How Binance Melted Down in Less Than a Year | WSJ What Went Wrong

Binance skirted regulation to become the world’s largest cryptocurrency exchange by trading volume. Now, the company has pleaded guilty in the U.S. and agreed to pay $4.3 billion in fines. Here’s how the same strategy behind the company’s rise brought it crashing down.
Chapters:
0:00 Binance and CZ pleading guilty
1:11 Rise to the top
2:23 Turning point
4:30 CZ steps down
What Went Wrong explores the challenging conditions and decisions that led to a company's downturn.
#Binance #Crypto #WSJ

[@bobthemagicmoose]

“I embrace regulation” is code for “politicians, name your price”

[@DavOlek_ua]

and now it is

[@DonTrumpF2024ever]

⛔⛔ The USA govt regulating Ponzi cons when the NYSE NASDAQ Junk T-bills are the largest PONZi ever!

[@bobthemagicmoose]

@@roddeazevedo that’s definitely the underlying economic vehicle, but you need something to fuel it!

[@alphabeta2515]

“I don't embrace regulation” is code for “criminals, name your price”

[@buffalowofficial9181]

​@@roddeazevedoyep and first he need to get a backing from politicans first😂

[@RockG.o.d]

so Binance never lost anyone money, gets a fine which is a lot bigger than that of a bigger banking company, who has lost customers money or even fraudulently.

[@haveaseatplease]

Indeed, this stinks from miles away.

[@hanscumyeah4216]

​@@haveaseatpleaseI dont understand, can you explained it to me, I have a couppe grand in binance😅, I am scared now

[@MlGHTY1]

Absolutely ON POINT. the SEC hates CZ to his guts, they are doing this witch hunt to take him down, because they cannot allow their censorship and total control over US citizens to be threatened by the free market. CZ is legit and Binance is solid, they have always been

[@haveaseatplease]

A couple of grand is peanuts, so don't be scared. If it would be a couple of million and you are not a multi millionaire, then I wouldn't get much sleep. @@hanscumyeah4216

[@unbr3akable688]

As a Binance user myself, say what you want about crypto exchanges, but Binance has never "lost" customer's money. It's volatile AF due to the nature of crypto, but has been far more responsible than (many) traditional banks.

[@KaarinaVirtanen..]

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[@DavidJayden-lp6ii]

Congratulations 🎉

[@DavidJayden-lp6ii]

I will love to be your friend dear as well as sharing some i dears which you're benefiting.

[@KaarinaVirtanen..]

Okay but is not luck, is all about having good investment plans most of all trading with a trust worthy expert. Watching professional trading videos and most especially connecting with the right person the digital world is full of in unreal people I met some of them during my success journey. I felt same way when I started especially when you use demo account you might be winning but when you put in real money you start losing I understand and I pass through it all. I'm very happy I'm profitable now.

[@michaellloyd1]

Hey how good are your earnings I will like to get some insights into trading thank you.

[@KaarinaVirtanen..]

It's been a combination of research, analysis, and decision-making that has contributed to my success in trading.

[@user-vc5my5kw1z]

Trading has been a source of income even though I barely trade alone. I consider myself a successful trader because of the amazing trading strategy Christopher Scott

[@EdwardMcCullen-hu5wb]

It seems like you met him recently. He has been my manager for the last three months. He has totally changed my financial situation, I really lost everything before he came to me, and today I am $8000 richer.

[@user-vc5my5kw1z]

Christopher made me understand that trading is only if you don't have a profitable strategy. With your strategy, putting money in doesn't make me feel like I just gambled, I call it investing

[@Shyannebrown-sr8uw]

Can you share his contact please? I have heard about it on many platforms.

[@user-vc5my5kw1z]

He's on instagram

[@user-vc5my5kw1z]

CHRISTOPHER SCOTT TRADING

[@FredMeyer-no3ji]

The problem we have is because Most people always taught that " you only need a good job to become rich. These billionaires are operating on a whole other playbook that many don't even know exists.

[@ArturoGarzaID]

Got to pay the big man first if you want to get the go ahead that’s what this looks like.

[@ozb10]

Yeah. USA still mad this guy exposed FTX

[@jimmy-yc6hv]

its cause sam bank man fried ftx is Jewish no wonder why he was so protected and treated as a golden boy

[@ozb10]

@@jimmy-yc6hv he was also helping the democratic party by funding I believe. He has a relationship with the SEC, Garry. It's all rigged guys

[@bradley081]

It's only fair. Binance tried to play smart

[@Windarti30]

Managing Money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times, while orders tend to avoid them. Well, at least my advisor does too.

