BREAKING: SEC sues Binance Exchange! CEO CZ responds!! Let’s discuss the latest cryptocurrency news for bitcoin, ethereum, altcoins, & MORE! SLAP THE LIKE BUTTON! 👋
🟠 Join us for BlockDown Festival:
Use Code AltcoinDaily50 for 50% off ticket!
🟣 Join us for WEB3 GAMING EXPO:
Use Code DCENTRAL20 for 20% off ticket!
🔴 Best Exchange to Buy & Trade Bitcoin is Bitget:
💰$5,000 rewards + 10% cashback (w/ $100+ deposit) + trade once & get extra $10!
ONLY First 1000 Get FULL REWARDS ☝️
Receive a $20 coupon just for creating an account!
** Accounts cannot be created within the US.
*** It does take time for rewards to be issued
*** additional details may apply
Follow us on Twitter:
https://twitter.com/AltcoinDailyio
Follow me [Austin] on Instagram here:
https://www.instagram.com/theaustinarnold/
TimeStamps:
00:00 Intro
00:18 SEC Sues Crypto Exchange Binance, Binance US, & CEO CZ
01:12 Here Are The Charges (13 Total Allegation)
04:36 SEC Says Cardano, Algorand, Polygon, & MORE Are Securities
06:02 Binance Was “Commingling User Funds”
06:54 Brian Brooks (Former Binance US CEO) Confirms
07:39 CZ Binance RESPONDS to Gary Gensler
***********************************************************************
🏺Support The Channel!!🏺(We Get A Kickback From These Affiliate Links)
— Buy Bitcoin on Coinbase and we both receive $10 in Bitcoin!
https://www.coinbase.com/join/arnold_w23
— Get a Nano Ledger S: Best Way to Keep your Cryptocurrency Safe!
https://www.ledger.com/?r=29fd4d75e9bc
***********************************************************************
#Bitcoin #Cryptocurrency #News #Ethereum #Invest #Metaverse #Crypto #Cardano #Binance #Chainlink #Polygon #Altcoin #Altcoins #DeFi #CNBC
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! USE ALTCOIN DAILY AS A STARTING OFF POINT!
This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.
bitcoin, cryptocurrency, crypto, altcoins, altcoin daily, blockchain, best investment, top altcoins, altcoin, ethereum, best altcoin buys, bitcoin crash, xrp, cardano, chainlink, 2023, ripple, buy bitcoin, buy ethereum, elon musk, bitboy, coin bureau, graham stephan, crypto market, bitcoin prediction, the fed, Web3, andrei jikh, cnbc crypto, sbf, ftx, bitcoin crash, crypto podcast, bitcoin price, Crypto News Today, cnbc, sbf, meet kevin, Bitcoin Halving, cz binance, sec sues binance, cz responds, cnbc interview, is binance safe, binance news,
13 charges as I'm quoting here we allege That is CZ and binance entities engage In extensive web of deception conflicts Of interest lack of disclosure and Calculated evasion of the law and the Public should be aware of investing any Of their hard-earned assets with these Unlawful platforms those are very strong Words from the SEC so impossibly the Biggest piece of news for crypto since The FDX collapse the SEC sues crypto Exchange binance as well as founder CC Over multiple Securities violation Allegations the company already faces a Suit from the cftc after looking at the Charges as well as some of the other Blockchains the other altcoins the SEC Is a legend are also Securities let's Break down this lawsuit and talk about What this means to you and me as crypto Investors there are technically right Now 13 charges but they really just boil Down to three points the first point is That they're claiming that the binance Is functioning as a Securities Market When or unlawfully functioning as a Securities Market the SEC second charge According to them is offering Unregistered crypto assets and then the Third Point misrepresenting how Protected the entire database or Platform is for investors so according To the SEC binance binance us and CZ Allegedly offered unregistered
Securities to the general public in the Form of the BNB token and binance linked Busd stablecoin and then which also Alleges that binance's staking service Violated Securities laws now I can Understand the BNB token which binance Launched so we really hope you can join Our RSA our Ico I understand the staking Services even though I may not agree I Do understand because the SEC wouldn't Allow coinbase to even start theirs but B USD stablecoin how does this qualify As an unregistered security Um so number one is we do the auto Conversion into busd which is not issued By us which is not the exchange dollar It's actually issued by a New York dyf Uh licensed entity paxos so the reserves Are in New York it's a stable coin there Are also similar charges against bam Trading the operating company for Binance us and binance itself including Failure to register as a clearing agency Failure to register as a broker and Failure to register as an exchange the SEC also alleges that binance allowed For co-mingling of customer funds and That CZ was secretly controlling binance Us and that a cz-owned and operated Entity was inflating binance Us's Trading volume so basically what FTX and Sam bankman freed ended up actually Doing they're now accusing a binance of Doing the same thing now the SEC lawsuit
