudice and I also still act kindly towards Changpeng Zhao because he is indeed the founder of Binance who started from the beginning when the Binance office was still the size of a toilet room.
This is just my guess, Changpeng Zhao's resignation was planned because he wanted to focus on resolving this very complex problem and I am sure that Changpeng Zhao was detained abroad so that security in the US would not be compromised.
Even now, I continue to see updates from Binance and Changpeng Zhao on Twitter because Twitter provides very updated access rights to various businesses including cryptocurrency. I see that Changpeng Zhao also often meets with Binance. I can see him writing tweets on his Twitter account. on December 6, 2023.
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Behind the resignation as CEO for Cz, it seems that it is very feasible to implement it so that Cz focuses on solving problems regarding regulations emphasized by the SEC and security in the US.
I'm just guessing with my good prejudice and I also still act kindly towards Changpeng Zhao because he is indeed the founder of Binance who started from the beginning when the Binance office was still the size of a toilet room.
This is just my guess, Changpeng Zhao's resignation was planned because he wanted to focus on resolving this very complex problem and I am sure that Changpeng Zhao was detained abroad so that security in the US would not be compromised.
Even now, I continue to see updates from Binance and Changpeng Zhao on Twitter because Twitter provides very updated access rights to various businesses including cryptocurrency. I see that Changpeng Zhao also often meets with Binance. I can see him writing tweets on his Twitter account. on December 6, 2023.
At least CZ must be able to learn from the mistakes he created because currently the product that was developed when he was still small until now has become very big. He should understand the risks that could occur like this, and of course CZ must remain careful with the applicable laws. The statement that CZ wants to focus on solving the problem is quite true because it is impossible for Binance to be abandoned by its leaders because that will disrupt Binance's performance.
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The statement that CZ wants to focus on solving the problem is quite true because it is impossible for Binance to be abandoned by its leaders because that will disrupt Binance's performance.
I have to choose a difficult choice because I am sure that Cz has a way out so he can get rid of this case as quickly as possible.
Cz has done his best for the entire cryptocurrency community, including Binance users, he maintains the trust of all Binance users well and wisely.
The step taken by Cz to let go of the CEO of Binance and give it to Richard Teng is something very complex, on the one hand he is letting go of the Binance Exchange which he has pioneered and on the other hand he has to resolve this problem immediately with the CFTC and SEC.
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The statement that CZ wants to focus on solving the problem is quite true because it is impossible for Binance to be abandoned by its leaders because that will disrupt Binance's performance.
I have to choose a difficult choice because I am sure that Cz has a way out so he can get rid of this case as quickly as possible.
Cz has done his best for the entire cryptocurrency community, including Binance users, he maintains the trust of all Binance users well and wisely.
The step taken by Cz to let go of the CEO of Binance and give it to Richard Teng is something very complex, on the one hand he is letting go of the Binance Exchange which he has pioneered and on the other hand he has to resolve this problem immediately with the CFTC and SEC.
As you have mentioned, CZ has resigned from his position as CEO of Binance because he doesn't want the program he built when he was small to become this big to be affected by cases and cause losses to its users, so CZ's decision is correct and he wants to immediately resolve the problems he is experiencing. When the problem is resolved, I am sure CZ will take this as an important lesson and will probably implement a stricter, more restrictive policy for users of the Binance exchange.
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As you have mentioned, CZ has resigned from his position as CEO of Binance because he doesn't want the program he built when he was small to become this big to be affected by cases and cause losses to its users, so CZ's decision is correct and he wants to immediately resolve the problems he is experiencing. When the problem is resolved, I am sure CZ will take this as an important lesson and will probably implement a stricter, more restrictive policy for users of the Binance exchange.
Well, it is very difficult for CZ to relinquish his highest position on a platform as big as Binance, but CZ is forced to do that so that the case does not escalate and remains focused on CZ as the person who is fully responsible as long as he is the holder of Binance. I am sure CZ will be able to carry out this trial with Good.