[@tomaszcz_k]

John Desmond Heppolette has been instrumental in helping us achieve financial stability and save for retirement. With his guidance, we earned over 220K during a market dip, revealing the market's complexity. Having an investment adviser, especially for those at risk of losses, is currently the wisest choice...

[@WiolciaMrozowska531]

I found your coach online easily and researched him before our call. His online resume indicates knowledge and expertise.

[@AnnaFed015]

Thanks to Sir John Desmond Heppolette, my investments have flourished. However, the ultimate determinant is the amount of capital you invest. A significant starting budget increases the potential for higher gains.

[@stanleyzac1648]

I also found his impressive resume on Google. It feels like a blessing to have come across this comment section.

[@BatCaveOz]

Anyone keeping money in a crypto exchange is taking an incredible amount of risk.

[@masonsoutdoorsportsmenadve4933]

And even bigger gains in return. 😮

[@vijaz5559]

most of the time its a lost LOL@@masonsoutdoorsportsmenadve4933

[@maRdelQQ]

Keeping the money in a founds that makes you 3-5% a year when we had 15-20% inflation in the past years is the way to go ?

[@Dakid015]

Coinbase seems to be the most steady in all this

[@BigM0neyHustla]

Dude if 3 months you put in to just about any coin you woukd have doubled your return rate and some coins 10x their profit… also if it wasnt so applicable ask yourself this.. why is amazon using xrp… why is crypto on the stock exchange.. btc ada and ether… its not going away. If you get in now… ten years from now you wont regret this decision even if you lose now… halving is about to happen… its a 5050 chance vs a zero chance at the bank… you take a risk with a potential 100x return or even more..

[@ursa81]

What about all the stock, bank and USD scandals/whitewashing going on? Why can they break the laws without punishment?

[@orangescrubb3390]

ahhh gee dude

[@pedroportillo1585]

SBF said the same thing, “assets are safe”. That’s usually code for things are about to go downhill quick!!!!

[@sawyerrice3244]

CZ is actually savvy tho, SBF a fool

[@MadelonMission]

They are not the same

[@user-mb9dw8hg9o]

exactly . never trust official

[@18890426]

Same?

[@emilyc1988]

@@MadelonMission The situation is the same.

[@themissingtile2828]

It just keeps getting better. Excuse me while I light my spliff.

[@leeanucha]

It's good that he plead guity and pay up and move on the business unlike FTX which is a total scam.

[@trappedcat3615]

Only they were not guilty. It's all bogus and political charges. US Banks are far more corrupt.

[@RockG.o.d]

he really should have made the website run from a blockchain. where a tax is paid through bnb transactions.

[@craigk2644]

So true.

[@aldoseitlli6034]

@@RockG.o.d At the time it was created they didnt have a bnb coin.

[@myp0h]

😂 sec, wants to get rid of crypto exchanges. Don't give your money to blackrock.

[@SB-zj2pm]

The banks and government always win. You can’t have a currency that is global and that’s free of government control. Binance is a great concept/system/program. The worlds governments do not want to give up control of money.

[@vyros.3234]

Crypto is only used by investors, gamblers, and most importantly criminal. What's really the difference between government and corporate control.

[@GinoWatch]

AMEN!! DAM STRAIGHT!!!

[@badluck5647]

Bitcoin is decentralized. Every other crypto is centralized by a few non-government players who can use market manipulations to screw over small investors. Is FTX and Binance really a better alternative to the Federal Reserve?

[@ArturoGarzaID]

@@vyros.3234 The U.S. dollar isn’t used by criminals?

[@Heyu7her3]

...um...governments are supposed to control money...unless operating in a strict bartering system

[@Winchecos2-ep5nb]

Cardven token will make millionaires, after CEX listing it will blow up.

[@bend8353]

Fauuuk yeah, Steal my money now!

[@ionut9921]

The biggest scammer was from your country and the exchange also, FTX

[@MingeShagger]

I don't mean to sound gullible, but how is US gov able to force a non US based company pay such a penalty, are they fining then for BinanceUS, could someone enlighten me..

[@benjamindover4337]

Because crypto is purchased with US dollars through US banks.

