Binance May Sacrifice $4 Billion to Settle DOJ Case
Negotiations are reportedly underway to settle the Justice Department’s investigation into Binance and criminal charges for its CEO are on the table.
gizmodo.com
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USA Government shakedown of Binance?
- Thread starter FREE CITIZEN
- Start date
gizmodo.com
Coincidentally, we just discussed this earlier:Binance May Sacrifice $4 Billion to Settle DOJ Case
Negotiations are reportedly underway to settle the Justice Department’s investigation into Binance and criminal charges for its CEO are on the table.
US 3.36 Billion Cryptocurrency Seizure
https://www.justice.gov/usao-sdny/pr/us-attorney-announces-historic-336-billion-cryptocurrency-seizure-and-conviction Hid in popcorn tin, so asian.
www.offshorecorptalk.com
As the Empire continues to decline, they will get even more desperate and pillage more people around the world. They are going after Hong Kong like there is NO tomorrow.
I'll keep the rest of my unflattering comments to myself.
Shake down, need those reddies to pay off student debt.
Raised 4/5m -> Spent (Operations) 4/5m CFTC sued him for 16m$
Adam Todd - CEO of Digitex.
They served me by email. I didn’t respond because I was out of the US and couldn’t afford to return and so they carried on without me and came up with that ridiculous figure
Adam Todd - CEO of Digitex.
and the funny thing is that after the verdict when I contacted them about coming to an agreement regarding payment they never responded to me
its like they know its a completely ridiculous fine that they've got no chance of collecting so they're not even trying, they don't reply to my emails and nobody from the CFTC has contacted me since the verdict
which suits me just fine but it seems a bit odd. It was a civil case with no criminal liability so I don't go to jail for not paying it if I don't have the money so not sure what happens next
Adam Todd who was sued by the CFTC for having a token (surprisingly as a commodity) issued in 2018 - that was used on an exchange he launched (British National, all non-connected to the US).Coincidentally, we just discussed this earlier:
US 3.36 Billion Cryptocurrency Seizure
https://www.justice.gov/usao-sdny/pr/us-attorney-announces-historic-336-billion-cryptocurrency-seizure-and-conviction Hid in popcorn tin, so asian.
As the Empire continues to decline, they will get even more desperate and pillage more people around the world. They are going after Hong Kong like there is NO tomorrow.
I'll keep the rest of my unflattering comments to myself.
Raised 4/5m -> Spent (Operations) 4/5m CFTC sued him for 16m$
Adam Todd - CEO of Digitex.
They served me by email. I didn’t respond because I was out of the US and couldn’t afford to return and so they carried on without me and came up with that ridiculous figure
Adam Todd - CEO of Digitex.
and the funny thing is that after the verdict when I contacted them about coming to an agreement regarding payment they never responded to me
its like they know its a completely ridiculous fine that they've got no chance of collecting so they're not even trying, they don't reply to my emails and nobody from the CFTC has contacted me since the verdict
which suits me just fine but it seems a bit odd. It was a civil case with no criminal liability so I don't go to jail for not paying it if I don't have the money so not sure what happens next
Binance should close down their US entity and call it a day for doing business in US or with US persons going forward.
It's crazy when I see Fintech firms especially ones in Europe like Wise,Revolut, Wirex etc chase the US market and end up with their entire business being subject to US laws. Sometimes its better to leave the big fish in the pond.
It's crazy when I see Fintech firms especially ones in Europe like Wise,Revolut, Wirex etc chase the US market and end up with their entire business being subject to US laws. Sometimes its better to leave the big fish in the pond.
Especially if it is an entitled White shark accompanied by a bunch of piranhas
DOJ now has access to every transaction ever - which means the US now knows who everyone is that has transacted through Binance directly or indirectly (binance underpins most of the crypto space as a liquidity provider).
Gonna be a interesting year ahead.
Touch points to give US jurisdiction over companies :
Gonna be a interesting year ahead.
Unfortunately it's not as easy as it sounds.
Touch points to give US jurisdiction over companies :
- Use of US based or owned Vendors
- Use of $
- Use of international wire in other currencies outside of GBP/EURO
Correct.