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Well, it is very difficult for CZ to relinquish his highest position on a platform as big as Binance, but CZ is forced to do that so that the case does not escalate and remains focused on CZ as the person who is fully responsible as long as he is the holder of Binance. I am sure CZ will be able to carry out this trial with Good.
I saw that the case experienced by CZ seemed to be complicated because there were many paths that had to be followed, as in the news that I read a few days ago, it was clear that the prosecutor had given conditions that were quite burdensome for CZ. Hopefully the prosecutor will ease CZ case and make the trial process easier so that the case was resolved quickly.
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I read a little about the continuation of the SEC lawsuit against Binance US and also CZ as its CEO. Various series have been carried out and they also asked for various necessary evidence. In fact, there are various issues as we hear about the accusations and possible sanctions that will be received by CZ and Binance US.
However, I read this, if they have resolved the issue and it seems like they will no longer continue because it is clear and there is no issue that needs to be tried. So, that means CZ is free and not proven guilty, right? Or have you misunderstood this news?
Plaintiff U.S. Securities and Exchange Commission (SEC), defendants BAM Management US Holdings, BAM Trading Services (Binance.US), Binance Holdings, and Changpeng Zhao submitted a joint status report in the court. As per the court filing, the parties agreed that they do not have any issues for adjudication.
I took the source from here:
https://coingape.com/binance-binanceus-cz-resolve-all-discovery-disputes-with-us-sec-heres-what-next/
But. what's next to happen? Will there be another plaintiff again?
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I read a little about the continuation of the SEC lawsuit against Binance US and also CZ as its CEO. Various series have been carried out and they also asked for various necessary evidence. In fact, there are various issues as we hear about the accusations and possible sanctions that will be received by CZ and Binance US.
However, I read this, if they have resolved the issue and it seems like they will no longer continue because it is clear and there is no issue that needs to be tried. So, that means CZ is free and not proven guilty, right? Or have you misunderstood this news?
Plaintiff U.S. Securities and Exchange Commission (SEC), defendants BAM Management US Holdings, BAM Trading Services (Binance.US), Binance Holdings, and Changpeng Zhao submitted a joint status report in the court. As per the court filing, the parties agreed that they do not have any issues for adjudication.
I took the source from here:
https://coingape.com/binance-binanceus-cz-resolve-all-discovery-disputes-with-us-sec-heres-what-next/
But. what's next to happen? Will there be another plaintiff again?
Yes, it seems like many are trying to take advantage of this moment to destroy CZ. I'm sure CZ will still face this problem well. He is a smart enough person so I'm sure it won't be easy to break down the mentality of someone like CZ.
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However, I read this, if they have resolved the issue and it seems like they will no longer continue because it is clear and there is no issue that needs to be tried. So, that means CZ is free and not proven guilty, right? Or have you misunderstood this news?
CZ already pleaded guilty, what Binance and CZ have stated in court is that at this moment they have no objection to the motion and additional request the SEC asked for in court and they are ok with a court decision on the evidence presented.
Basically they have given the SEC all the data they requested and are not asking the judge to not consider any of it, so the SEC can call now as a witness anyone they asked for and use every document they had presented in a case.
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However, I read this, if they have resolved the issue and it seems like they will no longer continue because it is clear and there is no issue that needs to be tried. So, that means CZ is free and not proven guilty, right? Or have you misunderstood this news?
CZ already pleaded guilty, what Binance and CZ have stated in court is that at this moment they have no objection to the motion and additional request the SEC asked for in court and they are ok with a court decision on the evidence presented.
Basically they have given the SEC all the data they requested and are not asking the judge to not consider any of it, so the SEC can call now as a witness anyone they asked for and use every document they had presented in a case.
It seems like CZ did that so that the trial would end quickly and immediately get clarity about the punishment given to CZ, because if the trial took too long it would be a waste of time and energy, of course CZ didn't really like that because the time she used wasn't always just for convened.