SBF decided to testify against CZ to try to save his own ass, giving justice dept and sec something to fine CZ with.<p>Govt collects a big crypto fine, fine makes the big losers in FTX whole, problem solved.<p>CZ should have just bought FTX and closed the deal and made people whole, woulda saved himself some drama.
After all these recent shit regarding crypto currencies in the US, you don't need a full brain to figure out that there is a huge hole in the system.<p>It is also amazing to see that CZ managed to walk away free of any jail time, kept most of his assets gathered by his con job.
What about cofounder Yi He? If she's still in place then CZ stepping down doesn't mean much. I mean they have two kids together, don't tell me he won't be involved from the sidelines.
Incoming: third party compliance monitor (as always, run by ex DOJ people) and a more risk averse CEO. I hope this doesn't mean they eventually stop operating in the unregulated markets like China, Vietnam, Turkey, etc. Bet365 and DraftKings do it but for gambling so it's certainly possible to run a major respected company while ignoring the laws of countries that don't have the leverage America does.
He'll pay $4.3bn in fines and likely be sentenced to probation or short home confinement instead of prison...in exchange for not being a US fugitive.<p>He'll step down from Binance and live the rest of his life with billions. Sounds like a good deal :)
I'm surprised no one has brought up the famous quote from this Binance saga:<p>'We are operating as a fking unlicensed securities exchange in the USA bro.'<p><a href="https://www.businessinsider.com/sec-complaint-against-binance-contains-legendary-quote-bro-2023-6" rel="nofollow noreferrer">https://www.businessinsider.com/sec-complaint-against-binanc...</a>
I'm absolutely astonished by this. He lives in the Middle East, which does not have any extradition treaties with America. Granted, he might transit a country that has a treaty, but I'm really shocked that he would give him. What did they have over him? Maybe it was China…
Happy to see this whole thing finally coming to an end, its a nice wrap to the dead market we've had for the past 2 years. I'm excited for 2024 in crypto!
<a href="https://storage.courtlistener.com/recap/gov.uscourts.wawd.328569/gov.uscourts.wawd.328569.15.0.pdf" rel="nofollow noreferrer">https://storage.courtlistener.com/recap/gov.uscourts.wawd.32...</a><p>Looking forward to reading the Plea Agreement.
Someone correct me if this is false but it looks like so far an overwhelming majority of crypto firms have been utter scams. I frequently get job offers in this space, always decline stating I don't want to be associated with organised crime.
I have a question why is what CZ did different from what SBF did? I mean other than SBF getting caught over-extended in downgrading market they both did the same type of fraud.
I just saw the headlines that Binance knowingly let ISIS, Hamas, Al Qaeda and Iran use their platform to launder money. Hot take: that doesn't seem great.
for money laundering, few use binance. Everyone uses wallet to walllet USDT transfer. If US is serious about money laundering, they should ban USDT and the like.
would crypto investors or optimists consider the recent legal woes in the space to be a much needed clearing out of bad actors or a sign of falling confidence in crypto?
> plead guilty to violating criminal U.S. anti-money-laundering requirements<p>This has nothing to do with crypto. What forces him to comply with supposedly US dictatorship? Apparently this was a move against Iran and maybe Russia.