[@MingeShagger]

@@benjamindover4337 Thanks,

[@tonytoronto1401]

US just being jealous Binance is not a US company

[@MlGHTY1]

basically the SEC fined CZ (a non American, with a non American company) for allowing everyone, including Americans to trade safely and freely their own money on their own will. If there is one evil player in here between CZ and the SEC, it's definitely not CZ

[@jiti5034]

@@MlGHTY1 Why did he not get regulated in first place

[@ps3301]

Bitcoin value is decentralised trust. People put all their Bitcoin in a central exchange that is antithetical to the tenet of the industry.

[@rollandcurtis874]

Exactly. Bitcoin just took a nosedive to $35,664.42 right now on November 21, 2023 at 4:03 pm. The entire market is crashing. Sam Altman and CZ have been defeated. BlackRock took down Binance. Kraken is next. Bitcoin crash will see $12k, conservatively!

[@mistervo8185]

That's a lot of big words for a scam 😭

[@nikspadoni]

You mean Blackrock?

[@mckendrick7672]

​@@mistervo8185Too many big words for your tiny brain I suppose. It's not that complicated a concept.

[@mckendrick7672]

​@@tradorj8354The price of an asset is whatever someone else is willing to pay for it. Cryptocurrencies have built in transaction mechanisms so you don't need to rely on centralized systems like exchanges or banks to transfer crypto.

[@jpiedra52884]

Binance did not fall and people did not lose funds, unlike ftx.

[@xyz-uw3ps]

Not yet

[@popskyi1]

I worried now, everything happening I keep recalling what happened to LUNA. BNB - BUSD I am so afraid.

[@jarrodmagnusson4101]

it's not going to happen. Crypto is just the beginning. @@xyz-uw3ps

[@lbgstzockt8493]

Yet.

[@MlGHTY1]

@@xyz-uw3ps losing all your 50 bucks in one trade must have made you so hateful

[@aquual1462]

They talk about a fall but its just a fine, new CEO. What ever they got more than enough money to make it through. They have been able to fulfill all customer money requests.

[@shiftym1]

Where will they get the money to pay the fine?

[@jamesbuttery3862]

​@@shiftym1USDT . they have billions. They already transferred over 3 billion dollars from a Binance hot wallet

[@99HockeyDad99]

The customer money is “good” because Binance says so?

[@magicmuffin1]

@@shiftym1 something called company profits

[@Jordan-Ramses]

​@@99HockeyDad99 Would the Ceo of a crypto exchange lie to you?

[@user-mq6lv3tm2u]

Walmart and Cardven token just signed a collaboration??

[@imzirg]

I still hold all my funds I Binance.. Thanks CZ for saving crypto singlehandedly

[@Cristian_M_]

Successful people don't become that way overnight. What most people see as a glance of wealth, a great career, and purpose is the result of hard work and hustle over time. I pray that anyone who is reading this will be successful in life,.,,.,.,

[@tracyholian2944]

I’m celebrating a $30k stock portfolio today. I started this journey with 6k. I have invested on time and also with the right terms now I have time for my family and the life ahead of me

[@zoeyswaniawski7306]

Wow, really. I was able to make my $25k on investment

[@sarkiali3958]

​@@tracyholian2944I’m looking for something I can venture into on a short term basis, I have $15k sitting in my savings

[@patricklemmy679]

Assets that can make you rich *FX *Btcoin *Stocks *Gold *Real estate

[@MatthewUnger]

Fact check WSJ - Binance started in Vancouver, Canada until CZ moved to China to avoid regulatory issues in Canada.

[@MadelonMission]

We all know why they immediately jumped to China. 😂

[@masonsoutdoorsportsmenadve4933]

​@@MadelonMissionexplain, thanks

[@yeetian2774]

Zhao is Canadian.

[@crossbearer6453]

@@yeetian2774with Chinese origin

[@yeetian2774]

@@crossbearer6453 trump is German origin and Biden is Irish origin. What’s ur point?

[@CoverBydAn]

No headquarters just means you cant find them if anything wrong happens!

[@wYd001]

They will come against anything that smells money. Binance better eat with them. Alone, no survival

[@nieo777]

Made my empire from 1K to 10M thanks to him

[@Slayer-33]

Send me some $ bruh 😂 share da load.

