Discussion

• @carnage4life Dare Obasanjo on threads

  Binance's founder to plead guilty to money laundering charges and the company will pay over $4 billion in fines.  I've long said when it comes to crypto exchanges, the question isn't whether it's a criminal enterprise but instead how big are the crimes it's committing?

• @brian_armstrong Brian Armstrong on x

  Since the founding of Coinbase back in 2012 we have taken a long-term view. I knew we needed to embrace compliance to become a generational company that stood the test of time. We got the licenses, hired the compliance and legal teams, and made it clear our brand was about trust.…

• @nansen_ai @nansen_ai on x

  Since our first update on @binance, it appears that users are withdrawing funds from the exchange based on market rumors Netflow has gone from -$10K to -$45M over the past hour (Ethereum only) https://twitter.com/... [image]

• @mer__edith Meredith Whittaker on x

  This is circulating along with baseless speculation. So, quickly: Assuming this post is accurate (IDK), the messages were almost certainly obtained via subpoenaed devices or targeted device hacking like Pegasus. This DOES NOT imply a flaw in Signal.

• @joecarlasare Joe Carlasare on x

  Hearing from reliable sources that some of the damning evidence against CZ that DOJ has came from signal messages. Perhaps a cautionary tale for those using the app.

• @bitmexresearch @bitmexresearch on x

  CZ will be allowed to live in the UAE while he awaits sentencing. It was a “very close call” as to whether he would be allowed to go back to the UAE. CZ had to speak himself to convince the court. CZ must return to the USA 14 days prior to his sentencing. The transcript extract..…

• @twobitidiot Ryan Selkis on x

  Binance derisking is one of the biggest catalysts we could have in crypto. + Crypto is a “real” industry post $4 billion settlement + CZ takes a long-needed Miami vacation a la Arthur + Market rips higher, ETFs approved in Jan + GOP wins 2024 election, crypto laws passed 🫡 CZ

• @ki_young_ju Ki Young Ju on x

  I deeply respect @cz_binance as an entrepreneur. He basically has accelerated the global adoption by making people to buy #Bitcoin and crypto. Hope he can get some rest and gear up for a new leap. 4.

• @tree_of_alpha @tree_of_alpha on x

  I for one owe a tremendous amount of my wealth to you and your company. If it wasn't for trading on Binance, I would still probably be the broke boy looking for discounts on frozen salmon I was 4 years ago. I know it is also true for many, many other traders around me, in Tree...

• @tier10k @tier10k on x

  CZ out on $175m bond [image]

• @cryptadamist @cryptadamist on x

  you really have to wonder if any of the people praising CZ as some kind of hero have bothered to read the consent order [image]

• @chetansharma Chetan Sharma on x

  Forbes stays undefeated [image]

• @chrisjbakke Chris Bakke on x

  Wow, I mean, if you had told me 3 years ago that: FTX Binance BlockFi Terra Celsius Network Voyager Digital Three Arrows Capital Gemini Trust Hodlnaut And hundreds of other companies were all run by frauds I would have absolutely believed you

• @jconorgrogan Conor on x

  I backed out Binance Corporate's crypto holdings from their Proof of Reserves: $6.35B total assets, $3.19B in stablecoins Doesn't include off-chain cash balances or funds held in wallets not in PoR Most likely able to pay full $4.3B DoJ fine with 0 crypto asset sales [image]

• @altcoindailyio @altcoindailyio on x

  When my kids ask me who CZ Binance was: [video]

• @asvanevik Alex Svanevik on x

  SBF - loved by the establishment, hated by the crypto community CZ - hated by the establishment, loved by the crypto community

• @robustus Dan McArdle on x

  Binance, Kraken, Coinbase: never lost customer money. DoJ &/or SEC go after them. FTX: biggest fraud since Madoff & customers rekt. Politicians accept millions in donations from SBF, and the bureaucrats get cozy with him Gov just keepin us all safe right? ¯\_(ツ)_/¯

• @techbrodrip @techbrodrip on x

  CZ (founder and former CEO of Binance) [image]

• @wassielawyer @wassielawyer on x

  No matter what your views are - gotta respect how @cz_binance handled this. SBF was Washingtons darling and managed to blow up at the expense of customers. CZ was under far more pressure and got out with a retirement, handover to chosen successor and customers funds SAFU.

