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> Crypto companies think they don't trade securities To quote the Binance Chief "Compliance" Officer: "we are operating as a fking unlicensed securities exchan

by isp 3y ago

> Crypto companies think they don't trade securities To quote the Binance Chief "Compliance" Officer: "we are operating as a fking unlicensed securities exchange in the USA bro" Source: Quoted in the filing yesterday where SEC sued Binance > 111. As Binance’s CCO bluntly admitted to another Binance compliance officer in December 2018, “we are operating as a fking unlicensed securities exchange in the USA bro.” https://www.sec.gov/files/litigation/complaints/2023/comp-pr2023-101.pdf https://www.sec.gov/files/litigation/complaints/2023/comp-pr...

asveikau 3y ago
I hear if you add "bro" to a statement it makes you immune from prosecution.
EA-3167 3y ago
It's almost unbelievable that someone would put something so monumentally incriminating in writing, but there it is. Those boys are doomed.
- Analemma_ 3y ago
  A bunch of people have speculated that this was a CYA move. I mean, if you get hired as the Compliance Officer for a company which clearly has no interest in compliance and only hired you to give a facade of respectability, you probably want to have a paper trail indicating "I clearly communicated that this was against the law, and they ignored me" for when the cops inevitably come.
  - jahewson 3y ago
    Nothing says “innocent” like observing your criminality before getting right back to participating in the crime.
    - ceejayoz 3y ago
      It could, if you're a whistleblower/informant. The SEC's bounty program makes it a pretty good idea. https://www.sec.gov/whistleblower https://www.sec.gov/whistleblower
      - madrox 3y ago
        This was my thought as well. In all likelihood, the CCO is the person who informed to the SEC. If I were in that role, I would have.
koonsolo 3y ago
> in the USA Important part of the conversation that some people here seem to forget.
- zymhan 3y ago
  The title of this post is "US SEC sues Coinbase". No one is "forgetting".
  - koonsolo 3y ago
    Literally a parent comment: > Everyone under the sun knows this. It's obviously a security Is this US ignorance or what? "It's a security in US, so it's a security for everyone under the sun"

by isp 3y ago

asveikau 3y ago

I hear if you add "bro" to a statement it makes you immune from prosecution.

EA-3167 3y ago

It's almost unbelievable that someone would put something so monumentally incriminating in writing, but there it is. Those boys are doomed.

Analemma_ 3y ago
A bunch of people have speculated that this was a CYA move. I mean, if you get hired as the Compliance Officer for a company which clearly has no interest in compliance and only hired you to give a facade of respectability, you probably want to have a paper trail indicating "I clearly communicated that this was against the law, and they ignored me" for when the cops inevitably come.
- jahewson 3y ago
  Nothing says “innocent” like observing your criminality before getting right back to participating in the crime.
  - ceejayoz 3y ago
    It could, if you're a whistleblower/informant. The SEC's bounty program makes it a pretty good idea. https://www.sec.gov/whistleblower https://www.sec.gov/whistleblower
    - madrox 3y ago
      This was my thought as well. In all likelihood, the CCO is the person who informed to the SEC. If I were in that role, I would have.

koonsolo 3y ago

> in the USA Important part of the conversation that some people here seem to forget.

zymhan 3y ago
The title of this post is "US SEC sues Coinbase". No one is "forgetting".
- koonsolo 3y ago
  Literally a parent comment: > Everyone under the sun knows this. It's obviously a security Is this US ignorance or what? "It's a security in US, so it's a security for everyone under the sun"