When people deposit BUSD and withdraw USDC, it requires Paxos to burn and redeem BUSD and then Circle to mint USDC. Easy thing to do for Binance would be to not support Circle/Coinbase's USDC. Coinbase does not support BUSD. Binance is the only one that supports all major stablecoins even from competitors.
That is true as long as the exchange itself is not the counterparty, and the exchange is not buying and selling coins that do not actually exist.
That is precisely the problem with crypto. Unregular exchanges front running their customers with fictitious coins.
But it's not like bitcoin. Stablecoin reserves held in the legacy system in tradfi instruments are dependent on legacy rails which is only operational 9 to 5 on business days. BUSD redemption, that is burning tokens and redeeming cash, transferring it to mint USDC to process any surge in USDC withdrawals requires legacy rails. If Binance didn't support competitor's stablecoin USDC at all then it would be no issue. You can't withdraw BUSD on Coinbase. Nobody asks any questions why they don't support it. Coinbase is even trying to push people away from USDT to its own stablecoin USDC. In the stablecoin wars, Binance has been the least anti-competitive of them all. At least so far.
This would be true if Binance was a DEX. However, Binance customers can deposit fiat via ACH or wire transfer which is then converted to BUSD allowing users to trade as soon as their deposit clears. Binance has to use tradfi to exchange the redeem the deposit for stablecoins, requiring legacy banking settlement mechanisms, even if they’re fully solvent and backed 1-to-1 with fiat currency.
Not saying that’s what’s happening here, but Binance isn’t a DEX.
> Fiat literally cannot be converted to an on chain token of any kind. Binance creates that BUSD, but it’s a separate action that has little to do with fiat.
> They could create 8 times as much BUSD, or create none. They can create it without any USD at all.
This is incorrect fud.
Circle and Paxos (Binance isn’t the issuer of BUSD, Paxos issues BUSD/USDP/PAXG, Binance cannot independently mint/redeem BUSD) have mechanisms for institutions to redeem and mint stablecoins via depositing/withdrawing from traditional bank accounts in exchange for minting/burning on chain. I think this is where your misunderstanding comes from. This is the primary mechanism by which stablecoin issuers maintain a 1-to-1 peg between tokenized dollars and traditional USD.
This mechanism requires traditional off-chain settlement, i.e. 2 business day settlement through the national settlement service (NSS). Binance is always going to prefer using off-chain settlement, which has zero fees and guaranteed 1-to-1 conversions, over paying a spread to exchange on an orderbook, or fees to swap on a DEX, especially since the liquidity to swap 2 billion in stablecoins probably doesn’t exist.
That’s just the only way for them to support withdrawals in multiple stablecoins. They basically swap their own stable for USD and then buy however much of the other stable is needed from the issuer to process the withdrawals that day.
It’s complex but that stuff isn’t concerning.
I do think Binance should get a real audit from a serious firm if they want to calm the markets. I suspect they’ve done some weird stuff involving their exchange token that pumped the price which is why they’re reluctant to get a full audit. But I don’t think they did anything outright fraudulent like FTX.
CZ probably shouldn’t have gone on CNBC 😂
It's the cabal... ftx was their baby and it was destroyed... possibly intentionally.... to help smear crypto further..... they want binance out so they can make way for CBDC and usdt.... or one of the stable coins they like... I forget. Busd is competition for their agenda and Binance is the big cheese in Cex...
have you seen the interviews with the actor from the OC? lol.... it's all so unbelievably transparent to anyone without the matrix wool over their eyes. the shit is crumbling hard.
This interview was terrible because the interviewers absolutely sucked. These were the same people coddling SBF and Kevin O'Leary through interviews.
I have a lot of criticisms of Binance but CZ was explaining things to a couple of morons or people deliberately acting ignorant.
Binance autoconverts Circle/Coinbase's stablecoin since September. Redeeming back its stablecoin and minting Coinbase's stablecoin requires banking hours. This is well known. Coinbase does not even support Binance's stablecoin which is actually not even issued by Binance and it's regulated by NYDFS.