• @altcoindailyio @altcoindailyio on x

  CZ tried to save people from FTX & even helped bring SBF to justice. He is now sacrificing himself to save Binance crypto exchange and probably the whole bitcoin bull run. The man is a hero. [image]

• @cryptocevo @cryptocevo on x

  So CZ is going to be a shitcoiner now? I'll see you in the arena [image]

• @gergelyorosz Gergely Orosz on x

  Narrator: Binance was, indeed, not much different to FTX. Binance's CEO pleaded guilty to anti-money laundering charges, and fined $4.3B today. If you are still keeping money on Binance: why? There is no upside. It's an offshore operation, with no real guarantees for deposits.

• @wagieeacc Martin Shkreli on x

  here we go again. @cz_binance jail aint so bad, ill put in a good word with flacco and dem

• @iampaulgrewal @iampaulgrewal on x

  I'm watching the @binance news, too. While we wait for a DOJ announcement, a reminder: crypto isn't going anywhere. But to create a thriving cryptoeconomy in the US, we need clear, sensible regulation so American consumers have access to secure domestic crypto services. 1/4

• @rhorider @rhorider on x

  🚨⚠️ Aside from the fine, the indictment suggests there could be additional asset forfeiture related to the charges. This many force them to relinquish certain crypto assets to US enforcement. [image]

• @nikhileshde @nikhileshde on x

  Here's the newly unsealed court filing for CZ's BSA violation https://storage.courtlistener.com/ ...

• @dylanleclair_ Dylan LeClair on x

  While highlighting all of the Binance red flags, everyone was assuming it was suggesting an FTX repeat, when reality is suggesting the BitMEX analog is more accurate. Expect a slow bleed of Binance's relative dominance.

• @danprimack Dan Primack on x

  Sam to Binance. CZ to OpenAI. Greg to Cruise. There. Solved.

• @elonmusk Elon Musk on x

  @WholeMarsBlog Wow

• @trustlessstate @trustlessstate on x

  A DOJ settlement with Binance is hugely bullish Binance takes a hit, but gains U.S. approval and regulatory clarity moving forward The whole industry gets further legitimized

• @tier10k @tier10k on x

  Wow CZ to step down, plead guilty to money laundering violations Will appear in Seattle court today Binance as a company will also plead guilty, and pay $4.3B fine

• r/ethtrader r on reddit

  Binances official statement

• r/neoliberal r on reddit

  U.S. Treasury Announces Largest Settlements in History with World's Largest Virtual Currency Exchange Binance for Violations of U.S. Anti-Money Laundering and Sanctions Laws

• r/ethtrader r on reddit

  Official Release: U.S. Treasury Announces Largest Settlements in History with Binance for Violations of U.S. Anti-Money Laundering and Sanctions Laws

• r/FluentInFinance r on reddit

  Binance and CEO Plead Guilty to Federal Charges in $4B Resolution

• r/btc r on reddit

  Binance/CZ pleads guilty on all charges.  Agrees to pay $4.3B USD fine and resign

• @_richardteng Richard Teng on x

  It is an honour and with the deepest humility that I step into the role of Binance's new CEO. We operate the world's largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold..…

• @_richardteng Richard Teng on x

  The fundamentals of our business are VERY strong. Binance continues to operate the world's largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits.

• @_richardteng Richard Teng on x

  @adamscochran Thanks Adam. I would love to have the opportunity to catch up to engage in deep conversation on how to support crypto's growth going forward once I am more settled in.

• @adamscochran Adam Cochran on x

  With this chapter closed, 2024 will be a face ripper. We've got something's to improve as an industry, but the worst stuff is out of the way, we're on our way to be global liquidity assets, and have a bright future ahead! I'm hanging up my Binance FUD hat now, and hope the new...

• @ninjascalp @ninjascalp on x

  Crazy to see this transfer happen in real time. I did troll CZ a ton on twitter, but there will never be another one like him. 4 [image]

• @byzgeneral @byzgeneral on x

  @_RichardTeng I think your first order of business should be figuring out what your meme is going to be. You need your own “4” bro.