[@crazyescapequiz2909]

This is my goal

[@relaxationmusiccertified3684]

The media sure has good teamwork with regulators, blackrock, and coinbase. 🤣

[@GinoWatch]

🤣

[@reelenz]

Dude was thinking the same thing

[@Uchihawallstreet]

Indeed

[@badluck5647]

It is funny how Blackrock conspiracies always show up in the comments of crypto bros. It makes sense due to crypto bros' lack of financial knowledge. Most of Blackrock's portfolio is index funds that they have access or control over.

[@reelenz]

@@badluck5647 This is the most ironic statement I’ve ever seen considering BR has the most prominent ETF application in. As if BR has no future plans or stake in the game Binance is in.

[@theturbomedia1]

nice job Black Rock..now u play with all usa crypto money.

[@TheRicokilla]

The best part is, not only Binance is illegal, the owners are not at all responsible for your investments!

[@neotechfriend]

sick of govt.

[@tarquin161234]

Did those banks and their CEOs pay such fines in 2007/8?

[@CuriousConnoisseurs]

They hate Binance because they are so cheap for users! they dont like us to have advantage....

[@jarrodmagnusson4101]

Binanace's daily trading volume is 8 times more than Coinbase so they have to do something to slow them down. USA always plays dirty. They want to police the world. It aint going to happen anymore. Binance is regulated in all countries except USA think about that.

[@GemechisEjeta]

I'm happy to hear this

[@codelucky]

Do I need to worry about my funds in Binance wallet?

[@rogersteal5100]

No binance is doing better than ever. Just look at the numbers.

[@jkardez4794]

Strict rules for crypto but the big banks get off very lightly ; that's justice for you .

[@lbgstzockt8493]

Banks are incredibly regulated.

[@mckendrick7672]

​@@lbgstzockt8493Until they collapse and the government has to bail them out 🤡

[@jkardez4794]

@@lbgstzockt8493 But do their CEOs ever get punished or jailed ? 2008 is just another case along with SVB ,republic etc .

[@amzndeliveryguy5650]

He just didn’t pay enough, and he’s a Chinese

[@IccyAnime]

He moved to japan to avoid being in china, how is that even a logical argument

[@jarrodmagnusson4101]

What's ironic is Binance's stable coin BUSD is backed by NYDIG = New York Digital Investment Group which means it's regulated. The SEC and the United States government are trying to make it difficult for Binance creating all these barriers but clearly they are still #1

[@saudhashmi175]

CZ agree to pay big penalty just sake for their bianance community.

[@aubreyrobin]

I still trust binance more than the government

[@Alphamarley]

Me too

[@maxz69]

Why

[@pgdaszzz7399]

@@maxz69 How much does 1 dollar inflate and lose value since 2009? And how much does BTC? You lose your wealth gained by hard work simply because sovereign country's currency can legally be printed by printer or interest rate to rob working class bit by bit year by year.

[@maxz69]

@@pgdaszzz7399 I asked about binance not bitcoin. You perhaps misread the initial comment. Thing is that binance may collapse as a company all of a sudden, you never know.

[@HTHAMMACK1]

@@pgdaszzz7399 Complete BS! Binance is a ponzi scheme.

[@rodsderesas0728]

Meltdown? Binance is still strong. That is why I have U.S. Gov't

[@jf-zq2qz]

Does anyone know how many millions of russian money went through this exchange?

[@RayMak]

Wait now Binance!?

[@Michelleyoung-dq3zc]

You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months and now they are multi millionaires. I pray that anyone who reads this will be successful in life

[@samuelroddy5382]

You're right, but a lot of people remain poor due to ignorance.

[@Michelleyoung-dq3zc]

Not because of ignorance, It's because of the high rate of unprofessionalism in the crypto market.

[@Michelleyoung-dq3zc]

As a beginner investor, it's essential for you to have a mentor to keep you accountable . Myself I'm guided by Mrs Olivia Brown, a widely known crypto consultant

[@Michelleyoung-dq3zc]

That's right, you need an experienced trader to make good profits trading cryptocurrencies

[@Michelleyoung-dq3zc]

I will recommend my current trader Mrs Olivia Brown, she is from USA and her strategies are earning a lot of profit for me

[@jacksonlsu]

Basically there's going to be another Bull run in crypto and they're not going to let binance get all the profits. And I mean Black Rock when I say they... As soon as they get their ETFs approved it's on

[@chimpchimperton]

Seems more like extortion to me....

