Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Binance Smart Chain + Ecosystem => Topic started by: Adams-Richard on June 06, 2023, 12:05:07 PM
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Okay, so based on what I've been seeing all over social media, it seems like things between Binance, one of the largest cryptocurrency exchanges in the world, and federal officials are really getting intense. The relationship between them has become quite intertwined, and I must say, the tension is running quite high.
On Monday morning, a public announcement was revealed that the Securities and Exchange Commission (SEC) has lodged 13 charges against Binance. While this news may have caused some investors to panic, it is not entirely unexpected, given that it marks the second instance of Federal regulators accusing Binance of circumventing regulations aimed at safeguarding investors within the United States.
I won't go into too much detail because I'm sure you are all well aware of all of the details of the conflict between the two parties. But the reason I am writing today is because I wanted to share my perspective and thoughts on the matter.
Is Binance.US actually made to act as a shield for the main company?
If you've only come across the SEC's accusation, you might momentarily think it makes sense. You may think that CZ or Changpeng Zhao, the founder of the exchange, created Binance.US with the intention of bypassing their own controls, allowing affluent U.S. investors and customers to continue trading on their unregulated international exchange, right?
However, according to CZ, all the allegations made against their crypto trading platform for US residents are completely false.
As we know, security remains one of the biggest challenges and concerns for crypto trading exchanges. It was one of the reasons that affected Binance's business in the United States. That's why they made the decision to launch Binance.US in 2019 in order to comply with US regulations.
From my perspective, it's quite intriguing that the SEC didn't reach out to the company first to discuss the facts, especially considering the significant efforts put in by the team to showcase the safety and security of the Binance.US platforms.
While it's possible that the SEC's allegations hold some truth, it's also possible that their intention here wasn't really about protecting investors, but rather making sensational headlines.
Do the Binance allegations resemble the FTX downfall?
It seems like some of the allegations against Binance actually resemble the actions that caused FTX's downfall, leading to criminal charges against Mr. Bankman-Fried for misusing customer deposits for various business operations and donations.
But will Binance meet the same fate as FTX? I highly doubt it.
Considering Binance's evident disappointment with how the SEC handled the situation and their strong determination to vigorously defend their platform against any accusations, it's unlikely that Binance will face a similar outcome as FTX.
In fact, as stated in their official announcement, Binance plans to collaborate with industry partners to safeguard this crucial technology from baseless lawsuits.
Closing Thoughts
When entering the crypto space, we should always be prepared for situations like this to arise. I mean, Binance isn't the only crypto exchange that has faced such challenges. It's no surprise that the SEC is taking a tough stance on this matter, considering the inherent risks involved in crypto exchanges.
The nature of cryptocurrencies, being constantly evolving, brings unique challenges when it comes to regulation and security. The SEC's strict approach reflects its duty to protect investors and ensure the stability of the market. As cryptocurrencies gain more popularity, regulatory bodies have to keep up with compliance and address potential risks that come with these digital assets.
While it may seem like a tough road for crypto exchanges to navigate through regulations, it's actually a necessary step to establish a safer and more trustworthy crypto ecosystem. By following the rules, not only do investors feel more secure, but it also helps build credibility and legitimacy in the industry. As the crypto space continues to evolve, we can expect regulators to fine-tune their strategies, finding a balance between fostering innovation and safeguarding investors.
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Binance previous CEO owner have much mistakes in control of users privacy and assets. It was wide open like transparency which cause many hackers attacks. Also he give money to many people out there that he should not give. Community suffered helplessly and final that come to end when facts show.
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Do the Binance allegations resemble the FTX downfall?
It seems like some of the allegations against Binance actually resemble the actions that caused FTX's downfall, leading to criminal charges against Mr. Bankman-Fried for misusing customer deposits for various business operations and donations.
But will Binance meet the same fate as FTX?
The story of Binance and FTX is very different, because FTX was created to deceive all investors and users.