Also alleges binance and CZ misused Customers funds and diverted them to a Trading firm that CZ controlled called Sigma chain the SEC said Sigma chain Engaged in fraudulent training that made Binance's volume appear actually larger Than it was the suit also alleges Multiple times that binance allowed U.S Persons meaning U.S citizens or people Living in the U.S to trade on its Platform despite saying publicly that it Wasn't according to the sec's complaint Binance's Chief compliance officer Bluntly admitted to another binance Compliance officer in December of 2018 That quote we are operating as an effing Unlicensed security Exchange in the USA Bro in a direct quote from the SEC in This lawsuit they say as a second part Of Zao CZ and binance's plan to Shield Themselves from U.S regulation they Consistently claim to the public that The binance.com platform did not serve U.S persons while simultaneously Concealing their efforts to ensure that The most valuable us customers continue Trading on the platform bunions Responding looking like it's going to Fight this law lawsuit a spokesperson Telling me that the company will quote Vigorously defend its business calling The sec's actions quote unjustified and Noting that today despite our efforts at Productive engagement the SEC abandoned
And denied us due process and instead Unilaterally chose to litigate we Respectfully disagree with the sec's Allegations that binance operated as an Unregistered Securities Exchange or Illegally offered and sold Securities we Will see how binance responds the SEC Has asked to have U.S assets Frozen now CZ has issued a statement on all these Allegations we'll get to it but actually For everyday average investors like you Like me the SEC also alleged in that Lawsuit that BNB Solana cardano polygon Al Grand sandbox axi decentral and Cosmos Etc are all unregistered Securities now ethereum holders at the Theorem was not mentioned so I guess You're feeling relieved for now but it's So crazy the one man one agency can just Snap up a finger decide this the SEC Just sued binance and CZ for breaking U.S Securities laws when just a few Years ago he was teaching that 75 Percent of the crypto Market was not a Security even in the U.S what's changed So we already know in the U.S and in Many other jurisdictions that Three-quarters of the market are not Icos or not what we could be called Securities even in the U.S Canada and Taiwan the three jurisdictions that Follow something similar to the Howie Test That we've talked about three quarters
Of the market Is Non-securities it's just a commodity a Cash crypto So you'll hear debates about initial Coin offerings and what's the security What's not a security relevant relevant And important debate But for three quarters of the market It's not particularly relevant as a Legal matter and now this is where the Real serious allegations come in Co-mingling diverting funds binance and This is alleged and their poor financial Controls meant that customer funds were Diverted including potentially for Personal uses and the SEC lists two Examples Merit Peak limited a market Maker previously tied to Zao had access To billions of US dollars of customer Funds says the lawsuit while Sigma chain Another cz-controlled entity received Nearly 200 million dollars from bam Trading and a bam trading custom account And this is the company that owned Controlled binance us and also CZ Himself allegedly personally received 62.5 million dollars from one of the Binance bank accounts between October 2022 and January 2023. actually former CEO of binance us Brian Brooks who Actually resigned just after three Months he said in a direct quote I Realized huh I'm not actually the one
Running this company and the mission That I believed signed up for isn't the Mission and as soon as I realized that I Left also Brooks had particular worries About what Merit Peak and sigma chain Were doing on the binance US platform Our customers couldn't you know clear Orders without the presence of those Makers on our platform I thought that Was a real problem it suggested that the Company was in fact heavily dependent on CZ not just as control person but also As an economic counterparty now all of That was obviously just the SEC side CZ And binance aside says it's all eyes They are denying all of it some through Retweets for example CZ retweeted the CEO of crypto Quant data analytics firm The SEC sues binance but no major Withdrawals from binance exchange user Balances are increasing actually CEO of Cardano Charles hoskinson said this with Respect to binance I'm reading through The SEC complaint a it's over 130 pages But seems like the next in a series of Steps to implement choke point 2.0 in The United States the end goal is an Agenda-based cbdc partnered with a Handful of massive Banks and end-to-end Control over every aspect of your Financial life and then of course cz's Direct response for being a reference From a tweet he made earlier in the year Saying four ignore fud ignore fake news
Ignore attacks so CZ stated four our Team is all standing by ensuring systems Are stable including withdrawals and Deposits meaning binance is fine says Easy we will issue a response once we See the complaint haven't seen it yet Media gets the info before we do and Then just a few hours ago binance did Officially issue that statement Essentially saying we are disappointed We take these SEC allegations seriously And they're all Bs be sure to click Subscribe if you want to stay informed About crypto every day we drop a video Keeping you informed hey also this Thursday my brother and I are speaking On a panel at 3xp a crypto gaming Conference in Pasadena I have a promo Code for 20 off your ticket come out This Thursday gonna be awesome