Is *THIS* The End of Binance? | CFTC Sues BIGGEST Crypto Exchange.. (CZ Responds!!)

As you said the cftc is the one filing The suit in Chicago today both against Finance which is the largest crypto Exchange in the world and its CEO CZ the Largest cryptocurrency Exchange in the World binance has just been caught CZ Binance the founder has just been Charged because as of today the cftc Sues binance and CZ over willful evasion Of U.S laws as well as unregistered Crypto derivatives products the Regulator is saying that binance shirked Its obligations by not properly Registering with it the cftc alleges That binance offered unregistered crypto Derivatives products and directed U.S Customers to evade compliance controls Through the use of vpns the cftc is Basically Users to use things like vpns to get Outside of U.S jurisdiction and the Binance hasn't properly registered Carl Mentioned the filing let me read you a Portion of it because it is very Fascinating they say that binance's Reliance on a maze of corporate entities Who operate the binance platform is Deliberate it is designed to obscure the Ownership control and location of the Binance platform guys that adds doubt That's CZ the CEO of binance answers to No one but himself certainly doesn't Answer to the U.S Regulators because Binance isn't located here the U.S

Operations makes up a very small portion Of its business If you hold cryptocurrency this affects You and by the way CSD of binance has Responded I'll share with you his Statement but very quickly what are the Details the lawsuit filed in the U.S District Court of Illinois on Monday Alleges number one that binance operated A derivatives trading operation in the U.S they offered trades for Cryptocurrencies including Bitcoin Ethereum Litecoin tether and busd which The suit referred to as Commodities so I Like that this lawsuit called Bitcoin a Commodity and ethereum and Litecoin Commodities not Securities that's Interesting but they say Hey you Operated a derivative Exchange in the United States so you obviously have to Register which you never did this suit Also alleges that the company under sees These leadership directed its employees To spoof their location through the use Of virtual private networks vpns so not Just the customers of the exchange but Also binance employees were using VP Ends to get around certain regulation on Top of that they're also charging Binance within not implementing know Your customer or anti-money laundering Processes and having a poor anti-evation Program and by the way they don't just Make the statement they actually back

These allegations up with internal chats I'll share with you some direct messages From their Chief compliance officer of Binance of course alleged all these are Just allegations thus far essentially Saying that binance directed U.S Customers to use a VPN in so many words And in a direct quote from the lawsuit Binance has instructed U.S customers so To evade such controls by using vpns to Conceal their true location VPN use by Customers to access and trade on the Binance platform has been an Open Secret And binance has consistently been aware Of and encouraged the use of vpns by us Customers I think having regulation Having Clarity regulatory regulatory Clarity is very important for the Industry to continue to grow so I think Having that is very important and the Final thing I'll share with you before We get to CZ before we get to the latest Michael Saylor news some of these Alleged internal chats from binance are Wild the filing pointed to internal Chats between binance employees Including Samuel Lim the exchange's Chief compliance officer through January 2022 who is also a defendant by the way He's also getting sued with CZ with the Exchange where Lim appeared to direct an Employee of binance to ask U.S customers To hide their location in a direct quote Allegedly from Lim he said on the

Surface we cannot be seen to have U.S Users but in reality we should get them Through other creative means the suit Also alleges that the exchange was well Aware that sanctioned entities and Individuals from sanctioned regions were Trading on its platform sharing chat Logs where Lim said Terrorists usually send small sums that Are barely enough to purchase weapons With he also said other customers were Here for crime and how did the cftc gain Access to all these messages well According to the suit while binance Employees including CZ by the way used The Signal app with an auto delete Functionality to communicate with each Other obviously not illegal the suit Implied that the cftc had access to cz's Phone saying it was able to collect Signal text chains and group chats from It so was cz's phone compromised that's What the cftc says although maybe that's Just a cover maybe they have an internal Leak a rat somebody feeding them this Info Either way CZ responded kept it short And sweet and just responded with the Number four this refers to his pinned Tweet at the beginning of the year which Says we'll try to keep 2023 simple spend More time on less things do's and don'ts Number one spend time in education two Compliance three product and service and

Four ignore thud fake news attacks Etc In the future would appreciate if you Can link this post when I tweet four now The Michael Saylor news today might be Even bigger news but my opinion on all This what's happening with Finance we Knew this was going to happen CZ knew Something like this was going to happen You can't become the biggest crypto Exchange in the world globally by Trading volume without making a few Enemies of regulators binance is Building Products Financial products Where you don't need the traditional System and obviously the traditional System Regulators have an issue with That best case scenario would be they Just get with a heavy heavy fine Finance Has the money I'm sure they gladly pay It off to brush this past them worst Case scenario would be CZ or other High Reps go to jail of course to do that you Have to find them and nobody knows quite Where these individuals are Finance has No headquarters a care to explain at STD A finance I headquarter is a concept you Don't necessarily need to be in the Office to be productive and by the way Some people are saying that the worst Outcome potential of all this is binance Gets banned outright in the US but I got News for you binance is already not Allowed in the US that's why we have Binance U.S that's the U.S regulated

Entity separate company when you look at The Domain it's kind of interesting because It's not falling as much as Bitcoin or Ether or even coinbase see it's down Actually just four percent and it was Down even more and I think guys that Just speaks to the idea that binance's Business most of it is international This is going to affect a much smaller Portion and it still is by far the Largest Exchange in the world and this Is an ongoing story so make sure you Click subscribe you do not want to miss A daily video microstrategy Michael Sailors company repays their silvergate Loan as well as spending a fresh 150 Million dollars buying more Bitcoin this Is all public information in their Latest SEC filing and first off the Software company microstrategy has fully Prepaid the 160 million dollar Outstanding balance on its 205 million Dollar loan from silvergate bank so they Are out of silvergate completely which Is good and by doing so the company has Ended its credit agreement with Silvergate and reclaimed the over 34 Individual Bitcoin that was held as Collateral against alone so this is a Huge punch to the face for everybody That was rooting against Michael Saylor This is now a huge relief for the Microstrategy company and then in the

Same SEC filing microstrategy also Disclosed that between February 16th and March 23rd it spent about 150 million Dollars acquiring 6455 more Bitcoin and just to give you a Visual on when exactly microstrategy was Dumping Millions into Bitcoin not the Lowest dip but between February 16th so Right about right here to March [Music] This time period and now in total Microstrategy and its subsidiaries now Own a total of over 130 000 BTC paid an aggregated price of 4.14 Billion they are still underwater at This time as their Holdings are only Worth 3.8 billion if you hold polygon Matic huge piece of news polygon Launches their final mainnet for ZK evm Solution to scale ethereum and how big Is this what exactly is this well in a Direct quote from a polygon co-founder ZK evm can be recognized as the Holy Grail of blockchain scaling it offers Simultaneously three very important Features first it's scalability the Second one is security and the third one Is evm equivalency or evm compatibility Meaning that it's interoperable with Ethereum and all three are equally Important and just to get very specific On what ZK evm technically is ZK evm Technologies batch transactions on So-called Roll-Ups into a zero knowledge

Proof hence the ZK and then execute Those proofs on ethereum in essence what That means by reducing transactions into Smaller pieces of data this technology Helps keep ethereum relatively unclogged With activity and then of course the News today is that polygon Matic finally Has this they've launched their final Maintenance and like always see you Tomorrow