Sam Bankman-Fried deliberately created mistakes for himself with various projects that he couldn't handle and he then destroyed himself, selling all the LUNA tokens, FTX etc.
Binance will not be like that because Binance's problem is with the SEC and the SEC is an external party or outside of Binance.
The regulations provided by the SEC may also be for the good of Binance itself so that it can be more trusted by users in America.
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I will continue to support Binance because until now I still have a few assets in Binance, it would be dangerous if Binance were to be frozen by the SEC.
Maybe this is also the best way for the SEC to dominate Binance, so that Binance can continue to protect its users in the future because this is a step for Binance to continue to be better.
But the problem is, why was BUSD removed from the cryptocurrency market? because BUSD is a coin created by Binance, there is a bit of SEC that I hate them. BUSD also provides many benefits if we hold it on Binance Exchange,like as reduce fee trading at Spot etc.
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This SEC is too extraordinary because it is very capable to be able to make a bad and good news to Binance that has an effect on all cryptocurrency prices.
Apart from the SEC regulation to Binance, I also fully support binance so that it continues to continue to provide strong evidence to SEC so that I can pass the verification perfectly.
If binance can pass from the SEC regulation, in the future this binance will be trusted by all investors, especially in America because this SEC is originally in America and Americans would be happy if Binance can escape the SEC regulation.
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This SEC is too extraordinary because it is very capable to be able to make a bad and good news to Binance that has an effect on all cryptocurrency prices.
Apart from the SEC regulation to Binance, I also fully support binance so that it continues to continue to provide strong evidence to SEC so that I can pass the verification perfectly.
If binance can pass from the SEC regulation, in the future this binance will be trusted by all investors, especially in America because this SEC is originally in America and Americans would be happy if Binance can escape the SEC regulation.
If the law has been manipulated to take sides, it is certain that there is a desired benefit. The SEC seems to be making this issue into a political element because the differences seem to be real, but many people know it is for something that clearly benefits the SEC and where the SEC is located.
But everyone knows that the shock is only momentary, and BNB can return to trading, which continues to increase again. I believe Binance is on the right path, and we will see what the future holds.
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SEC does what it does even when they know they have no clear regulation about crypto.
they can also sense CZ knows how to circumvent the rules in the business. so yes its possible that he also created binance.US for the sole purpose and i guess US took over that office i believe and also CZ paid to settle things. it looks okay now.
Do the Binance allegations resemble the FTX downfall?
i don't think this is happening either. CZ knows the business too well. but i agree this issue had been politicized since CZ contributed to the collapse of FTX. so politicized to a point that they allegedly point out binance is backed by Chinese government.
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i don't think this is happening either. CZ knows the business too well. but i agree this issue had been politicized since CZ contributed to the collapse of FTX. so politicized to a point that they allegedly point out binance is backed by Chinese government.
I am in Changpeng Zhao's position because I see that the Binance application is also continuously present and continues to be updated all the time.
Binance has also recently launched a Launchpad event, from what I saw there were 3 new projects launched such as AI, XAI, MANTA and ALT. I'm stay here for Binance.
This means that Binance still has ample opportunity to pass and gain a good reputation from the SEC because simply, this project from Binance is running continuously and smoothly.
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I will continue to support Binance because until now I still have a few assets in Binance, it would be dangerous if Binance were to be frozen by the SEC.
Maybe this is also the best way for the SEC to dominate Binance, so that Binance can continue to protect its users in the future because this is a step for Binance to continue to be better.
But the problem is, why was BUSD removed from the cryptocurrency market? because BUSD is a coin created by Binance, there is a bit of SEC that I hate them. BUSD also provides many benefits if we hold it on Binance Exchange,like as reduce fee trading at Spot etc.
I will also continue to support Binance by using the services of this CEX.
The SEC can sue Binance for many reasons, but currently Binance has paid a fine related to money laundering allegations, the securities issue cannot be clarified and is waiting for new laws from the US congress.
