Litigation against Binance

[The_Krakenite]

Coinbase has a US website for a long time and a digital wallet on app store just few years ago, went public via direct listing before SEC and CFTC could figure out what it is. Its original shareholders are who is who in who in the private equities world, share the wealth so to speak. While CZ and FTC are smart guys, these two want to control its own shit, not sharing is no good.

Ok, after reading that again, I am still so fucking confused. Is there some conspiracy here? Can you enlighten us a bit more since not all of us brought our tin-foil-hats out today.

 

[BMK]

If you live in the United States, you're not allowed to trade crypto derivatives. Period. And if you’re a non-US-based crypto firm, you can’t let Americans trade those products without getting a license from the feds. Those are the rules.

WTF is this author talking about?

CME has BTC futures.

 

[mervyn]

Ok, after reading that again, I am still so fucking confused. Is there some conspiracy here? Can you enlighten us a bit more since not all of us brought our tin-foil-hats out today.

no conspircy, goverments don't like fiat money being challenged, be it China or US, particularly if one could use coins without paying taxes.

 

[mervyn]

But I am surprised that CZ didn’t fix it ASAP. I guess the SEC or CFTC doesn’t give a f*k then, what a bitcoin is.

 

[Covertibility]

https://twitter.com/x/status/1665766059465474048

"we are operating as a fking unlicensed securities exchange in the US bro. "

"It is probably not good to have a document that is essentially 'How To Break The Law With Binance'"

Caroline is not the only goblin out there ( read it in Yoda's voice : there is another Skywalker )

"... the Audit firm concluded that it was ' difficult and sometimes not possible to pull wallet balances en masse as of a historical point in time. This makes it very difficult to ensure the Company is fully collateralized at specific points in time.'"

read the "omg" tweet

"So if the guy who controls two market makers on his own trading platform wasn't problematic enough, they spent that money on boats, lol" (Boats and Hoes )

"There was so much wash trading happening that Binance entities accounted for >99% of trading volume in the initial hour of trading for some coins"

explanations why coins are securities

 

[mervyn]

https://twitter.com/x/status/1665766059465474048

"we are operating as a fking unlicensed securities exchange in the US bro. "

"It is probably not good to have a document that is essentially 'How To Break The Law With Binance'"

Caroline is not the only goblin out there ( read it in Yoda's voice : there is another Skywalker )

"... the Audit firm concluded that it was ' difficult and sometimes not possible to pull wallet balances en masse as of a historical point in time. This makes it very difficult to ensure the Company is fully collateralized at specific points in time.'"

read the "omg" tweet

"So if the guy who controls two market makers on his own trading platform wasn't problematic enough, they spent that money on boats, lol" (Boats and Hoes )

"There was so much wash trading happening that Binance entities accounted for >99% of trading volume in the initial hour of trading for some coins"

explanations why coins are securities

I am perplexed where SEC stands, bitcoin is commodity. But suing for misuse of funds is easy to prove, probably a settlement using non-us client’s funds.

SEC chair Gensler confirms “everything other than Bitcoin” is a security: Implications and analysis

https://cryptoslate.com/sec-chair-g...coin-is-a-security-implications-and-analysis/

 

[Cuddles]

Yea but coinbase is protected, so CZ didn’t pay the right capitalists.

eh...even they got Gengslered. Haven't hear a peep about poloniex/circle though. Oh, that's right, that's Goldman Sach's money and Gengsler is ex-GS.

 

[ETJ]

Coinbase is both registered and listed in the US.

 

[M.W.]

The specific regulation concerns itself with non linear products. Same with many foreign index options that can't be traded by American residents.

WTF is this author talking about?

CME has BTC futures.

 

[ETJ]

Generally - Generally the inability to to trade foreign securities means the foreign exchange has not applied to the SEC and completed reciprocal compliance agreements. The CFTC is much easier. All the filings appear on EDGAR - if and when they occur. Much like in 73 when the CBOT created CBOE. Separate entity because they didn't the SEC oversight of CBOT. The world has changed a lot in 50 years.