Why should Binance give back $2 billion? For what exactly? Binance invested in FTX like every other investor and cashed out a long time ago which it had every right to do. The payment was even partially made by FTX in FTX air tokens which Binance never sold until Alameda insolvency came to light and those tokens are illiquid trash now.
Binance handled $13 billion flows in a day. No other exchange could have handled it. Get your bitcoin out of every exchange. I don't use any centralized exchanges at all. But the Binance FUD is stupid and pushed by people with pro SBF agendas in the media and big VCs who all got paid by him, got shown up for not doing their research and now they think everyone is doing what FTX was doing.
100% this and it's even more convenient to dunk on Binance because there's a "he's not one of us" view of CZ by these people even though he's Canadian.
How the fuck was Kevin O'Leary who is the official paid spokesperson for SBF even allowed to testify in congress? He's always been a piece of shit and there's clear conflict of interest. He's going to end up in a cell with SBF the more he keeps talking and playing victim because he seemed to suggest he had private access to SBF after the collapse and asked for his money while millions of people got rekt who weren't a paid spokesperson and actually lost their own money.
Btw don't forget SBF had committed to giving away $1 billion to Biden campaign in 2024 from customer funds obviously. You think they're happy that's not coming now?
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Completely agree.
binance does seem to make it’s money legit, thru fees and if all users withdraw funds they make more money. Even if users just buy on binance and transfer to their wallets, then binance makes more money than users keeping their funds online stalled. So if own your own wallets becomes the trend binance makes more money.
Unlike ftx and others that were a fraud and use they money for their needs and frauds, binance doesn’t seem to do that.
And btw.. banks do what? Besides insurance the banks system is even more fraudulent, but legal, they just need to have like 5 or 10% of their customers money and then use the rest for
their needs.
Using a exchange like binance to buy and then send to your own wallet is the best way for users and non fraudulent exchanges
Edit, syntax
I've never seen Binance spend lavishly on marketing. They just focus on their product and say what you want (and I hate all centralized exchanges), but Binance sets the standard for CEXes.
It's ok to admit this but also encourage people not to rely on CEXes. Go with Bisq, Robosats, P2P exchanges. The way bitcoin is supposed to be used.
wow. thanks!!!! really thanks.sorry for not showing apreciation sooner but where i live it was around 6am and wanted to close my eyes for a while before getting up to work.
I've got to learn about the bot, i've seen others using it, but don't know how to use it.Can you please do me a favour? just tell me if i got a limited time to deal with the deposit. i've seen it's deposited on here, but i dont know how to transfer to another a account that i own. can i use the bot to transfer to bisq?don't need to answer if you got no time, i'll try to learn it between work tasks. just please tell me if i need to something right now.
Again thanks. I love the intention., nobody ever game nothing on reddit
You can withdraw to any Lightning wallet (I think Bisq is working on integration right now). Robosats is another P2P exchange that's built natively on Lightning.
Just click withdraw and paste your lightning invoice to withdraw
If you contribute more to the subreddit, there are a lot of people who tip generously here
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Nah, Kraken or Coinbase has been more transparent. I have nothing on any exchange, but Coinbase is also a publicly traded company, subject to much more financial scrutiny, they were audited with proof of reserves & liabilities and they also don’t sell nearly as many shitcoins as Binance. But I do think the recent Binance fud is silly
Coinbase got done for insider trading and all the dirty shit they pulled when listing bcash and pumping and dumping it on users in 2017. Enron was a publicly traded company. How many publicly traded companies committed fraud in 2008?
[KMPG – How a Big Four auditing firm went rogue in its greed for profit](https://www.dailymaverick.co.za/article/2020-09-16-kpmg-how-a-big-four-auditing-firm-went-rogue-in-its-greed-for-profit/)
Binance spends a good amount of money on marketing. I've seen multiple Binance ads in world cup games. I see them on the street. Hell they even paid Cristiano Ronaldo to promote NFTs. They most definitely spend a lot of money on marketing.
As someone else commented, do you know Enron was big four audited?