[@Biscuits3000]

You know they're still operating? The thumbnail is very misleading, Binance has not fallen yet

[@rogersteal5100]

Right it’s bigger than ever overall. This didn’t age well.

[@warrenpeece1726]

Well, now we know! Pay the government a few billion directly rather than the haphazard "donations" to politicians who will drop you like a hot potato when there's a whiff of any scandal. Too late for the unfortunate SBF!

[@MlGHTY1]

Such an ignorant comment. You probably never invested a dime in crypto and never used Binance services. SBF was funding and bribing the Dems with money that didn't belong to him. CZ never did anything close to that. He always stood by the user side. Oh more likely you lost your 100 buck in a trade and now think you are a crypto expert

[@XMON888]

And now Blackrock can and will take over and be #1 😅

[@moonshinefuel]

Yes. That's what its all about. Now that cz is out of the way, they will start building.

[@badluck5647]

It is funny how Blackrock conspiracies always show up in the comments of crypto bros. It makes sense due to crypto bros' lack of financial knowledge. Most of Blackrock's portfolio is index funds that they have access or control over.

[@thetokentrain9478]

@@badluck5647BlackRock are also trying to get a Bitcoin spot ETF approved? Don’t you think that’s more than enough motivation to get rid of CZ, who runs the exchange with the largest Bitcoin liquidity and trading volume?

[@chion918]

maybe # in the US, but not in the world. the whole idea of crypto is be decentralize, only idiots will go back to centralization with BR or the likes. let the fools follow BR and the US gov.

[@moonshinefuel]

@@badluck5647 Blackrock is one of the largest shareholders in the Bitcoin mining industry.

[@lac19951]

Govts will do anything to stop crypto.

[@idaiyar]

The SEC won't let CZ be

[@dennisswiatkowski]

CZ saved Binance and it will remain the largest crypto exchange in the world. Must sting the SEC :)

[@edema.3418]

The SEC doesn’t care, bro...

[@picketf]

​​@@edema.3418they do. Entering an agreement with the CZ is like admitting there is a chance he could have contested some of the allegations. In exchange for operating rouge, binance was forced to snitch user data without any legal process to access it. How does that paint a govm't agency? Two wrongs don't make a right!

[@doomtomb3]

You Either Die A Hero, Or You Live Long Enough To See Yourself Become The Villain

[@bdegrds]

No he has always been a criminal

[@ozb10]

​​@@bdegrdscriminal ? Lol FTX are criminals? They're getting back at him because he exposed The USA with FTX

[@jimmy-yc6hv]

its just like elon musk said sec is criminals ..

[@Doitallgp]

@@bdegrdsand a hero/antihero

[@mpinmpin9935]

Old school crypto enthusiasts always hated CZ and Binance. It's literally the biggest pump-dumpfest of shitcoins since the beginning.

[@Vnexpress1203]

Uncle Sam just wanted his share. Move on!

[@JohnInvest17]

Best time to buy Solana was when FTX collapse. Best time to buy BNB is when CZ resigned?

[@ladybug7967]

Binance has become too big and they hit it hard. CZ is still a crypto legend. He will always be.

[@shivamtomar]

So my money is safe or gone?

[@reelenz]

It’s there.

[@badluck5647]

Who knows? There isn't any transparency with these illegal securities.

[@ayami123]

You do know money laundering right? Or course your money is there, The only difference is that he is not making money you, He's making money on people who want to evade taxes or hide wealth. So yeah your money is safe

[@paulinelambert7780]

when you have enough money, you dont have to go to jail

[@deeprecce9852]

Lol...every who's who in crypto always seem to end badly!

[@hwago123]

Because it’s volatile, and when rich and powerful people lose their money, they get angry aim to destroy

[@trappedcat3615]

You should get out of the house and turn off the TV

[@mbg9650]

A dictator always want more than $1 billion.

[@ssddkar3577]

I used binance a couple of years ago and could easily tell it’s a scammy exchange, if your bet is high and and you are margin trading, the binance algo will make sure they liquidate you, even if it means deviating 1-2% in price from other exchange. He should be in prison

[@gabe7580]

@@ssddkar3577The market makers manipulate the price to liquidate as many positions as possible.

[@psanders4754]

Binance had too much control. CZ did his best.

