Another Crypto Exchange Founder Guilty - CZ's Charges Explained 

Only those of weak character do that. Decentralization forces personal accountability. But the idea of decentralization, and what we today consider to be decentralization are separate matters. The commitment to the idea and it's principal is static, but the idea of what it means today is dynamic. Decentralization, as those who spend years on it will be unable to deny, is a moving target driven by the principal of removing risks presented by centralized points. Ultimately the last (and ideally only) risk remaining for decentralized systems to work perfectly, is the individual or user. Those of weak character will always blame others for their own wrongdoing as they always have.

No we really don't go running to the government for help. In fact they have not done a darn thing to help the average customer.

​@@KyleLarson557Good luck with buying REAL goods and services with crypto

Binance IS a centralized establishment. That's one of the reasons why this is all possible

Well said.

I mean if they want to make it an acronym 😂😂😂

This particular comment caught my eye and gave me a chuckle.

Why would you support the satanic socialist state who seeks to rob us all of our money. Chanpeng Zhao was helping people.

Disruption is the hallmark of the industry… in this case they disrupted policing. Disruption nonetheless though

GOLD

How’d you come to that conclusion?

I mean realistically everything is a scam. A painting being worth hundreds of millions is only worth that because we agree it is. A digital "token" being worth what crypto is, is only worth that because people agree it is. Billionaires aren't actually worth billions of dollars because if they sold all their stock, the stock would plummet and be worth significantly less. It's all just an illusion and we agree certain people should hold power over others through dollars. Eventually people will wake up and realize how worthless dollars actually are.

@@Ibloop Probably because virtually every major company involved with crypto has either had criminals at the helm or has been shown to be a house of cards. Plus you know, all the rug pulls.

All state fiat currencies are also scams. At least some cryptocurrencies are truly backed by gold.

Always has been.

The cost of doing business. Fines in general kinda are the poor person's punishment, rich people just pay it off while poor people might get into long term struggle because of it

Any crime you can get out of by paying a fine isn't a crime: it's just a really expensive hobby.

agree, the fine just becomes another cost of doing business to them.

har har capitalism bad

Flawed, not bad.@@rairaur2234

Strange. How do you track 100$ after you withdraw them from the bank? Ah impossible? Then how do you track 1 Bitcoin moving from wallet to wallet? Through the Blockchain? Ah okay. So you can see from where, how much and to where the Bitcoin was sent? Damn. Sounds like a horrible idea for criminals to use.

​@@AApyrofreakwell, you can try to track that $100 bill with cameras all around the cities, maybe less reliable but tbh it would be hard to spend money without consistent trips to some place or some guy that gets more money out of nowhere. I still don't understand how crypto with it's centralised exchanges could be anonymous but I wouldn't call cash anonymous either, in both cases it's inconvenient to trace the money but it's possible

@@AApyrofreak in the crypto space their are money mixing protocols to get around just that.

​@@AApyrofreakBelieve it or not, you need to provide the bank with sworn information about your income before opening an account with it. There you have.

@@Ihaveanamenowtaken It was an example. How does criminals get paid again? Illegally. Ah I see.

It's still so easily accessible,i don't think people will learn in the near future

Hear about it less as in politicians get in on it and more money is involved so we hear less of it?

That's gonna age like milk

Might want to differentiate between crypto and bitcoin?

Speedrunning the same scams that were done with fiat money for decades...but somehow the dollar didnt get caught up as a "scam." Maybe because people and media cant differentiate the money from the platforms.

He literally didn't

Basically in the poor house now… sorry I mean poor mansion.

@@samsonsoturian6013 a 50 mill fine is nothing for cz and he still owns a large chunk of bnb and he's not likely to go to jail so it's virtually nothing

The chances are they had nothing solid enough on CZ and had to make a deal with him to get him to come clean. Binance probably isn't hurting from this at all.

How you watch this video and come to the conclusion that CZ and SBF did the same thing is beyond me when in this case depositors money hasn't been messed with, did you watch the video at all?

Dear colleague i feel your pain 😂. What a drag

Before I retired. I was a tech writer and still had to take training every year on insider training, sexual harrasment, and document retention. Every year.

...and that an accepted business practice.. is one..Not yet tested in court..

​@@manuelrapino5917it's not that hard rofl bozos.

Be careful, this is a scam comment , be careful

*Juicero* Lmao, I remember that dumpster fire

😂😂😂

It's so bizarre how resistant crypto is against criticism on what it's actually useful for

Yeah, my fascination with Holmes and SBF is just how much their scans consisted of mainstream behavior that should be condemned in every instance, not just when they're adjacent to other fraudulent behavior. CZ did what other bankers do, yet people want to pretend this is different because crypto was involved.

inflation lol

@@MatthewStinarthey are racist cuz hes chinese and nicer to sbf cuz jews are a protected class

@@NeostormXLMAXjust turn your Internet off and touch some grass. Maybe talk to real people.

@@carl7534hard to digest but bros spitting fax

I told my crytpo bro coworker it was a short matter of time for Binance to be found illegal or an outright fraud last week, so I timed it right

Very much so Yet everyone is stunned

Yes. I was waiting for it

Nah, what's predictable is CZ will be arrested again

Next thing you know, someone's going to put a shovel in the ground and find dirt down there.

No, funds are SAFU which is more better.