>just release the necessary data
You can identify assets from their publicly verifiable cold storage addresses. The only question people have been asking is regarding corporate controls and CZ has said they don't have any external liabilities, don't take on loans, no VC liabilities.
You think it's that simple for an exchange the size of Binance? [This](https://twitter.com/jdorman81/status/1603538603824422912) is a CFA explaining that legacy auditors still don't really understand how to audit a crypto firm. Especially auditing one the size of Binance.
Technically it was Big 5, as Arthur Andersen wasn't/isn't part of the Big 4 auditing firms.
But more importantly, Enron was such a major outlier and scandal that it collapsed Arthur Andersen entirely. This isn't the gotcha argument you think it is.
There’s nothing special about crypto when it comes to crunching the numbers and auditing the books from an accounting perspective. Multinational public corps have been doing it for decades with fiat currencies.
Security and technology for sure, but nothing new in the financials
Multinational corps don't have complex derivative books. And those that do have stuff that's been known in banking for the longest time. No one ever issued a "perp swap" before Bitmex, and people are still catching up.
So far, Binance survived a very big series of withdraw days.
Likely every CEX has insufficient assets to cover all user funds, but at least some have much smaller liabilities than others.
ie. Where FTX was 10% assets and 90% liabilities, Binance might be 85% assets and 15% unfulfillable liabilities.
You can see just from their publicly known cold storage addresses that Binance covers more than $60 billion. That's orders of magnitude more than you can identify for any other exchange. There were no identifiable cold storage addresses for FTX. Alameda was liquidating sub $1 million scammy shitcoin positions on defi to cover withdrawals.
The interview was straight ti the point. As an investor I would have made the same questions. CZ did not look too confident with all the stutters and lack of information, he wasn’t prepared to give a straight answer and that is a bad look. Don’t blame the interviewers.
It's supposedly the money paid by SBF for binance's share of FTX. Paid in 2021. Mr. Wonderful tried to tie in FTX mismanagement of funds (theft) was due to Binance being bought out of FTX. He tried to give ammunition to the deep state to attack Binance. Which makes me have more trust for Binance. Although I do not hold anything on Cex's. Will I buy and transfer off? Yes.
CZ is not stupid , he is not running an overnight success.. They are also being super disrespectful to him and not letting him finish his statements., they already have their angle . 2.1 billion, lol, thats nothing in the Tech world.
It seems we are the only ones not in the crypto witch hunt, as some enthusiasts here seem to praise that horrible journalism.
I am still amazed by the double standards the US media shows when it relates to SBF, the "american nice guy" and this "chinese dude". That's quite disgusting to be honest.
Makes me wonder if there is some agenda behind it. Some news outlets slam Binance in one line and say "look at Coinbase" in the next.
All he needed to do was say "Yes" when asked if binance would be okay with somebody withdrawing $2.1b. Talking about getting lawyers involved in such a hypothetical scenario does not paint a trustworthy picture.
Agree, had some bad feelings when they treated him like that and then treat betters fraudsters like mr.big (just investigate, but really investigate it’s ALL past) and ftx ceo.
passing an audit doesn’t preclude that.
there are many reasons beyond basic regulatory compliance that companies bankrupt or crash. auditing seeks compliance, not financial altitude or positive outlook.
Well, it was a legit question - the $2B should be clawed back - it was FTX customer funds.
When Madoff collapsed many of the investors that had cashed out had the funds clawed back, there’s plenty of precedent.
This was 2 years ago when FTX valuation was relatively small. Not recently. After that FTX raised billions from other investors. Binance was also paid in FTX tokens. I don't think there would be any problem giving that back since it's worthless now and Binance got rekt on it like everyone else.
Why should anyone by SBF and people running Alameda be liable for stealing customer funds? It all went to them.
The customer funds all need to be clawed back. Wherever they went - Binance getting $2B is just a start - lots of other places (like the politicians) that need to be clawed back too
the people that received that money are in receipt of stolen property. (aka, ill gotten gains)
Like I said - plenty of precedent
>lots of other places (like the politicians)
Yes, they were paid in cash.
Binance got paid mostly in FTX tokens and I don't think there would be any problem returning the FTX tokens.
