8 ms·

A company protecting the interest of their customers? Horrible!

by glerk 4y ago

hn_throwaway_99 4y ago
Yeah, to quote Hindenburg Research's recent post: All these companies are doing a great service aiding the historically "underbanked": criminals.
- glerk 4y ago
  [flagged]
  - jjeaff 4y ago
    Seems unlikely that the target of any suspicion is directed at unaccredited futures traders since by definition, they will have to be dealing in small amounts. Large amounts would make one an accredited investor by definition since high net worth makes one accredited.
  - malermeister 4y ago
    > For example, in February 2019, after receiving information "regarding HAMAS transactions" on Binance, Lim explained to a colleague that terrorists usually send "small sums" as "large sums constitute money laundering." Lim's colleague replied: "can barely buy an AK47 with 600 bucks." And with regard to certain Binance customers, including customers from Russia, Lim acknowledged in a February 2020 chat: "Like come on. They are here for crime." Binance's MLRO agreed that "we see the bad, but we close 2 eyes."
    - from 4y ago
      So... some compliance officer received information about terrorists allegedly using Binance and made a light hearted comment about it? The CFTC is not going to mention whatever preventative measures they took to prevent similar transactions from occurring in the future, they're trying to make them look bad through innuendo for this lawsuit and also probably to jeopardize their banking relationships.
function_seven 4y ago
> [0]In February 2019, after receiving information "regarding HAMAS transactions" on Binance, Lim explained to a colleague that terrorists usually send "small sums" as "large sums constitute money laundering." Lin's colleague replied: "can barely buy an AK47 with 600 bucks." And with regard to certain Binance customers, including customers from Russia, Lim acknowledged in a February 2020 chat: "Like come on. They are here for crime.". Binance MLRO agreed that "we see the bad, but we close 2 eyes." Yes, that all seems pretty horrible to me. [0] https://twitter.com/web3isgreat/status/1640379218461589506 https://twitter.com/web3isgreat/status/1640379218461589506
- notch898a 4y ago
  Is it illegal for me to sell gas to gang bangers in the ghetto? When is it a crime to knowingly be selling to criminals? Everyone knows there are customers in Russia, and in Camden NJ, there for crime. You know with 100% certainty when you run a gas station in a bad part of town you directly are selling to aid people to commit felonies. Hell even the road crews know when they build the interstate, they are there to amongst other things to build the road that facilitates money laundering (and indeed they take no action to stop it).
  - JumpCrisscross 4y ago
    > is it a crime to knowingly be selling to criminals Yes. At a minimum, it's aiding and abetting [1]. What's going on here looks like terrorist financing and willful sanctions evasion. [1] https://en.wikipedia.org/wiki/Aiding_and_abetting#cite_note-10 https://en.wikipedia.org/wiki/Aiding_and_abetting#cite_note-...
    - notch898a 4y ago
      In that case they need to prosecute all the road crews and gas stations. Those people know with certainty they are providing for criminals, and they do nothing to stop it.
      - 4y ago
perihelions 4y ago
There's a *world* of difference between "We will vigorously defend our clients' legal and procedural rights" and "Our 'smart' criminal clients will understand our 'hints' and 'run'".

A company protecting the interest of their customers? Horrible!

by glerk 4y ago

A company protecting the interest of their customers? Horrible!

Yeah, to quote Hindenburg Research's recent post: All these companies are doing a great service aiding the historically "underbanked": criminals.

glerk 4y ago
[flagged]
- jjeaff 4y ago
  Seems unlikely that the target of any suspicion is directed at unaccredited futures traders since by definition, they will have to be dealing in small amounts. Large amounts would make one an accredited investor by definition since high net worth makes one accredited.
- malermeister 4y ago
  > For example, in February 2019, after receiving information "regarding HAMAS transactions" on Binance, Lim explained to a colleague that terrorists usually send "small sums" as "large sums constitute money laundering." Lim's colleague replied: "can barely buy an AK47 with 600 bucks." And with regard to certain Binance customers, including customers from Russia, Lim acknowledged in a February 2020 chat: "Like come on. They are here for crime." Binance's MLRO agreed that "we see the bad, but we close 2 eyes."
  - from 4y ago
    So... some compliance officer received information about terrorists allegedly using Binance and made a light hearted comment about it? The CFTC is not going to mention whatever preventative measures they took to prevent similar transactions from occurring in the future, they're trying to make them look bad through innuendo for this lawsuit and also probably to jeopardize their banking relationships.

function_seven 4y ago

> [0]In February 2019, after receiving information "regarding HAMAS transactions" on Binance, Lim explained to a colleague that terrorists usually send "small sums" as "large sums constitute money laundering." Lin's colleague replied: "can barely buy an AK47 with 600 bucks." And with regard to certain Binance customers, including customers from Russia, Lim acknowledged in a February 2020 chat: "Like come on. They are here for crime.". Binance MLRO agreed that "we see the bad, but we close 2 eyes." Yes, that all seems pretty horrible to me. [0] https://twitter.com/web3isgreat/status/1640379218461589506 https://twitter.com/web3isgreat/status/1640379218461589506

notch898a 4y ago
Is it illegal for me to sell gas to gang bangers in the ghetto? When is it a crime to knowingly be selling to criminals? Everyone knows there are customers in Russia, and in Camden NJ, there for crime. You know with 100% certainty when you run a gas station in a bad part of town you directly are selling to aid people to commit felonies. Hell even the road crews know when they build the interstate, they are there to amongst other things to build the road that facilitates money laundering (and indeed they take no action to stop it).
- JumpCrisscross 4y ago
  > is it a crime to knowingly be selling to criminals Yes. At a minimum, it's aiding and abetting [1]. What's going on here looks like terrorist financing and willful sanctions evasion. [1] https://en.wikipedia.org/wiki/Aiding_and_abetting#cite_note-10 https://en.wikipedia.org/wiki/Aiding_and_abetting#cite_note-...
  - notch898a 4y ago
    In that case they need to prosecute all the road crews and gas stations. Those people know with certainty they are providing for criminals, and they do nothing to stop it.
    - 4y ago

perihelions 4y ago

There's a *world* of difference between "We will vigorously defend our clients' legal and procedural rights" and "Our 'smart' criminal clients will understand our 'hints' and 'run'".