Personally I don't use the dollar nor do I keep a dollar account nor do I have any dollar denominated or US situs investments. I am completely outside the dollar and would like my FI's I use to be also but sadly this is not the case 99% of the time.
Binance sees $956 million in outflows after Zhao steps down to settle US probe
Investors pulled about $956 million from crypto exchange Binance over the past 24 hours, market data showed, after its chief, Changpeng Zhao, stepped down and faced prison time after pleading guilty on Tuesday to settle a years-long U.S. illicit finance probe.
Likewise.
Rec an email from Kuna something (must have signed up and never used) - market taking notice ref Binance.
Dear User,
We have made the decision to implement important changes in the user verification procedure related to providing a wide range of services in the cryptocurrency sphere.
Changes to the operation of the KUNA | Exchange service will take place in several stages, aiming to make the verification process as comfortable as possible for our users:
We have made the decision to implement important changes in the user verification procedure related to providing a wide range of services in the cryptocurrency sphere.
Changes to the operation of the KUNA | Exchange service will take place in several stages, aiming to make the verification process as comfortable as possible for our users:
- Starting from December 12th, 2023, all users seeking access to fiat asset deposits and withdrawals (EUR, UAH, USD) through all available methods (including Kuna codes) will need to undergo "Basic" verification. Please note that all operations with crypto assets (trading, deposit, and withdrawal of crypto assets) will continue to work as usual.
- From January 5th, 2024, "Basic" verification will be mandatory for deposits, withdrawals, and trading of all assets.
- All new KUNA users creating their accounts from December 1st, 2023, onwards will be required to undergo mandatory verification.
Benefits of undergoing verification:
- Primarily, it's about security: With verification, you'll securely and swiftly regain access to your account in case of loss.
- The ability to deposit and withdraw all fiat assets (EUR, UAH, USD) using various methods: Visa/Mastercard, SEPA, ZEN, Volt, Settle Pay, GEO Pay, Kuna code bot (P2P) and other.
- The capability to deposit and withdraw all platform cryptocurrency assets: You'll have the ability to utilize various assets on the exchange, expanding trading possibilities.
- Significantly increased limits for deposits and withdrawals of assets: This allows you to conduct operations for larger amounts.
- Access to all service trading pairs: Buy and sell assets without limitations.
- Access to the full functionality of the cryptocurrency platform: Access a complete range of tools and features offered by our service.
How to undergo verification:
- Log into the KUNA app.
- Select "Profile Settings" on the main "Dashboard" screen.
- Click on the "Verification" section.
What will happen to my funds if I don't complete verification by December 12th, 2023?
- Your funds will remain secure, and you will retain access to them.
- However, without completed verification, deposit, withdrawal, and trading functionalities will only be available for cryptocurrencies until January 5th, 2024.
- Starting from January 5th, 2024, "Basic" verification will be mandatory for deposits, withdrawals, and trading.
Reasons for our decision to verify clients:
Our company operates in compliance with EU regulations on virtual assets, holding all necessary licenses and implementing AML and KYC standards to provide you with a stable and secure service.
To comply with the highest quality standards and fulfill our obligations to regulators, we are introducing a mandatory identity verification process (KYC). We emphasize that this measure aims to enhance the security and reliability of your account and expand functional capabilities, ensuring maximum comfort and efficiency in using our services.
We aim to provide you with products and services of the highest quality and believe that these changes will contribute to improving the quality of interaction with our platform. We've tried to postpone the verification process for a while, but the world is changing, and so are we.
Additional information:
Please familiarize yourself with articles in our knowledge base that can assist you during the verification process, such as:
Our company operates in compliance with EU regulations on virtual assets, holding all necessary licenses and implementing AML and KYC standards to provide you with a stable and secure service.
To comply with the highest quality standards and fulfill our obligations to regulators, we are introducing a mandatory identity verification process (KYC). We emphasize that this measure aims to enhance the security and reliability of your account and expand functional capabilities, ensuring maximum comfort and efficiency in using our services.