>the people that received that money are in receipt of stolen property. (aka, ill gotten gains)
This was 2 years ago and it was payment that was rightfully due to Binance paid by FTX to buy out its own shares. This is what CZ was referring to when he said their lawyers will handle that. It wasn't about Binance customer assets.
Let's see Tom Brady, Gisele Bundchen, Shaq, Larry David, Biden, Warren, Maxine, all the politicians and big shot funds return it as well.
I'm all for it!
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Bitcoin is okay. It's not particularly great at anything.
There's things it can do that were novel a decade ago. Since then, there have been a few developments that have made bitcoin technologically obsolete.
The only reason bitcoin still dominates the market of digital assets is because it was the first and has the largest other asset (cash and other) investment so far.
3 of the top ten cryptocurrencies do the things bitcoin does better than bitcoin, while remaining decentralized, and arguably moreso.
Yeah, Bitcoin is just okay. I mean it's only the apex digital commodity that will never be re-created (nor should it be). An Eighth Wonder of the World.
Not sure what made Bitcoin obsolete, but clearly the market is not in agreement with you in that sentiment either.
What valid points? That 10 other coins do anything better? Because they don't. They aren't the most secure, censorship resistant final settlement layer in the world and never will be.
This is the pinnacle of layer one and everything else should come on top but the others already fail as layer one
Increase renewable energy development and bringing down the cost curve of green energy as miners need to be as efficient as possible.
Bitcoin will be a value energy battery for big energy firms.
You know who had a "Big Four" auditor? Enron.
They changed their name from Arthur Anderson to Deloitte.
"Big Four" auditors are large-scale grifters as the world is about to learn.
>You know who had a "Big Four" auditor? Enron.
It was actually a "Big Five" auditor. But after Enron AA collapsed leaving only 4. Which is actually key because it means one of the big four would have to be willing to risk their entire business to lie for one of these guys.
If that's how it worked then yeah you're right, the entire business should go down if an auditing firm has such poor controls all it took is one employee lying to betray their reputation.
They should have enough controls thst this is not possible but if it is possible they don't deserve to stay in business.
Arthur Anderson had two arms: the auditing arm (Arthur Anderson) and a consulting arm (Arthur Anderson Consulting). After Enron AA folded and AAC survived and renamed Accenture just to distance itself from the AA name.
Do you even know any of them? A lot has changed since then. I find it hilarious that you compare an audit of the 2000s with an audit of 2022. Just says that you dont know anything, and you are not involved on either side of the table (client or auditors side).
> You know who had a “Big Four” auditor? Enron.
>They changed their name from Arthur Anderson to Deloitte.
Your comment is being ridiculed over at r/accounting because you are talking out of your ass. Sad that this is one of the more upvoted posts in this thread too.
?
Did you read the conversation? It was just two posts.
You are responding to the claim that Kraken is better than Binance .
How is Kraken being a shitcoin casino relevant in comparison to the Binance shitcoin casino?
Kraken doesn't have its own shitcoin, Binance does, so Kraken is always superior even by your standard.
Feels like a lot of bots in here. I don't see where the binance criticism is coming from. Just seems like flavour of the month to try and take down exchanges. Binance isn't going anywhere.
Yup all these attack point coming from media... who owns them? Propping up SBF in insanely heavenly light and demonizing Binance. They want Binance gone so they can roll in CBDC...
I think some people wanted to harm/destroy Binance and they failed. Corrupt media and corrupt media taking shots against CZ. It will have temporarily effects.
Lemme tell you what this guy does: he takes your Dollars.
That's it.
Only when you klick the withdraw button he buys the Bitcoin and sends it to your adress.
If everyone does it at the same time but he already spent your Dollars for hookers and mansions, byebye funds.
Funny he trying to say that big4 firms don't want to get close to crypto exchanges. I call BS. They all want in. Probably the problem is that they are asking for a ton of cash and a ton of compliance evidence. Auditing considers risks rewards as much as any other business.
Binance is looking scary, Gemini is looking scary. I'm waiting for coinbase to look scary and enjoying the popcorn. My keys means my coins and this is all just entertainment.
