Downfall of CZ and Binance | Atrioc Reacts to Coffeezilla
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- เผยแพร่เมื่อ 18 พ.ย. 2024
- Atrioc reacts to Coffeezilla's video about Binance and CZ being fined $4.3 billion for money laundering.
• Binance Fined $4.3 Bil... by @Coffeezilla
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people working directly in finance saying they don't care about finance is hilarious
It’s funny, feel like CZ kinda did this to himself… By selling all his FTT tokens and torpedoing FTX, He caused everyone to bail on Crypto in general, which sorta indirectly lead to his own Binance issues
I have a bacholers in finance and invest in stocks on a daily basis for my parents retirement so here’s my 2 cents:
Maybe but it was gonna happen anyways. I don’t know much about CZ but based on his actions I think he’s more of a typical business man. Happy to break laws and rules when it’s convenient but not actually ignorant enough to realize fraud will backfire when it all collapses.
What does it matter if you’re a 100 millionaire compared to a billionaire and have more press if you end up in jail?
I don’t like or dislike CZ but his actions to me seem to be when a founder or management is willing to forgo regulations for growth or profit not a direct act of fraud.
It’s akin to insider trading or ignoring environmental regulations as an oil or heavy industry to avoid paying for safe disposal.
Often the fine is a lottt less then the value of the act especially adjusted for growth on the assets. And if the business fails which is you’re remind such risky moves it’s more likely to be earlier days then it doesn’t matter can’t show a company that doesn’t exist.
This is a lot more than a slap on the wrist but it’s not what should’ve been done or a super serious penalty it’s more like a slap to the face. It hurts but he’ll be fine. That being said I’d have to look at how much money binance makes.
It’s not that dines areant effective on companies that only care about profits it’s that jail time is harsher but if you fine a lot more then the crime maybe 10-1000x the profit received depending on severity it heavily discourages the crime.
If the government forced binance to not only pay back every dollar to the government of all revenue from US customers (not profit) over the last say 4 years that would probably be enough to discourage this illegal behavior. But idk I’m just thinking up potential penalties.
You could also do all revenue for a year or any number of things.
That being said I don’t think I’d trust more then a few hundred in the exchange or almost any crypto exchange it’s wayyyy to unregulated but I’d say that’s more of a systemic issue of 99% of crypto.
Like I don’t even trust robinhood I have the financial education that when it came out it sketched me out to the high heavens. Didn’t care much but when I looked into their books more after the GameStop fiasco I was appalled!
Did you know that even if your investment broker goes under if it’s a fidelity charles Schwab or black rock the company or any creditors they owe money to cannot legally get your money?
It means your investments are safe from any issues with the company doing the trades on your behalf. So what fidelity and the like do is they take your money and literally put it in a trust in a bank that they don’t have access too and it’s managed by the bank under your name.
This kind of security is key. And worst case even if it’s not setup like that most retail investors investing smaller sums in legalities platforms like fidelity, Charles Schwab (not robinhood and definitely not an exchange) are usually insured by the government to 250k so your investments are safe except for the obvious risk of them going down.
True.. all those crypto/ FTX victims made the SEC scrutinize them more
its different in his case, he was being charged for money laundering. All it means is he helped US customers access features that you wouldn't normally be able to in the US by having them register in another country
@@phoneywheeze I’m not saying he did the same thing SBF did… I’m saying that ultimately by being petty and torpedoing SBF is what ultimately led to the public losing faith in crypto as a whole
I work in auditing and I can say with absolute certainty that the big 4 firms have the ability to audit crypto granted I work in financial services but we have crypto specialists with in our division. I’m not even in the big 4 I’m in what’s called middle market which is about 25 times smaller than the smallest big four firm so I know they have the ability.
18:30 his passion was helping money laundering, not about making money
For north korea and hammas.
Not for your avrge joe who sell drug
"Have u heard about the bitcoin" lmao, idk why but that was so fucking funny
Remember - he started out with $1 million dollars to invest!
CZ's mom was right.
4b is a speeding ticket for binance, I don’t think big A realizes how rich they actually are
I was gonna say how I was using crypto as a legitimate payment option because of Russian sanctions but I feel like this just about falls into illigitimate category lol
Bro no wonder they closed the usd trading in June 💀. I tried to deposit today bc I used to use them and I couldn’t. This is all making sense now lol.
Lol also the only reason I used binance in the first place was (as a US citizen) to buy crypto to send it to another wallet where I could trade futures by making it seem like I was a German citizen. Everyday crypto futures aren’t allowed in the US
they should of have had Hunter on the board
i’m not sure if i’m being a little racist-but this dude genuinely does not sound like he grew up in vancouver…like at all
"The funds are safe"
5:13 Ethereum (or Ethereum-based tokens) are still used a surprising amount by music artists for concerts (i.e. fans purchase an NFT for early access to tickets). I guess there's still some business use of blockchain technology as well (like Walmart with Vechain to track food products).
Those are the only non-drug, non-blatant-scam things I know about, though.
Currently it's only greedy or jr bottom thrash devs that does products, wouldn't judge db & auth tech usage on current rotation of knuckleheads.
To drop drugs into the discussion, jfc it's just too American to take seriously at this point.
@@___-mw3no The bots are hallucinating...
HSBC 'Premier team' moved my accounts offshore for me when I relocated to UAE and UK tax law shifted post Brexit. Totally fine for the banks though.
Yes. Usually when something is regulated, it is legal if done under those regulations.
- 1 patrocinicio pro Santos, pqp tamo fudido
Ok, but have you heard about the bitcoin?
Cz is the GOAT. He is going to jail for our sins. He gave us the greatest casino on earth.
I just want crypto to go up, why do they keep doing this
You eat with your family today or just post vids? Good vid
Charles R. Ladd
Moooooo
The DOJ is the villain here, not Binance.
Cope
@jt3.
0 seconds ago
Love Atrios’s content but binance already showed that they can handle the withdrawals lmao. They’re not insolvent bro. Or at least not yet lolol
You can't really know if they don't get audited.