Binance CEO CZ says CFTC's complaint contains “incomplete recitation of facts” and Binance does not agree with “characterization of many of the issues alleged”
Today, the CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years.
Binance Blog
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Discussion
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@apes_prologue
@apes_prologue
on x
1/ Large on-chain movements prior to the Binance indictment A few hours before the Binance CFTC Indictment, there were large stablecoin withdrawals across centralized exchanges, totaling almost $1.5B in just 12 hours Notably, Binance itself saw an $850M outflow. https://twitter.c…
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@cz_binance
@cz_binance
on x
My Response to the CFTC Complaint | Binance Blog https://www.binance.com/...
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@ldrogen
@ldrogen
on x
I don't know man, your team is literally on paper joking about how Hammas launders thousands of dollars at a time through Binance (which is cool) and not millions so you just let it go because it was below the threshold of regulators caring https://twitter.com/...
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@mrdiamondhandz1
@mrdiamondhandz1
on x
This is why the US government wants to take out #Binance. They are transparent, they care about the safety and security of their users, they have good business practices and that is why they are a target. I stand with CZ and Binance! 💎🤲🏻 #Crypto #IStandWithBinance $LUNC $BNB http…
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@adamscochran
Adam Cochran
on x
Honestly if this is your response to a complaint with chat logs where clearly senior execs on the inside have cooperated, you'd be better just employing the Shaggy Defence. https://twitter.com/... https://twitter.com/...
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@benshooter
Ben K
on x
This is pretty hollow. Just vague hand waving that fails to address many of the worst points of the CFTC suit. https://twitter.com/...
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@ctolarsson
CTO Larsson
on x
So far regulators have: - missed every single actual fraud - gone after all companies providing useful services to consumers * Paxos - the best stablecoin * Kraken - Ethereum staking * Binance - because some US customers enjoyed the service? * Coinbase - can't remember why https:…
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@rugdocio
@rugdocio
on x
I know it's a bear market, but maybe we don't want to eat dog food, in house or otherwise? https://twitter.com/...
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@belisarius2020
Bill Morgan
on x
Why is this the prevailing theme in the USA. Cooperate with US regulators and get suddenly sued. Regulators acting this way actively discourages cooperation and borders on the moronic. https://twitter.com/... https://twitter.com/...
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@pythianism
Vance Spencer
on x
appears CZ is unbothered and moisturized https://www.binance.com/...
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@cz_binance
@cz_binance
on x
4 [Reference to Jan. 2, 2023, tweet: “4: Ignore FUD, fake news, attacks, etc.” https://t.co/axSk8WowLr ]
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@tier10k
@tier10k
on x
CFTC V Binance https://www.docdroid.net/...
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@iampaulgrewal
@iampaulgrewal
on x
A security can apparently also be a commodity, except when it's not. And it depends on which regulator you ask, and when. If you're confused, you are not alone. Is this really the best American law has to offer? https://twitter.com/...
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@adamscochran
Adam Cochran
on x
I mean no matter how bullish you are, you cannot believe that “the CFTC filed a case against us” is FUD because it legit happened. It's not a rumor, it's not a matter of uncertainty, the case is damning and has chat records from insiders... https://twitter.com/...
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@web3isgreat
@web3isgreat
on x
Rule 1: If you're going to do crimes, don't put them in writing. Rule 2: If you're going to put them in writing, don't write them in “I CAN HAZ CHEEZEBURGER” style writing, it's embarrassing. https://twitter.com/...
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@kadhim
@kadhim
on x
The CFTC have a whole bunch of bad-looking internal messages, despite what it calls Binance's use of auto-deleting Signal chats for business discussions https://twitter.com/...
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@tier10k
@tier10k
on x
CFTC on Binance internal trading desk “Binance has traded on its own platform through approximately 300 “house accounts” that are all directly or indirectly owned by Zhao... Zhao has also traded on the Binance platform through two individual accounts” https://twitter.com/...
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@web3isgreat
@web3isgreat
on x
US CFTC sues Binance and CEO Changpeng Zhao March 27, 2023 https://web3isgoinggreat.com/ ... https://twitter.com/...
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@peterlbrandt
Peter Brandt
on x
It was just a matter of time before this happened to @binance Justice is Justice Is @Ripple the next domino to topple? https://www.wsj.com/...
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@tree_of_alpha
@tree_of_alpha
on x
Accountant: “In March 2023, why did you swap BUSD to USDC then to USDT then withdrew it to Binance then to Coinbase then to your bank account back to Kraken back to Binance and then to Bybit?” Me: “Just trying not to get rugged.” https://twitter.com/...
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@jesse_hynes
Jesse Hynes
on x
Well, I hate to say it, but this is what I've been preaching all along. It does not matter where you are located. Any company that says it is intentionally moving from the US to avoid US laws is putting a big target on its back. https://twitter.com/...