Binance US is only a small part of Binance Global, the SEC cannot touch the great empire that CZ has built over the years 8)
Binance is not FTX. Binance does not use user funds for private purposes. FTX and Sam are dangerous criminals who appropriated the assets of millions of people >:(
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I am in Changpeng Zhao's position because I see that the Binance application is also continuously present and continues to be updated all the time.
Binance has also recently launched a Launchpad event, from what I saw there were 3 new projects launched such as AI, XAI, MANTA and ALT. I'm stay here for Binance.
This means that Binance still has ample opportunity to pass and gain a good reputation from the SEC because simply, this project from Binance is running continuously and smoothly.
There is no need to worry about Binance, and I also have the same confidence in CZ, who can always make his best contribution to Binance. Many people always support CZ for the problems he is facing, but that doesn't make Binance worse.There is no need to doubt the reputation that Binance has and will have in the future; it will continue to get the best and highest trust from many groups.
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I will also continue to support Binance by using the services of this CEX.
The SEC can sue Binance for many reasons, but currently Binance has paid a fine related to money laundering allegations, the securities issue cannot be clarified and is waiting for new laws from the US congress.
Binance US is only a small part of Binance Global, the SEC cannot touch the great empire that CZ has built over the years 8)
Binance is not FTX. Binance does not use user funds for private purposes. FTX and Sam are dangerous criminals who appropriated the assets of millions of people >:(
Honestly. I personally stopped using this exchange for several reasons:
1. In 2021 - started blocking accounts for unknown reasons;
2. Non-compliance with the rules that they themselves write during listings.
3. Of course problems with the creator of CZ. 1 minute and he'll be arrested for fraud.
P.S. You do realize that if he goes to jail, at any moment your funds on the exchange can be frozen. It is better not to trust exchanges + BSC network will be frozen in case of bad scenario. No way, I don't want to scare anyone. Just a thought. 8)
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I am in Changpeng Zhao's position because I see that the Binance application is also continuously present and continues to be updated all the time.
Binance has also recently launched a Launchpad event, from what I saw there were 3 new projects launched such as AI, XAI, MANTA and ALT. I'm stay here for Binance.
This means that Binance still has ample opportunity to pass and gain a good reputation from the SEC because simply, this project from Binance is running continuously and smoothly.
There is no need to worry about Binance, and I also have the same confidence in CZ, who can always make his best contribution to Binance. Many people always support CZ for the problems he is facing, but that doesn't make Binance worse.There is no need to doubt the reputation that Binance has and will have in the future; it will continue to get the best and highest trust from many groups.
But sadly Binance had been in the verge of being banned in our country , they have been given 90 days since December to comply in our SEC regulation or will be blocked from our IPs , this is the problem of the people here because majority of us are users of Their P2P and yeah we are dependent in this exchange .
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There is no need to worry about Binance, and I also have the same confidence in CZ, who can always make his best contribution to Binance. Many people always support CZ for the problems he is facing, but that doesn't make Binance worse.There is no need to doubt the reputation that Binance has and will have in the future; it will continue to get the best and highest trust from many groups.
But sadly Binance had been in the verge of being banned in our country , they have been given 90 days since December to comply in our SEC regulation or will be blocked from our IPs , this is the problem of the people here because majority of us are users of Their P2P and yeah we are dependent in this exchange .
concerned about the prohibitions that your government will impose and must interfere in this issue.
Be patient, they all also need a process, but I am sure the CZ and SEC problems will have a meeting point and produce the best way.
After all, there is a mutual need for things like this.
If only blocking IP, I think everyone understands what can be done, and many countries have done that, but not too much, and there is still a way out.
Hopefully, they can finish this soon.
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P.S. You do realize that if he goes to jail, at any moment your funds on the exchange can be frozen. It is better not to trust exchanges + BSC network will be frozen in case of bad scenario. No way, I don't want to scare anyone. Just a thought. 8)
Well, it could be that as you said, all assets that are based on Binance will be frozen and that is very scary.
Binance has many integrated platforms such as Binance Exchange, Binance DEX, Binance Wallet (Safepal), Binance Smart Chain and many more.