• @jason @jason on x

  Lord, give me the confidence to plead guilty to federal charges, pay a $4b+ fine, and have the audacity to offer myself up as an advisor to startups! 🤦😂🫡 Crypto folks are built different

• @moexba @moexba on x

  We are honored to support & congratulate you on becoming Binance's new CEO! 🎉💛 Your vision and vast experience are key assets to our journey ahead. Excited for the future under your leadership, particularly in enhancing user trust, regulatory collaboration, and Web3 growth....

• @heyibinance Yi He on x

  New page. #Binance #BNB

• @gladstein Alex Gladstein on x

  150 million Binance users Useful data point when considering global cryptocurrency adoption Next step? Helping a lot more of these folks use non-KYC, non-custodial Bitcoin services

• @basedkarbon @basedkarbon on x

  Truly the end of an era 🫡 Now funds can be #safu forever

• @justinsuntron H.E. Justin Sun on x

  CZ, I've known you for nearly ten years, and during these ten years, you've consistently played a leadership role for the community, the industry, and for me. Over the past six years, you founded Binance, taking the industry to unprecedented heights. Without you, the...

• @calchulus Calvin on x

  The road of entrepreneurship is not one for the weak. I remember how hard @cz_binance pushed through at the beginning of covid, even with working on his phone after back surgery. With utmost respect for the efforts done for the space, many will see the headlines and not... [image…

• @rogerkver Roger Ver on x

  You didn't step down. You were forced to step down due threats of violence and extortion from strangers you've never even met. You are a 1st generation crypto hero. Keep your head up high!

• @ryansadams Ryan Sξan Adams on x

  @tier10k crypto saw AI getting all the attention, got jealous, and fired one of its CEO's too

• @ryansadams Ryan Sξan Adams on x

  Hey AI industry let's do a trade. We'll give you CZ to lead OpenAI but we get Sam Altman for Binance. Deal?

• @tree_of_alpha @tree_of_alpha on x

  Quick moment to say CZ handled the shutdown of his $23b stablecoin with 0 funds lost, negotiated a multi-billion dollar settlement with government agencies, and I can still trade and withdraw from there with no issues through all that.

• @pierre_crypt0 Pierre on x

  I was both horribly wrong on this and finally right. Glad I don't give a fuck about being right or wrong to trade. Can someone ask CZ to unblock me please ?

• @btc_jacksparrow @btc_jacksparrow on x

  Fine in settlement, CZ steps down, faces no criminal charges, Binance goes fully compliant, US market of significant size and sufficient surveillance secured, ETF final green light, align stablecoin issuers, wild west days over

• @tradeboicarti16 Tradeboi Carti on x

  Come on @cz_binance one final ‘4’ going into retirement for old time sake. Thank you for changing the industry for the better and changing people's lives

• @adamscochran Adam Cochran on x

  -Binance pays fine -CZ steps down to avoid larger sentence -DoJ gets full oversight control over Binance for an extended period because of their crimes. Gee. If only someone had suggested such a wild possibility...

• @vcbrags @vcbrags on x

  Forbes curse remains undefeated [image]

• @smdiehl Stephen Diehl on x

  Another crypto kingpin is going to jail for a very long time. He spent years defrauding the public and calling every criticism FUD. And it was all a big scam, just like all of crypto. https://www.wsj.com/...

• @fintechfrank Frank Chaparro on x

  - CZ to step down as CEO of Binance as part of plea deal for violating anti money laundering rules - CZ will maintain his majority ownership of firm (similar to Arthur Hayes's arrangement with US authorities when he made a deal) - Binance to pay $4 billion settlement to DOJ;...

• @kantrowitz Alex Kantrowitz on x

  CZ to Sam Altman: Hold my beer

• @100trillionusd @100trillionusd on x

  *DOJ HELPING BLACKROCK TO GET CHEAP BITCOIN

• @autismcapital @autismcapital on x

  This statement said it all.

• @mattomattik @mattomattik on x

  CZ step down, binance get regulated, ETF approved, see you at 1 million per bitcoin [video]

• @mrjasonchoi Jason Choi on x

  Mainstream circle: “Biggest exchange fined a record amount and another famous exchange guy is going to jail, crypto is so over” Crypto natives: “Concerns around Binance being insolvent are over. Everyone knows CZ has not been calling the day to day shots for a long time so the...