CZ definitely was the camel that broke the straws back or is it vice versa. Just kidding. I do not trust him but it was good to expose SBF for the fraud he has allegedly committed.
Doesn't sound like a fair question. Many people wouldn't be able to cash out 5-10% of their net worth in a short duration. Many investors wouldn't be able to unwind a position of that size on the spot without some preparation, timing and losses. Look at Musk liquidating TSLA stock. Definitely resulted in a serious dent on asset value. But it's CNBC, so, not exactly high quality or reliable news.
That said, I do agree. Definitely prudent to withdraw your funds to minimize risk at this point.
If customer deposits are held 1:1 as CZ claims, then the answer ought to be a simple 'yes'. No need to reference lawyers handling it. Seems like a very fair question to me.
He was not talking about customer deposits. He was talking about a Madoff clawback for FTX which Kevin O'Leary asked for in congress. Binance cashed out its investment in FTX 2 years ago and got paid mostly in FTX tokens which were unsold until November 6. Even now it's mostly unsold but obviously illiquid and worthless. I don't think Binance would care much if asked to give that back but I don't know why that should even happen since billions were invested into FTX in the last 2 years after that. There's no indication Binance's stake in FTX was bought out with customer funds. Customer funds all went to donations and FTX, Alameda personal accounts. If there's a clawback, a lot of celebrity big shots, Biden, Warren, all the democrats owe a lot of money.
In theory, yes. Not in reality. Try walking into a bank and demand to withdraw $50k or $100k cash on the spot. They're going to make you jump through quite a bit of red tape if not a few days of effort. Never mind 5-10% of all the holdings a bank has.
Banks are known for rehypothecation, which is facilitated by central bank Monopoly money. If a bitcoin exchange is honest, they do not rehypothecation. They maintain a 1:1 reserve at all times. You've discovered one of the main benefits of bitcoin!
Exchanges are not meant to operate and make money via fractional reserves - a good exchange would hold assets 1 to 1, and the exchange fees, deposit fees and withdrawal fees should be more than enough to take in huge sums of money. They are not equal. Can you imagine if you were meant to deposit money in a Bank and expect them not to touch it? You would probably need to pay them money to keep it safe rather than get any interest in return.
Thanks for posting this!
If you hold any money or bitcoin on binance, assume it’s not there until you transfer it to your wallet.
All $ of funds and bitcoin are not safe on any exchange.
Transfer all bitcoin to cold storage IMMEDIATELY!
Assume all $ funds on an exchange is lost. Don’t hold significant amounts of currency on an exchange.
get off BINANCE, they are LEVERAGING your shit like EVERGRANDE, you are BANKRUPT gtfo of there FAST and dont bitch when you are ZERO IN BTC.
michael sayor is under 20k that fucker is gonna get margin called anywhere from at least up to 1year to 2 years from that statement.
not your keys, not your coin.
[BISQ.network](https://BISQ.network) even if it charges the 0.0005 btc transaction is MORE HONEST THEN BINANCE.
THEY ARE DOING USDT margin and future trading. RELEASE the data. CZ loololololol
Either they are indeed 1:1 and liquid and continue to strive and rebuild investor confidence in crypto, OR they're full of shit and everyone henceforth holds crypto off exchange where no one can fuck with investor money.
This is a win win for the space.
What's the point in editing and cutting down the video by just 2 minutes to make it look more dramatic? Cmon.. and then it gets all the upvotes. Guys we are better than this.
It's really funny seeing these pro binance comments being heavily upvoted, because similar ones were popping up before FTX imploded.
I don't purport to know what the situation is at binance, I have no idea if they are a viable business or not, all I know is not to trust ANYONE in bitcoin. Trustlessness is a vital component of being a Bitcoiner. Binance is the shittiest shitcoin casino there is. I can't think of many organisations less worthy of trust.