"Have fun staying poor, lol"

they are though lol

Fundus are still save when the universe restarts

Funds are in my safe, safe for me not for you

yeah he comes across a bit naive when he goes in on binance for funding terrorism when a lot of the companies he would be looking at are involved in very shady things (e.g. nestle, HSBC, JP's linked to Epstein, etc)

Yep. People hate on crypto when the mainstream do worse including lauded social activism, but they just do so legally

With very strict requirement to enhance their aml policies, which had to be audited until it was green lighted. That was for laundering mexican drug cartel funds in some branches. Bitfinance on the other hand helped launder and one could argue facilitate terrorist financing as plain bagel said. Most likely they too will be enforced to have strict compliance program.

​@@TheThreatenedSwanpeople hate on crypto AND banks, etc. It's just that crypto so far served no purpose for the common people, while banks etc did provide useful service, even when trying to screw you over from time to time

​@@tomlxyztell that to al the people that made money on crypto

Most likely. Basically they will allow the FBI, NSA and whoever else wants access to all their data on their clients.

@@zaco-km3su...or, they already did, and only then got the plea deal formally offered.

Dream on. The US government is not that competent.

Either that or FBI is setting them up to twist their arm about cooperating when they inevitably keep doing the same exact things. Or the gov't just isn't that competent, yeah, OK.

The US government has zero control of their business.

Its a very common thing, not a big deal. Just the mafia (US government) coming for their cut.

Once I heard CZ throw SBF under the bus with the attempted merger I thought "strange you'd throw him to the wolves when you're probably doing the same thing and this'll make you much more scrutinized."

​@@vhateverliemaybe SBF acted to reckless when it comes to covering up, so CZ tried to distance to not get caught for the same

@@tomlxyz true, and it probably gave him time to start cleaning up his act so when he does get caught most of the damage is mitigated

​@@vhateverlieI mean, to be fair, running a laundering business on the side is far less problematic than appropriating customer funds to cover your own investment pyramid scheme. What happened with FTX was akin to a bank run due to insolvency, what Binance was doing is not too different to what HSBC was doing with running a laundering business on the side. Binance isn't going to collapse over this any time soon, just as HSBC didn't collapse.

​@@vhateverlieFTX and Binance is not doing same thing. FTX takes and stole them. Binance just didn't stopped people from moving crypto

Yeah, and people on here forgot about Deutsche Bank and HSBC really quickly!

He does😂😂😂😂😂😂😂😂😅😅, and CZ also looks like certain DZ/DBZ characters, e.g.: Krillin and unfortunately, Piccolo Jr😂😂😂😂😂😅

Carolyn Ellison looks like Dobby.

I finally understand the 4chan expression of "coping and seething", because that's what they are doing in the comments

real crypto people don't hold their coins on exchange. plus in this case, it's not like anyone on binance lost money

​@lmaolol9357 What? No one in this comment section is coping or seething, though? So far literally nothing has come of this in terms of crypto value changes binance still works btc went up 2 percent today. Literally if you're an average coin holder youd have no idea this even happend

I would say that since actually both are true, using either word would be acceptable.

@@DukemusMaximus Both aren't true; the Sacklers didn't perpetuate it; they perpetrated it; this Canuck just doesn't speak English v well

@@weksauce Actually, they both ARE true. They perpetrated it with the initial development of Oxycodone and its sales model; they perpetuated it by consistently raising dosages and changing marketing to respond to criticisms. The Sacklers initiated an ongoing crime, lasting for years, and were involved from beginning to end; thus they both perpetrated and perpetuated.

@@anon_148 I didn't think they were going down until they pulled out of Canada. That really signaled to me that they weren't serous about being a legal exchange since Canada actually has some regulation around crypto. That being said, I bought it in late 2017 / early 2018, so I think i did pretty well 😆

Makes sense. Internal communication showed that they wouldn’t have been this big in the first place if they didn’t actively marketed for money launderers. They themselves knew what they got into.

Tiktokers: Maybe crypto isn't so bad after all

Ye but like, not with his own money. Do you go after the phone company because a bank robber planned out a robbery on the phone with his co-conspirators?

Don't register as a money transmitter if you aren't one.

Mr 5 head 😅

Its speculation. We all throw money in the same pot and then some coins get bought and others sold. So some grow in valuee and others decrease. If you guessed which will grow you earn money. Additionaly you can launder your illegal money. Its not mich different from real banks except politicians dont get a cut. Also potentialy you could avoid politicians devaluing your money by printing more of it and spending it but speculative part means you could loose even more of it but then again also get more.

@@kristijangrgic9841 Thank you.

Thier are guide line suggestions on how they should be registered but no hard laws.

The "guidance" (not law) from Gensler has been "come talk to us." Why say that? Why not just hand over the written law of the land? The SEC wants these conversations behind closed doors.

@@KaiSosceles the SEC isn't an enforcement agency, they can only file civil cases or refer them to other federal agencies like the DoJ.

Record breaking fine, fired CEO, for ALLOWING suspect transactions

He won't mention that or how much it's up since his video in 2018

​@@anon_148 that we know of, anyway

@@anon_148 not that we know of lol, I wouldn't be wholly surprised if he first cleaned up his own house before trying to (rightly) call out SBF

@@devilex121bullshit binance never had any problems with funds before ftx even got popular