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After all these recent shit regarding crypto currencies in the US, you don't need a full brain to figure out that there is a huge hole in the system. It is als

• lifty 3y ago
  Why would you say it’s a con job? The settlement is for not enforcing money loundering restrictions, not conning or scamming people. Binance seems to be reputable and hasn’t done any shady things with customer funds, as far as I know.
  • bergen 3y ago
    Did you every track their tokens? The price of movement of the short and long coins was very dubious. Binance at points allowed up to transfer and 1 BTC without registration, therefore enabling a lot of shady characters to trade on their platform. A lot of scammers and fraudsters were using binance as their preferred platform.
    • tw1984 3y ago
      > A lot of scammers and fraudsters were using binance as their preferred platform. they are the exact targeted audience of CZ's business.
• noch 3y ago
  > most of his assets gathered by his con job. How did he con you? Did someone force you to use Binance? Do you have evidence that he conned someone?
  • kamray23 3y ago
    That's obviously not what is meant by 'con', though. It's just composed of first gaining the trust of someone and then defrauding them. Forcing has nothing to do with it and would likely rule out the application of the term, since trust is an integral part of all cons. There has been no fraud yet proven, so it can't conclusively be called a con. On the other hand FTX can be called a con, as there was fraud. This is just running an overly unregulated exchange, which is still a crime but isn't fraud. This doesn't end the investigations though, there is an SEC probe into fraud by Binance still going on so while it currently can't be called a con, really, it's also the case that it could be in the future. Also, it can technically be said that Binance has taken commission and largely made its money from cons of other people that they simply enabled and took fees on, which wouldn't necessarily be incorrect. Whether that's illegal depends on whether there was conspiracy – you wouldn't indict BoA for wire fraud just because someone else used them to do wire fraud.
  • mihaic 3y ago
    I saw a friend being added to a Binance WhatsApp group with tens of actual Binance users, clearly violating GDPR, where bots (you could tell by the phrasing and the account name) and Binance moderators were chatting about how to invest and much money they made. This was ~2 months ago.
  • Cheezewheel 3y ago
    I am not aware of evidence that he conned someone, but as a side quibble: >Did someone force you to use Binance? Do you understand what a con is? People are usually 'conned' because they are tricked into trusting someone that they shouldn't, when people are forced we typically refer to it as robbery or similar.
  • tw1984 3y ago
    He didn't con me as I knew from the beginning that crypto currency itself is a con. CZ profited from his con job when he sell people stuff at stupidly high price knowing it actual worth nothing. In case this is too hard for you to understand, try this - if I walk alone the street selling people paper with your name signed on it promising that such "magic sheet" is going to bring them unconditional happiness and I manage to sell millions of such sheets with a profit of billions, is that a con job? This is exact what CZ did. He was/is/will always be remembered as a con man.
• seydor 3y ago
  Should all gambling companies be jailed?
  • dymk 3y ago
    Yes
• phoenixreader 3y ago
  His sentencing is in February. According to the plea deal, he waives his right to appeal any sentence not more than 18 months, so he might still be in jail for a short period.
• naraga 3y ago
  FWIW, CZ is (and was viewed as) a good actor in the industry. He did a lot of good not only for crypto adoption but for access to better fiat currencies for people in countries with hyper-inflating collapsing system. comparing him to SBF (like many do) is absolutely not fair. he fcked up on AML front for sure and he is going to be punished rightfully but he did just so much good for people that he will stay remembered is positive persona. hero for many.
  • mrjin 3y ago
    So there is good con and bad con?
    • ErikBjare 3y ago
      Not adhering to AML isn't exactly a con
      • popcorncowboy 3y ago
        It is if you expect to profit from it
    • bko 3y ago
      Who did he con? Binance wasn't found to be a rug and don't think it will be. He let people move money around freely and didn't obey anti money laundering laws. So maybe his service benefited "bad guys" as deemed by the state. So yes there is a difference between gambling away deposits and allowing someone to use your service without taking their name and social security number and reporting it to government authorities
    • naraga 3y ago
      He is not a con. At least there is no indication yet.