We aim to provide you with products and services of the highest quality and believe that these changes will contribute to improving the quality of interaction with our platform. We've tried to postpone the verification process for a while, but the world is changing, and so are we.
Additional information:
Please familiarize yourself with articles in our knowledge base that can assist you during the verification process, such as:
If you have any questions or need additional guidance, please reach out to our online support or email us at [email protected].
Thank you very much for your understanding and cooperation.
Best regards,
Yours KUNA team
Thank you very much for your understanding and cooperation.
Best regards,
Yours KUNA team
Binance sees $956 million in outflows after Zhao steps down to settle US probe
Investors pulled about $956 million from crypto exchange Binance over the past 24 hours, market data showed, after its chief, Changpeng Zhao, stepped down and faced prison time after pleading guilty on Tuesday to settle a years-long U.S. illicit finance probe.www.reuters.com
Funny when US banks violated sanctions in past their CEO's never faced jail. Maybe I am wrong.
KUNA thinks that implementing what they "hallucinate" US regulators want is going to stop the looting and the pillaging! 
How f*cking stupid and naïve can they be?
I'm going to say something VERY profound now, for those who have NOT ever battled against the monstrosity of the US DOJ, gotten indicted, and then gone to trial, fired your own lawyers (they are co-counsels of the prosecution under the ruse of "defense attorneys"), and taken on the US DOJ Pro Se!
Implementing any and all kinds of "rules & regulations" to appease the US prosecutors who are hellbent on looting and pillaging your coffers is ANALogous to blacks implementing WASP & Mormon behavior and customs 500 years ago so the slave masters would EXCLUDE them from being captured & enslaved!
#RealTalk #NoFilters! #NoPC
NGL...I wrote on an old Twitter account to CZ over 5 years ago, to "disappear from the public eye, keep a low profile and put a Nordic male or female living in China on the cover of Binance"... CZ wrote back to me, and said: "Seek medical help."
I'd love to write to him again and remind him, but I no longer have that throwaway account. It's probably 20 accounts back anyway.
People just LOVE to fantasize they are special... Poor guy....wait until he has to get a shakedown in his cell, a serial killer as his bunkie, and do the stand-up count several times a day *and* NIGHT! Ohhh...the guards at the prisons turn on the AC during winters, but take away ALL blankets during a shakedown, and turn on the HEATER during summers! CZ is in for a time of his life! Also, there is NO medical care! No dental care! If you have a problem with your teeth, you need to wait at least 6 months for it to be extracted! Compliments of Land of the Free
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Do you think he is really going to jail? It's something written about 18 months possible sentence. Maybe he will get just house arrest?
How f*cking stupid and naïve can they be?
I'm going to say something VERY profound now, for those who have NOT ever battled against the monstrosity of the US DOJ, gotten indicted, and then gone to trial, fired your own lawyers (they are co-counsels of the prosecution under the ruse of "defense attorneys"), and taken on the US DOJ Pro Se!
Implementing any and all kinds of "rules & regulations" to appease the US prosecutors who are hellbent on looting and pillaging your coffers is ANALogous to blacks implementing WASP & Mormon behavior and customs 500 years ago so the slave masters would EXCLUDE them from being captured & enslaved!
#RealTalk #NoFilters! #NoPC
NGL...I wrote on an old Twitter account to CZ over 5 years ago, to "disappear from the public eye, keep a low profile and put a Nordic male or female living in China on the cover of Binance"... CZ wrote back to me, and said: "Seek medical help."
I'd love to write to him again and remind him, but I no longer have that throwaway account. It's probably 20 accounts back anyway.
People just LOVE to fantasize they are special... Poor guy....wait until he has to get a shakedown in his cell, a serial killer as his bunkie, and do the stand-up count several times a day *and* NIGHT! Ohhh...the guards at the prisons turn on the AC during winters, but take away ALL blankets during a shakedown, and turn on the HEATER during summers! CZ is in for a time of his life! Also, there is NO medical care! No dental care! If you have a problem with your teeth, you need to wait at least 6 months for it to be extracted! Compliments of Land of the Free
Source: https://www.ccn.com/news/cz-prison-term-binance/
I also have the same wish as you. I sincerely hope he doesn't go to prison! They'll massacre him and probably Epstein him. He was born in China. He acquired the Canadian citizenship a long time ago. Parents moved to Canada.Do you think he is really going to jail? It's something written about 18 months possible sentence. Maybe he will get just house arrest?