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@web3isgreat
@web3isgreat
on x
“Lim chatted to a colleague: ‘US users = CFTC = civil case can pay fine and settle no kyc = BSA act [sic] = criminal case have to go [to] jail’” https://twitter.com/...
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@opinion
@opinion
on x
A decent rule of thumb is that all cryptocurrency exchanges are doing crimes, and if you're lucky your exchange is doing only process crimes. https://www.bloomberg.com/...
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@cz_binance
@cz_binance
on x
From Bloomberg. The part before the paywall says it all already. The rest of the article is inline. Matt Levine's Money Stuff: The CFTC Comes for Binance https://news.bloomberglaw.com/ ...
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@aaberwick
Angus Berwick
on x
The CFTC charged Binance's former compliance chief Samuel Lim, too. @_tom_wilson_ & I reported last year that Lim was aware of Binance's compliance failings. “Damn why touch fiat if dont wanna be compliant. So ironic LOL,” he wrote in a text we reviewed https://www.reuters.com/..…
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@tree_of_alpha
@tree_of_alpha
on x
FTX was basically letting people from all countries trade without KYC and stole everyone's money but the suits only wake up when the solvent “Chinese” exchange does it.
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@darealmilkbagz
@darealmilkbagz
on x
Arbitrum was listed in the new Binance lawsuit via the CFTC...5 minutes later they're scrubbing everything https://twitter.com/...
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@imnotthewolf
Wolf
on x
So Binance is being sued by the CFTC (USA) for basically having a ‘secret’ in-house trading desk with 300 accounts. This states that Binance is basically trading against all of their users, with their ‘quant’ desk using private transactional data. It seems they also “sold” it... …
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@web3isgreat
@web3isgreat
on x
Violations alleged: I. Execution of Futures Transactions on an Unregistered Board of Trade II. Illegal Off-Exchange Commodity Options III. Failure to Register as a Futures Commission Merchant IV. Failure to Register as a Designated Contract Market or Swap Execution Facility
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@ragingventures
@ragingventures
on x
Today's action against Binance, coming on the heels of developments at $COIN, Silvergate, and Signature, paints a fairly clear picture of the Fed's approach to crypto. $COIN may survive, but it will likely be as a much smaller biz w/ significant compliance & KYC oversight. 2/2
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@kimdotcom
Kim Dotcom
on x
And who told you that Biden will go after CZ and #Binance for having killed his golden donor goose SBF? https://twitter.com/...
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@nikhileshde
@nikhileshde
on x
Lot to unpack in today's @CFTC suit against Binance. Allegations that employees encouraged KYC evasion. Prop trading allegations. The claim that the chief compliance officer said “small sums” from sanctioned regions were okay. Read all about it here! https://www.coindesk.com/...
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@autismcapital
@autismcapital
on x
After months of signaling pending attacks on Binance, and CZ trying to diffuse the situation by simply tweeting “4” (his code word for “ignore the FUD"), the CFTC has launched their attack on Changpeng Zhao for anything they hope will stick. https://www.docdroid.net/...
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@emilydparker
Emily Parker
on x
“The financial world is interconnected, and everything touches the US at some point, and US regulators have become experts at using that fact to get jurisdiction over the whole financial world” — @matt_levine https://www.bloomberg.com/...
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@web3isgreat
@web3isgreat
on x
Firms are not named, but are described as a quant firm HQed in Chicago, with offices in NY and Amsterdam (A); a quant firm HQed in NY and with offices in London, Amsterdam, Hong Kong, and Singapore (B); and a quant firm HQed in NY with offices in London, Singapore, HK, etc (C)
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@web3isgreat
@web3isgreat
on x
Okay, wrapping back up now: The CFTC complaint goes on to list three US companies ("Trading Firms A-C") that not only traded on Binance but which CFTC alleges Binance actively aided in circumventing compliance controls by using “personal” accounts, offshore shell companies, etc
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@prhillmann
Patrick Hillmann
on x
Hey @matt_levine, as always, thank you for breaking down this very complex issue. I want to ensure that you saw @cz_binance's personal response this morning addressing some of your outstanding issues: https://www.bloomberg.com/... https://twitter.com/...
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@mattysino
Matthew Graham
on x
A Binance must read. Fascinatingly and contrary to my expectation the core allegations are actually less damning when you read the details. They seem to mostly relate to helping large prop shops use the exchange through offshore entities, which seems more gray area to me. https:/…
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@anthony
Anthony DeRosa
on x
“A decent rule of thumb is that all cryptocurrency exchanges are doing crimes, and if you're lucky your exchange is doing only process crimes.” - @matt_levine https://www.bloomberg.com/...