If CZ is in prison and all assets from Binance are frozen then I will definitely lose my assets if I own BNB or coins based on Binance.
Even though now the CEO of Binance has changed to Richard Teng, the influence of CZ in prison will still have a negative effect on the BNB coin.
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Well, it could be that as you said, all assets that are based on Binance will be frozen and that is very scary.
Binance has many integrated platforms such as Binance Exchange, Binance DEX, Binance Wallet (Safepal), Binance Smart Chain and many more.
If CZ is in prison and all assets from Binance are frozen then I will definitely lose my assets if I own BNB or coins based on Binance.
Even though now the CEO of Binance has changed to Richard Teng, the influence of CZ in prison will still have a negative effect on the BNB coin.
Absolutely right, once he is detained = the whole bnb network could become. + will be a sad situation with the bnb exchange rate. Don't forget, he may again be offered to pay a certain amount of money - to be left alone (for the time being). Too much CZ has made a mess of things that he can be held accountable for.
Reminder: Binance CZ founder's trial postponed to April 30 - CNBC
P.S. This is just my assumption. I do not guarantee that this is how it will be. In any case, it is worth diversifying your assets. Don't keep everything in one basket. ???
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It's clear that XZ, CEO of Binance, admitted this mistake. It's just that now we are still waiting for the trial of this case, but this has been postponed again, so we need more patience. And CZ will later be responsible for these sanctions. and his legal team will also do their best so that CZ is not jailed and only pays a fine. But what happens later depends on the results of the assessment and also evidence and several other considerations.
Regarding the future price of BNB, it will certainly be affected before or after the trial of the case. There could be a lot of FUD in the future, but I'm sure that BNB and Binance will recover quickly.
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And CZ will later be responsible for these sanctions. and his legal team will also do their best so that CZ is not jailed and only pays a fine. But what happens later depends on the results of the assessment and also evidence and several other considerations.
CZ should have done this from the beginning, namely responsibility because all the work certainly requires responsibility.
Moreover, this binance is a very large exchange and is widely known by the community, it is certain that the responsibility is also big.
Hopefully CZ is not in prison and only wears a fine, this is only my hope for CZ.
Regarding the future price of BNB, it will certainly be affected before or after the trial of the case. There could be a lot of FUD in the future, but I'm sure that BNB and Binance will recover quickly.
But after CZ resigned from Binance CEO, it seems that this BNB recovered quite quickly because maybe this BNB coin is still the best to be able to continue to compete in the Top 5 Coinmarketcap.
The new CEO of Binance is also worthy of a thumbs up because Richard Teng is able to manage binance to be better now in the cryptocurrency space.
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It's clear that XZ, CEO of Binance, admitted this mistake. It's just that now we are still waiting for the trial of this case, but this has been postponed again, so we need more patience. And CZ will later be responsible for these sanctions. and his legal team will also do their best so that CZ is not jailed and only pays a fine. But what happens later depends on the results of the assessment and also evidence and several other considerations.
Regarding the future price of BNB, it will certainly be affected before or after the trial of the case. There could be a lot of FUD in the future, but I'm sure that BNB and Binance will recover quickly.
Taking responsibility for mistakes made certainly needs to be appreciated and not avoiding accusations that have occurred. It is clear that CZ will try to defend himself with the confidence he has and with the help of legal counsel, to be able to resolve this issue immediately. Whatever sanctions will be given to CZ will of course be adjusted to what has been done and can be proven, because there is always intervention in every problem that could occur.
Hopefully, this will be resolved well. However it will still affect BNB, but I really believe that it will pass soon because the BNB community is very strong and will support it so that it doesn't go down.
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But after CZ resigned from Binance CEO, it seems that this BNB recovered quite quickly because maybe this BNB coin is still the best to be able to continue to compete in the Top 5 Coinmarketcap.
The new CEO of Binance is also worthy of a thumbs up because Richard Teng is able to manage binance to be better now in the cryptocurrency space.
