Crypto - why do we need them?

[EnSabahNur]

The CFTC complain against Zhao Changpeng, Samuel Lim and Binance is really quite something.

https://www.msn.com/en-us/money/companie...r-AA198mDc

The CFTC alleged that Binance violated federal law to solicit U.S. users for millions in revenue, a potentially existential threat to the exchange.
Binance, its CEO Changpeng Zhao, and its former compliance officer, Samuel Lim, are all named in the complaint.
CNBC previously reported on how Binance engages in similar activity to solicit mainland Chinese users.

Some snippets here of the crazy details:

https://adragonhoard.blogspot.com/2023/0...arges.html

Or just read the CFTC complain directly... it's crazy

https://www.courtlistener.com/docket/670...on-v-zhao/

[weijian]

After almost every major financial center has fully banned Binance, I reckon US is the biggest winner here.

It allowed a "local Binance version" to strive, let it operate freely for a while, come in and investigate them when the party is over and then fine them 4 billion dollars. Pretty sure Janet Yellen can't see the irony here and who cares when the coffers are richer by 4billion.

Binance CEO Changpeng Zhao pleads guilty as part of broad pact with US authorities

"we are operating as a fking unlicensed securities exchange in the USA bro."

"'we need a banner ‘is washing drug money too hard these days - come to binance we got cake for you.'"

That lack of controls, according to the Treasury Department, meant Binance failed to prevent and report suspicious transactions with terrorists — including Hamas' Al-Qassam Brigades, Palestinian Islamic Jihad (PIJ), Al Qaeda, and the Islamic State of Iraq and Syria.

"Binance turned a blind eye to its legal obligations in the pursuit of profit," Treasury Secretary Janet Yellen said Tuesday. "Its willful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform."

https://finance.yahoo.com/news/binance-c...39906.html

Binance restricted countries:
https://www.datawallet.com/crypto/binanc...-countries