Source: https://www.ccn.com/news/cz-prison-term-binance/
I think he now lives in Dubai.
If I were him, right now, I would hop on a plane to China. Born in China to Chinese parents, he is guaranteed that he can NOT be extradited to the USA. He should forget about Canadian citizenship and acquire his Chinese one (if he hasn't already). He should have left the moment the first US request arrived!
Similar case as GeneScience and Jin Lee, which was a BS case (I prefer NOT to go into details to avoid doxxing myself). Jin Lee forced a deal with the US DOJ and gifted them the money in his NY account, but they were unable to do anything to him since he was living in Changchun, China. Raids were executed on several if not all, Western manufacturers of rHGH in China after Jin Lee's indictment, so the US DOJ had to settle for a misdemeanor against Jin Lee. That's how you fight a bully! You give him a little taste of his own medicine! No pun intended.
Source: USDOJ: US Attorney's Office - District of Rhode Island
PS. US DOJ is imposing its force akin to gang turf wars! How do people NOT realize this is BEYOND me! SMFH!
Binance, other foreign exchanges and any foreign EMI (such as Revolut or Wise etc) should close operations in US. They should exit immediately while the going is good. I repeat as I said in other threads they will all be targeted by US. If you think a foreign operation is gonna be allowed to take market share from local operators your mistaken. They will hound you for any success on their soil like they are doing to TikTok etc. Now Binance has been kicked out of US and CEO faces jail others should take heed of this.
www.coindesk.com
---- quote start
In addition, Binance will make a "complete exit" from the U.S. as part of its settlement with FinCEN and appoint a monitor for five years who will oversee the exchange's sanctions compliance program. The U.S. Treasury Department will have access to Binance's record and systems during that time.
---- quote end
Binance to Make 'Complete Exit' From U.S., Pay Billions to FinCEN, OFAC on Top of DOJ Settlement
The crypto exchange, which is settling charges with the Department of Justice, will appoint a monitor as well.
---- quote start
In addition, Binance will make a "complete exit" from the U.S. as part of its settlement with FinCEN and appoint a monitor for five years who will oversee the exchange's sanctions compliance program. The U.S. Treasury Department will have access to Binance's record and systems during that time.
---- quote end
Only Binance Global is exiting (shouldn’t have been operating there in the first place - also all info has been shared - hence the treasury now demanding extraterritorial jurisdiction for crypto and UsD stablecoins even when issued overseas - for the dollar stablecoins that’s akin to asking for jurisdiction over the true reserve currency - the EuroDollar market - that will be interesting, as for crypto - they consider a token and its insurance and its ongoing existence as illicit finance - and in addition that means all operation costs spent, all salaries etc are illicit they want to seize that etc.Binance, other foreign exchanges and any foreign EMI (such as Revolut or Wise etc) should close operations in US. They should exit immediately while the going is good. I repeat as I said in other threads they will all be targeted by US. If you think a foreign operation is gonna be allowed to take market share from local operators your mistaken. They will hound you for any success on their soil like they are doing to TikTok etc. Now Binance has been kicked out of US and CEO faces jail others should take heed of this.
Binance to Make 'Complete Exit' From U.S., Pay Billions to FinCEN, OFAC on Top of DOJ Settlement
The crypto exchange, which is settling charges with the Department of Justice, will appoint a monitor as well.
---- quote start
In addition, Binance will make a "complete exit" from the U.S. as part of its settlement with FinCEN and appoint a monitor for five years who will oversee the exchange's sanctions compliance program. The U.S. Treasury Department will have access to Binance's record and systems during that time.
---- quote end
Binance.US will remain active in the US
One that has no US operation and also excludes US residents and citizens.
Any top suggestions? Unfortunately Canada has a hard on atm to control Canadians accessing crypto anonymously. How does one circumvent that?
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