The SEC has accused Binance of mishandling customer funds
2003 sats \ 10 comments \ @lpop4254 5 Jun 2023 bitcoin
The SEC has accused Binance of mishandling customer funds as well as lying to regulators and investors about its operations in 13 charges filed Monday.
The regulator said Binance had been mixing “billions of dollars” in customer funds and secretly sending them to a separate company controlled by CZ.
The charges included misleading investors about the adequacy of its systems to detect and control manipulative trading. Regulators also said Binance did not take sufficient steps to restrict U.S. investors from accessing Binance’s unregulated exchange.
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70 sats \ 2 replies \ @orthwyrm 5 Jun 2023
Seems like they're going after some big boy shitcoins like Cardano and Solana too:
https://nitter.net/MetaLawMan/status/1665756841073074177#m
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0 sats \ 1 reply \ @guts 5 Jun 2023
Not Polkadot, seems Gavin Wood focusing on decetralization did play out.
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0 sats \ 0 replies \ @orthwyrm 6 Jun 2023
The document is worded in an "included, but not limited to" kinda way.
I'm noticing that influencers are saying "See! XYZ wasn't mentioned in the filing, therefore it's not a security!". But given that so many shitcoins exist at this point, they probably weren't all included in the document for brevity's sake. For example, XRP isn't mentioned despite being subject to an ongoing lawsuit.
Anything with a pre-mine, staking and/or known founders will be targeted. Polkadot is a prime example of this.
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10 sats \ 0 replies \ @kr 5 Jun 2023
court document: https://www.courtlistener.com/docket/67474542/1/v-securities-and-exchange-commission/
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0 sats \ 0 replies \ @02fa90fd41 6 Jun 2023
probably true..
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0 sats \ 0 replies \ @phaedrus 6 Jun 2023
I wonder if this government crackdown is actually good for Bitcoin... We need people to hold their keys and go p2p and this might be helping. Also, in some cultures, government banning something is the best marketing:-)
What do you all think?
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0 sats \ 0 replies \ @Gjoni 5 Jun 2023
Hoping that new players such as fidelity are able to compensate for the decline/attack on Binance, and maybe kraken can play a larger role.
Personally I’m neutral on Binance, yes they are probably doing dodgy stuff, but also they provide a lot of liquidity and would be short term Bad for btc if they went down but would help clear out a lot of shit coins and reduce FTX like risk on the market
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0 sats \ 0 replies \ @Busybe3z 5 Jun 2023
𝐇𝗼𝐰𝐝𝐲 𝐝𝗼 ? 🤠 👋 Disappointed
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0 sats \ 0 replies \ @JustinGoldberg 5 Jun 2023
deleted by author
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0 sats \ 0 replies \ @muteness11 5 Jun 2023
of course they did (its a casino) .....i guess Binance US will close and Binance will move on with their business as usual
The US is isolating itself from Bitcoin slowly but surely and that is bad for Americans and possibly good for the rest of the world
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