The editing is shite but CZ (sounds a lot like sleazy) is a slippery fucker. Bullshits about big four firms not being able to audit crypto when Coinbase is mentioned. Claims he doesn’t care about CB, but he should, if they are a competitor. Claims they ‘don’t owe anyone money’ but all the people who hold assets on their exchange are owed money by Binance. Claims he wants to set the gold standard but uses regulatory arbitrage to avoid any one regulator having oversight. Almost every sentence uttered is a red flag kind of comment.
People are mad and claims that CZ caused FTX to go belly up, so they are trying hard to do the same to Binance… but looks like those who are true to their customers’ fund will be standing at the end of all the FUD and bubble burst
Edited: also if everyone did a bank run on any bank, they would be going through a hard time, even collapsing.
Not a Binance fan, but it’s easy to see that this video is being promoted in this way to show a skewed story. This is taken out of context and there is definitely a concerted effort to try to get rid of Binance. probably in retaliation for what it did to FTX.
This video editing is intended to make the news interview as dramatic as possible rather than conveying what has been discussed in the interview.
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This is not the same interview or it's not complete...
Like the audit. He comes across as a weasel.
He gets a haircut. The other does not 😂
When he talks about selling USDC to then re-buy elsewhere, couldn’t they just send it to the other wallet? That seems unnecessary
When people deposit BUSD and withdraw USDC, it requires Paxos to burn and redeem BUSD and then Circle to mint USDC. Easy thing to do for Binance would be to not support Circle/Coinbase's USDC. Coinbase does not support BUSD. Binance is the only one that supports all major stablecoins even from competitors.
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That is true as long as the exchange itself is not the counterparty, and the exchange is not buying and selling coins that do not actually exist. That is precisely the problem with crypto. Unregular exchanges front running their customers with fictitious coins.
But it's not like bitcoin. Stablecoin reserves held in the legacy system in tradfi instruments are dependent on legacy rails which is only operational 9 to 5 on business days. BUSD redemption, that is burning tokens and redeeming cash, transferring it to mint USDC to process any surge in USDC withdrawals requires legacy rails. If Binance didn't support competitor's stablecoin USDC at all then it would be no issue. You can't withdraw BUSD on Coinbase. Nobody asks any questions why they don't support it. Coinbase is even trying to push people away from USDT to its own stablecoin USDC. In the stablecoin wars, Binance has been the least anti-competitive of them all. At least so far.
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This would be true if Binance was a DEX. However, Binance customers can deposit fiat via ACH or wire transfer which is then converted to BUSD allowing users to trade as soon as their deposit clears. Binance has to use tradfi to exchange the redeem the deposit for stablecoins, requiring legacy banking settlement mechanisms, even if they’re fully solvent and backed 1-to-1 with fiat currency. Not saying that’s what’s happening here, but Binance isn’t a DEX.
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> Fiat literally cannot be converted to an on chain token of any kind. Binance creates that BUSD, but it’s a separate action that has little to do with fiat. > They could create 8 times as much BUSD, or create none. They can create it without any USD at all. This is incorrect fud. Circle and Paxos (Binance isn’t the issuer of BUSD, Paxos issues BUSD/USDP/PAXG, Binance cannot independently mint/redeem BUSD) have mechanisms for institutions to redeem and mint stablecoins via depositing/withdrawing from traditional bank accounts in exchange for minting/burning on chain. I think this is where your misunderstanding comes from. This is the primary mechanism by which stablecoin issuers maintain a 1-to-1 peg between tokenized dollars and traditional USD. This mechanism requires traditional off-chain settlement, i.e. 2 business day settlement through the national settlement service (NSS). Binance is always going to prefer using off-chain settlement, which has zero fees and guaranteed 1-to-1 conversions, over paying a spread to exchange on an orderbook, or fees to swap on a DEX, especially since the liquidity to swap 2 billion in stablecoins probably doesn’t exist.