The new CEO of Binance has a very effective idea to maintain the stability of the BNB price by launching several launchpads on the Binance exchange so that in this way more and more people continue to hold BNB in very large amounts. Hopefully the current CEO of Binance will be more better than CZ.
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The legal process demanded by the SEC against CZ is still ongoing. And the trial has not yet been determined, let alone the actual sanctions. Indeed, the demands from the SEC are considered quite heavy and perhaps what CZ is most likely to avoid is prison. He seems willing to pay a fine, but he will make every effort to stay out of prison. And indeed, based on the latest news, the sentence will still be postponed until April. So we are still waiting to see how it goes and of course the results of this decision will also have quite a significant impact in the future. We just have to wait.
Source: CZ vs SEC (https://www.cnbc.com/2024/02/12/criminal-sentencing-of-binance-founder-cz-postponed-to-late-april-.html)
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The legal process demanded by the SEC against CZ is still ongoing. And the trial has not yet been determined, let alone the actual sanctions. Indeed, the demands from the SEC are considered quite heavy and perhaps what CZ is most likely to avoid is prison. He seems willing to pay a fine, but he will make every effort to stay out of prison. And indeed, based on the latest news, the sentence will still be postponed until April. So we are still waiting to see how it goes and of course the results of this decision will also have quite a significant impact in the future. We just have to wait.
Source: CZ vs SEC (https://www.cnbc.com/2024/02/12/criminal-sentencing-of-binance-founder-cz-postponed-to-late-april-.html)
I think the SEC will still try hard to put CZ in prison because maybe it is too displeased with CZ and wants to teach a lesson about how hard life is in the world of financial business, but as you have said, CZ is not a person who doesn't think and it is certain that his wealth is very high. high because he is one of the smart people who succeeded in building the Binance platform to this size.
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The new CEO of Binance has a very effective idea to maintain the stability of the BNB price by launching several launchpads on the Binance exchange so that in this way more and more people continue to hold BNB in very large amounts. Hopefully the current CEO of Binance will be more better than CZ.
So where did all this come from? CZ was in charge, and still is - only the media presented it differently + put (formally) a different person in charge. Just the same without him - no such great future + people trust him. Again, there is no definitive verdict on his machinations. And he was in any case sneaky somewhere, engaged in user deception somewhere, etc. Alas, you can't get anywhere without it.
P.S. If I'm not mistaken, the court date has been rescheduled. But, I saw an interesting news item yesterday. I don't know if it has anything to do with CZ specifically.
News flash: "Judge approves Binance's deal with the U.S. government and signs off on monitoring the exchange."
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The legal process demanded by the SEC against CZ is still ongoing. And the trial has not yet been determined, let alone the actual sanctions. Indeed, the demands from the SEC are considered quite heavy and perhaps what CZ is most likely to avoid is prison. He seems willing to pay a fine, but he will make every effort to stay out of prison. And indeed, based on the latest news, the sentence will still be postponed until April. So we are still waiting to see how it goes and of course the results of this decision will also have quite a significant impact in the future. We just have to wait.
Source: CZ vs SEC (https://www.cnbc.com/2024/02/12/criminal-sentencing-of-binance-founder-cz-postponed-to-late-april-.html)
Until now, the SEC is still considering how much fine should be given to CZ because they understand that CZ is an intelligent person in the field of cryptocurrency so he definitely has more assets which he keeps well and safely because so far there are still many places to launder. money and eliminate traces in cryptocurrency assets.
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Until now, the SEC is still considering how much fine should be given to CZ because they understand that CZ is an intelligent person in the field of cryptocurrency so he definitely has more assets which he keeps well and safely because so far there are still many places to launder. money and eliminate traces in cryptocurrency assets.
The SEC must immediately give clear punishment to CZ so that the problem is resolved quickly and CZ can contribute again to Binance to provide the best again, because if the SEC slows down this process it will only waste CZ's time and will seem unprofessional.