These lawsuits suggest issues with Binance trading against users, wash trading, Binance controlling Binance US accounts, serving US customers, moving money for money launderers, and lots of other potential issues. These lawsuits also mention conversations obtained from Binance chief Changpeng Zhao's phone, which does at the very least suggest investigators have access to what should be some useful evidence. But will it be enough? In my very first newsletter, when Elon shut down Revue, I said: "Binance reportedly has a former chief at the Money Laundering and Asset Recovery Section (MLARS) negotiating with the section itself, in order to strike a deal. "This suggests that, at the very least, charges are on the table. Do I think the US government will take that deal and have a massive press conference bragging about its success? Yes." In its coverage, Semafor says: "Prosecutors are considering other options, such as fines and deferred or non-prosecution agreements, according to the people. That outcome would be a compromise, holding Binance responsible for alleged criminal behavior while reducing consumer harm." Which is to say that in a certain sense, it doesn't really matter if Binance committed fraud because, odds are, it won't really be held responsible. |
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