CFTC to press Changpeng Zhao onto the chopping board
News came overnight that the U.S. Commodity and Futures Trading Commission CFTC launched a lawsuit against the founder of Binance, Zhao Changpeng (known as cz in the wild world). The crypto market tumbled. Bitcoin once fell below the 27k mark.
There was an uproar for a while. Chinese netizens are all concerned about whether the CFTC can first discuss with the SEC (the Securities and Exchange Commission, the U.S. securities industry regulator) whether the so-called cryptocurrencies such as BTC, ETH, and LTC are commodities (commodity) or securities (security) before finding fault. American netizens are concerned about whether the litigation documents disclosed a large number of investigations and evidence collections on the use of Telegram, WeChat, Signal, Webex, and email for Binance’s internal communications, whether it is suspected of violating privacy.
Interestingly, in the indictment, the CFTC also carefully introduced the unique function of Signal that can automatically delete chat messages, claiming that the investigation of cz's mobile phone found that he used Signal, a private chat tool, to communicate with customers, employees, and executives a lot . (page 18 of the document)
The entire indictment is full of 74 pages. In fact, the core point is nothing more than that Binance has many American users and has contributed a lot of profits. Executives such as cz are well aware of this and instructed CCO (Chief Compliance Officer) Samuel Lim and Employees conduct a series of cover-up operations. While cz and executives pretended to "wall" off American users, they asked employees to instigate Americans to use vpn to "over the wall" to access Binance, and also let Americans use fake identities to bypass KYC and AML (anti-money laundering) and other requirements. In addition, the investigation also found that under the command and layout of cz, Binance controls hundreds of accounts and cooperates with many third-party companies to manipulate the market. Binance’s cryptocurrency transactions are commodity transactions, and the high-value contracts it engages in are futures transactions, but none of them have been registered with the CFTC.
People who enjoy the excitement in the crypto market may think, CFTC, you have written so much, isn’t it all said in the advertisement, it is an open secret that everyone knows? People are instead surprised that the CFTC is new to this.
Over the past few years, some friends who have made quick money and big money in the market have talked with me about regulation issues. I told the other party that our regulation is to hold a big stick high and let it fall gently. You see, from 2017 to the present, so many coins have been issued, but one of them has been arrested and sentenced for issuing coins (according to the new judicial interpretation in 2022) , can be punished according to illegal money-raising investigation)? No single one. (The accidents are basically done in the name of crypto to do other messy things.) Looking at the other side of the ocean, the legal system in the United States is harsh. The SEC has been investigating ICOs since 2021, and has caught and fined them. This year, the situation is getting tighter day by day. In contrast, our side has become a haven of shelter relatively.
Some people say that it's because the scammers run fast, so they ran to Singapore or Dubai to hide. This is so childish. In this world, there is no one who offends China and the United States and can live peacefully on the earth for years. Moreover, many people who have tasted the joy of harvesting are still wandering around the country leisurely. Mother's arms are still gentle. She will not really beat the child to death just because the child made a small mistake. Of course, you have to be a good boy for your mother.
These are not American values. The foundation of America is Christianity. In God We Trust is printed on the dollar. The Bible says that you do whatever God tells you to do, and that is a test of your faith: so you massacre cities and nations, you eradicate heresies, you sacrifice your own children, and without hesitation, you pass God's loyalty test. Don't worry, God will not really let you sacrifice your own child, it will send an archangel to appear, and a lamb will come down instead.
When the United States unilaterally defaulted on the world in 1971, tore up the Bretton Woods Agreement, and delinked the dollar from gold. Since then, the flood has flooded mankind, and mankind has fallen into this catastrophe of currency flooding. The U.S. dollar, freed from the constraints of gold, has become a demon that has escaped from Pandora's box. It is Satan, but it claims to be the God of the people. It has printed on itself, In God We Trust. It uses aircraft carriers, nuclear submarines and intercontinental missiles to tell people all over the world, In USD We Trust. From then on, God is USD, and USD is God.
Like Nietzsche, it raised its arms and shouted: "I am the sun!"
Like Nietzsche, it has fallen into a mental madness.
All bow down at the feet of this new God. The President of the United States, the Chairman of the Federal Reserve, the Secretary of the Treasury of the United States, CFTC, the SEC, ..., all powers kneel at its feet and pay homage to it.
At the end of the indictment, CFTC's appeal, compliance, fines, and rebate of all proceeds (including but not limited to transaction profits, income, wages, commissions, loans, derivative fees, etc.). (72 pages, 73 pages)
When someone was a child, he loved to eat fish head with chopped pepper. Mom bought a big, fat carp from the vegetable market, washed it clean and pressed it on the chopping board. The knife in her hand was raised high, and suddenly it fell down. With a click, the head and body of the carp were cut into two pieces. Served with onion, ginger and garlic, a little light soy sauce, cooking wine to remove the fishy smell, added chopped red pepper and shallots, after a while, a pot of fragrant fish head with chopped pepper is out of the pot.
Extra: The full book of "History of Bitcoin" has been released on leanpub https://leanpub.com/history-of-bitcoin , and opensea https://opensea.io/assets/ethereum/0x495f947276749ce646f68ac8c248420045cb7b5e/105485037225361479373965289160919783096944397316814880893051094763402285810664
nostr: npub1dlwqsauewd56dekrnuxh8xukvg7pgeelwp39qah8ts5x28tmf7pqp5tcp3 twitter: https://twitter.com/liujiaolian discord: https://discord.gg/9pGpRgUYPp substack: https://blockcoach.substack.com/
(Disclaimer: The content of this article does not constitute any investment advice. Cryptocurrency is a very high-risk product, and there is a risk of going zero at any time. Please participate carefully and be responsible for yourself.)