[@justanopinion7029]

Someone once told me that the law applies equally to all while some will be locked away for life.Some outhers can pay there way out of it..Anouther victory for the trust department in crypto which gives us all anouther black eye

[@MuhammadAshraf-wh9kv]

Interesting, thanks. Sorry, this is off topic, the question is how to transfer USDT from an OKX wallet to Binance? Nothing except the seed phrase: head isolate sound end kit industry choice festival limit stable dolphin derive. Can you describe how to do this correctly?

[@Randi11404]

Hit £200k today. I'm really grateful for all the knowledge and nuggets you had thrown my way over the last months. Started with £20,000 June 2022.

[@Mikepa391]

It's strange how people talk about all the profits they have been making through trading of crypto, while am here making huge losses. please can someone put me through on the right path or at least advise me on the strategy to follow.

[@Isabell196]

Making touch with financial advisor like Kathleen Susan who can assist you restructure your portfolio, would be a very creative option. Personal financial management will be crucial to navigating the next difficult times.

[@matthew54811]

Yeah that's right I think the best watch is to invest with a professional, at least it saves the trauma of too much losses. This just surprised me because I also invest with Expert Mrs Kathleen Susan

[@Randi11404]

Tyler Naomi is an expert, she invested my 3.6Eth to 7.5Eth in the space of 2 weeks, she is so consistent and reliable. God bless her for me. She has been a blessing for me and my family since trading with her

[@KEMELVV]

I started my investment journey with £5,000 but now earning up to £22,000

[@PowerboatTraining]

Fill your bags, Blackrock is coming.

[@t.wee07]

the largest crypto exchange can't be some1 else other then Usa .. dats what's happenin.. no matter what happens the fact is binance ws he best exchange as of 2023 to chose from .. is there any better option?

[@maxz69]

Then how come China didn't want them?

[@CanCaner163]

@@maxz69 couldnt become biggest in China

[@octo294]

make 60bil doing with fraud, pay 4bil fines. 56b profit. Sounds like a good deal to me.

[@adamallen3099]

He is "guilty" for against American monitoring and control, and letting all people have free trade.

[@user-mb9dw8hg9o]

His done nothing wrong . Problem is that USA banks and federal reserve doesn't like crypto

[@rogersteal5100]

💯

[@GhostShooz]

Nothing “went wrong”. This is all going according to plan.

[@cocacola99]

what is the intrinsic value of cryptocurrency other than being used for money laundering?

[@catcoder12]

I'm not saying that Binance should not be fined but a lot bigger companies skirt rules all the time and get much smaller fines. They should be fined a lot more too

[@2beJT]

Yeah.. crypto tho.

[@TheGamingCanadian]

Crypto, Bitcoin is a threat to the U.S dollar which is why the U.S government will take harsher actions on exchanges.

[@niidaimehokage5731]

No... Binance didn't even abide for the regulations while other companies start by abiding by the rules, how you can comparing between them?

[@krisb-travel]

Why would you not say that binance shouldn’t be fined? Weird thing to say.

[@krisb-travel]

@@niidaimehokage5731because there never was clear rules

[@FahmeedRokon]

Coinbase CEO cleaning his closet

[@SponsoredByINNBC]

INNBC medical cryptocurrency will benefit the most from the new regulatory requirements that will distinguish pointless meme coins from real projects with an actual purpose.

[@Hobbes4ever]

so those 4 billion fines are chump change to this guy

[@bizsf4410]

Oh regulated binance yaayya here comes the ETF now crypto is safe 😂😂 what a joke

[@edoliver4255]

The SEC should undergoe a budget reduction for everyday it fails to produce clear rules for the Crypto community...

[@lainiwakura44]

When BlackRock and the other legacy finance players will be in, you will see how faster the SEC will become.

[@Mysticbladegod]

Crypto is a joke

[@DonTrumpF2024ever]

⛔⛔ The USA govt regulating Ponzi cons when the NYSE NASDAQ Junk T-bills are the largest PONZi ever!

[@nulnoh219]

Only Bitcoin is true De-fi. All these talk about De-fi and DAO and you still can point to a single dude who's in charge. SBF, CZ, etc...

[@jarrodmagnusson4101]

In the future you wouldn't need to convert to fiat as the new financial system will allow cryptocurrency payments to be made through scaning QR code. So many countries are already accepting cryptocurrencies as payments for buying cars, houses, groceries, fuel, hotel, taxi's, etc....@@tradorj8354

[@jamrockk]

Is this why sell to card services isn’t working?