• @timccopeland Tim Copeland on x

  here's what CZ said on stage in London in 2019 [image]

• @emilyjnicolle Emily Nicolle on x

  “To lighten the mood a little, this famous phrase/clip from Star Trek (2009) jumps into my mind. ‘l need everyone to continue performing admirably.’ It's a good movie if you haven't watched it.” — @cz_binance on his departure https://www.bloomberg.com/... [image]

• @s3friedman.bsky.social @s3friedman.bsky.social on bluesky

  I haven't read the post-mortem yet on the Binance $4B+ fine levied yesterday, but if the info below is accurate, multiple parties should have been indicted.  [embedded post]

• @jeffjohnroberts Jeff Roberts on x

  Oof. Binance allowed $900M in transactions b/w US and Iran (Many of these were probably benign. But still a major sections violation) [image]

• @cryptoinformer0 @cryptoinformer0 on x

  CZ: “We banned Iran” Correction: “OK , but it was only $898 million.” “Binance allowed at least 1.1 million transactions, worth more than $898 million, involving customers in Iran, according to the court filing.” https://www.bloomberg.com/...

• @erikvoorhees Erik Voorhees on x

  @nic__carter The entire nation of Iran is a “sanctioned entity” 80 million people Do you think only maybe 70 million of them are evil terrorists? Or all 80 million?

• @nic__carter @nic__carter on x

  I think we can acknowledge that Binance has been a critical lynchpin of crypto adoption globally while also granting that knowingly facilitating 1b in flows to sanctioned entities is extremely bad - and not a victimless crime

• @parrotcapital @parrotcapital on x

  CZ lied to the very end, just like SBF. Just like I told you he would. Funny how that works. 🦜 [image]

• @stevemiran Stephen Miran on x

  I never cease to marvel at what fraction of “innovation” in recent decades is simply due to circumventing regulations. Uber, crypto, Airbnb... And while binance did some evil shit (helping finance Iran, Hamas), maybe we should actually streamline a lot of regulations

• @bijans Bijan Salehizadeh on x

  Binance was used to fund Hamas and other sanctioned entities? I'm shocked that crypto was used as a tool to fund bad actors, terror, and to get around AML rules.

• @ldrogen Leigh Drogen on x

  As someone who is about as anti Hamas and anti Binance as it gets, the focus on this is basically complete nonsense How about the Barclays Bank account Hamas was using for hundreds of millions Or all the money being funneled through NGOs Performative nonsense from Warren

• @levitt_matt Matthew Levitt on x

  Binance allowed illicit actors to transact freely, from child sexual abuse, to illegal narcotics, to terrorism, across more than 100k transactions including those associated with terrorist groups like Hamas, Palestinian Islamic Jihad, Al Qaeda, & ISIS https://content.govdelivery.…

• @mdudas Mike Dudas on x

  @Jason @cz_binance Cryptocurrency is a tiny drop in the bucket of overall “funding of terrorism” and AML violations. Blockchain ledgers are transparent - and a terrible method to launder money, which is why even Hamas told people to stop sending them Bitcoin. See below. https://c…

• @lord_ashdrake @lord_ashdrake on x

  bruhhhh they say that Binance supported terrorist groups, sexual predators, isis, hamas, and everything in between

• @jason @jason on x

  At the end of the day, @cz_binance encouraged folks to break KYC & built his company around it, while knowing it would enable terrorists to covertly and quickly fund their operations Most crypto folks I've met accept that covert funding of terrorism is the price you pay for... [i…

• @adamscochran Adam Cochran on x

  Biggest takeaway from the doc so far is 20-30% of Binance was US and facilitated by “VIP accounts” and other circumvention. Under a DoJ monitor, that liquidity is going to get zapped in an already low liquidity environment. That part sucks for the industry. Hopefully offset by...

• @autismcapital @autismcapital on x

  The DOJ just throwing random scary words to the public to make Binance sound so evil. Hamas? Binance. Iran? Binance. BIN LADEN? Binance. Child abuse? Binance. Ukraine? Binance. Do you know what Hitler used to escape anti money laundering laws? Oh that's right, BINANCE. 😂