Binance was slapped with a $4.3 billion fine because it let groups like Hamas and ISIS receive funds: Treasury Department::“Can barely buy an AK-47 with 600 bucks,” a Binance compliance staffer told his boss in 2019, per regulators.

  • Salamendacious@lemmy.world
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    11 months ago

    Changpeng “CZ” Zhao, the cofounder of Binance and a central figure in the crypto world, is also stepping down as CEO under the settlement.

    Zhao is pleading guilty to breaking anti money-laundering law, per the justice department. Zhao will personally pay $50 million in fines, and faces up to 18 months in prison,

    Man I feel like he’s getting off light honestly and I saw there are more charges from the SEC but how is he the only one facing time?

    • Mercival@lemm.ee
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      11 months ago

      I love how just a year ago, he was the one to call out FTX.

      People in glass houses shouldn’t throw stones and all that…

      The whole industry seems like a criminal plot at this point.

      • sv1sjp@lemmy.world
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        11 months ago

        Binance has no problem with its clients. FTX literally invested the money of the people in high risk assets, and they ended up bankrupted.

        In the day of the Binance’s trial, people withdraw more than billion of dollars worth Cryptos. Binance didn’t end up bankrupt as they are holding A LOT.

        • shortwavesurfer@monero.town
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          11 months ago

          Centralization allows for this. If people exchanged crypto peer to peer transaction amounts would be much smaller and no one person or company would have nearly as big of a share as binance. So I will continue to say not your keys, not your coins.

          • sv1sjp@lemmy.world
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            11 months ago

            If you are trading, its a cheaper choice. (Except if you are trading in Blockchains like polygon) Also, “not your keys not your coins”, but most people are losing access to their Facebook account (without 2FA), they have no chance to keep their own keys…

            • shortwavesurfer@monero.town
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              11 months ago

              People need to learn to take responsibility. If they lose their money once or twice, they won’t do it again, because they will figure out exactly how to not lose their money. Losing access to a Facebook account is inconvenient because you have to do the whole forgot password thing, but losing access to your money and knowing there’s no way to get it back is a whole different story.

              • cheese_greater@lemmy.world
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                11 months ago

                I feel like you don’t get duality of outcomes is for the poors. Rich people get their nut and they get it back. Always. I’ve read somewhere its like Rule #0 or #1 🤔

                • shortwavesurfer@monero.town
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                  11 months ago

                  If a rich person is using crypto the way it is meant to be used with holding their own keys, then they don’t get their money back either if they lose their keys. Literally, it’s not your keys, not your coins. If they don’t have the key, they don’t have the coins no matter who they are.

                  • cheese_greater@lemmy.world
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                    11 months ago

                    I don’t know how to admit what I feel when I watch all the scumbag upwardly-mobile already upper class yuppies crying about losing their currency cuz they wanted to 10x or whatever. It really is a beautiful thing and its even more hilarious how everyone babies rich douchebags.

                    If only they could quit poverty like the vapid dilletantez they are

        • JamesNZ@lemmy.world
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          11 months ago

          We only know ftx was stealing due to a run on the exchange. Binance could also easily be in the same boat, we just don’t know, as they have not been tested for there liquidity. Also it turns out ftx pretty much had the money, but it just was not liquid.

      • JJROKCZ@lemmy.world
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        11 months ago

        FTX was a scam, they literally stole from their clients. The only failure of Binance is they failed to reject certain clients certain governments asked them to reject

      • yiliu@informis.land
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        11 months ago

        FTX stole from customers. Binance didn’t sufficiently spy on its customers. They are not the same.