[@craigk2644]

Binance was offered a deal by the SEC. The SEC only offers deals to those when are unsure of winning. People need to understand that CZ accept a deal to move on not that he was guilty. Happens everyday in life.

[@aj9969]

4.3 billion fine does not sound like a good deal..

[@krisb-travel]

4.3 billion deal is just the US government stealing all that money from ALL the crypto holders in the world. They just hide behind fancy words

[@zaxx1857]

better then get lost.@@aj9969

[@TheDoomer666]

​@@aj9969when CZ has like 96 billion? not a good deal? smh

[@aj9969]

@@TheDoomer666 does he though ? Even SBF had billions, until he didn't.

[@mikeymike1666]

This is the way businesses operate. Ask for forgiveness not permission. Binance will be just fine.

[@krawcmac]

As a small crypto investor using the Binance platform, I hope so.

[@rogersteal5100]

💯

[@gabrielortiz3799]

They can sell without buying mev bot to control the price even demand increase

[@Trader78]

So CZ is ni longer the owner or ??

[@ts1314]

Binance is going to be fine ❤💎

[@Jordan-Ramses]

Is this sarcasm?

[@user-fh1mf1gd1t]

@@Jordan-RamsesNah yo, is THIS sarcasm??

[@lainiwakura44]

@@user-fh1mf1gd1t One year ago amid the FTX collapse Binance processed 15B withdrawals in few days, without a delay. Now they are asked to pay a 4B fine, which they have reserves to pay for. If you think it's sarcasm, go short BNB.

[@panic_seller]

CZ: "When I said 4 earlier this year, I meant $4bn in penalties"

[@ExploreTogetherDaily]

The only problem is Binance didn't "melt down". Binance is 5 times larger than than every other Crypto exchange. FUD "journalism".

[@rogersteal5100]

Yeah it’s bigger than it’s ever been. The media said thousands of times Bitcoin was dead. It’s funny really what normal folks will believe.

[@nzs316]

Does he pay with actual money or crypto?

[@ManishMishra-mv5fp]

So basically, as a lawyer in common law jurisdiction, I understand that you can buy off your acquittals and deflect the real criminal liability buy money in the US of A. Just that the pricing for the DoJ, Federal courts and Ruling party must be commensurate and every pocket must be filled to the brim. I guess the US government should also offer the "deal" to SBF and FTX. Problem is he doesn't have that kind of money to buy out his exoneration.

[@rogersteal5100]

SBF was a scammer, it’s not the same. CZ didn’t steal anything.

[@khunchai43]

Fines is too easy, jail is what they are afraid of. All financial crime should have jail component as part of the penalty, after all this is criminal case.

[@LakshyaKohli]

Without regulatory, independent corporate will easily engulf other players.

[@SSD5430]

They arm twisted him to agree to the deal

[@KTravRuNEr]

No surprise

[@David-io9lp]

I'll be honest with you guys, after watching this video, and reading the comments, I still don't understand what rules were broken or whose money was stolen. Can someone help?

[@Rexsitudio-WarcraftRumble]

the world biggest scammer just raid the binance simple

[@unbr3akable688]

No money was stolen or lost, just governments hate it when it's citizens move or hide money without paying taxes. So basically, Binance stole tax money from the government and the government is mad.

[@rogersteal5100]

No money was stolen. 2017-2019 binance was available in the USA without kyc. That’s the issue no one was hurt financially.

[@echoesofthepast432]

Thought you would explained laws they didnt follow 😢

[@haveaseatplease]

For the real reasons behind this attack on Binance, you have to be an insider, real reasons are never made public.

[@ts1314]

But Ken G can do what ever he wants to do that's crazy🤡🤡🤡🤡🤡

[@noahstevan6664]

i am keep using binance for sure

[@Native722]

Praying to god not another ftx

[@JB-bi6vm]

why? will it drive the prices down? I'm new to crypto serious question.

[@JB-bi6vm]

@amouage1239 I thought when Binance and other exchanges fall governments will seize the exchanges making crypto only available to purchase through them but, at higher prices. I'm new to crypto its just my newbie understanding.

[@samsoneghit.5601]

So is Binance safe to use?

[@afrosymphony8207]

i only care if the funds are safu nd it seems like it is sooo

[@jacqueslaurent]

Binance didn’t fall. It’s still the best platform in the US