Everybody hates Binance: Two staff held in Nigeria; finding the cash for $4.3b in US fines (davidgerard.co.uk)
from dgerard@awful.systems to buttcoin@awful.systems on 16 Mar 2024 21:41


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self@awful.systems on 16 Mar 2024 22:11 collapse

how hilarious are things going to get if Binance can’t pony up the cash? from your summary, it seems like they’ve got very little real cash on hand that doesn’t belong to their customers. I’m not an accountant, but won’t they get in even deeper shit if they use customer funds to pay off their fines?

dgerard@awful.systems on 16 Mar 2024 22:17 collapse

so interesting thing: their compliance shit is “stop violating sanctions you fucks” and “keep the hell out of the US”. That’s what’s being enforced. The actual trading floor is not regulated by any governmental entity at all.

So we expect they’ll come up with various ways to get the money from their customers, probably with one or two layers of indirection - perpetual KYC loops for withdrawal (an extremely popular trick throughout crypto), trading against their customers even more than they do now and so on.

self@awful.systems on 16 Mar 2024 23:06 collapse

I cannot imagine the type of gambling problem needed to keep playing craps even when the cash cage refuses to redeem your chips and a crew of repo guys is taking away half the casino

maybe the real innovation in crypto is the level of social control needed to prevent their gamblers from cashing in their chips or take their eyes off the craps table at all