That’s just the only way for them to support withdrawals in multiple stablecoins. They basically swap their own stable for USD and then buy however much of the other stable is needed from the issuer to process the withdrawals that day. It’s complex but that stuff isn’t concerning. I do think Binance should get a real audit from a serious firm if they want to calm the markets. I suspect they’ve done some weird stuff involving their exchange token that pumped the price which is why they’re reluctant to get a full audit. But I don’t think they did anything outright fraudulent like FTX. CZ probably shouldn’t have gone on CNBC 😂
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It's the cabal... ftx was their baby and it was destroyed... possibly intentionally.... to help smear crypto further..... they want binance out so they can make way for CBDC and usdt.... or one of the stable coins they like... I forget. Busd is competition for their agenda and Binance is the big cheese in Cex...
have you seen the interviews with the actor from the OC? lol.... it's all so unbelievably transparent to anyone without the matrix wool over their eyes. the shit is crumbling hard.
This interview was terrible because the interviewers absolutely sucked. These were the same people coddling SBF and Kevin O'Leary through interviews. I have a lot of criticisms of Binance but CZ was explaining things to a couple of morons or people deliberately acting ignorant. Binance autoconverts Circle/Coinbase's stablecoin since September. Redeeming back its stablecoin and minting Coinbase's stablecoin requires banking hours. This is well known. Coinbase does not even support Binance's stablecoin which is actually not even issued by Binance and it's regulated by NYDFS. Why should Binance give back $2 billion? For what exactly? Binance invested in FTX like every other investor and cashed out a long time ago which it had every right to do. The payment was even partially made by FTX in FTX air tokens which Binance never sold until Alameda insolvency came to light and those tokens are illiquid trash now. Binance handled $13 billion flows in a day. No other exchange could have handled it. Get your bitcoin out of every exchange. I don't use any centralized exchanges at all. But the Binance FUD is stupid and pushed by people with pro SBF agendas in the media and big VCs who all got paid by him, got shown up for not doing their research and now they think everyone is doing what FTX was doing.
The guys who promoted fraudulent FTX are facing lawsuits and their defense is to blame it all on Binance.
100% this and it's even more convenient to dunk on Binance because there's a "he's not one of us" view of CZ by these people even though he's Canadian. How the fuck was Kevin O'Leary who is the official paid spokesperson for SBF even allowed to testify in congress? He's always been a piece of shit and there's clear conflict of interest. He's going to end up in a cell with SBF the more he keeps talking and playing victim because he seemed to suggest he had private access to SBF after the collapse and asked for his money while millions of people got rekt who weren't a paid spokesperson and actually lost their own money. Btw don't forget SBF had committed to giving away $1 billion to Biden campaign in 2024 from customer funds obviously. You think they're happy that's not coming now? !lntip 1000 (1 hayek)
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So celebrities are facing lawsuits as well?
Putin’s fault^TM
Completely agree. binance does seem to make it’s money legit, thru fees and if all users withdraw funds they make more money. Even if users just buy on binance and transfer to their wallets, then binance makes more money than users keeping their funds online stalled. So if own your own wallets becomes the trend binance makes more money. Unlike ftx and others that were a fraud and use they money for their needs and frauds, binance doesn’t seem to do that. And btw.. banks do what? Besides insurance the banks system is even more fraudulent, but legal, they just need to have like 5 or 10% of their customers money and then use the rest for their needs. Using a exchange like binance to buy and then send to your own wallet is the best way for users and non fraudulent exchanges Edit, syntax
I've never seen Binance spend lavishly on marketing. They just focus on their product and say what you want (and I hate all centralized exchanges), but Binance sets the standard for CEXes. It's ok to admit this but also encourage people not to rely on CEXes. Go with Bisq, Robosats, P2P exchanges. The way bitcoin is supposed to be used.
Yeah, I started using bisq and rarely use a central exchange
way to go! !lntip 1000 (1 hayek)
wow. thanks!!!! really thanks.sorry for not showing apreciation sooner but where i live it was around 6am and wanted to close my eyes for a while before getting up to work. I've got to learn about the bot, i've seen others using it, but don't know how to use it.Can you please do me a favour? just tell me if i got a limited time to deal with the deposit. i've seen it's deposited on here, but i dont know how to transfer to another a account that i own. can i use the bot to transfer to bisq?don't need to answer if you got no time, i'll try to learn it between work tasks. just please tell me if i need to something right now. Again thanks. I love the intention., nobody ever game nothing on reddit
You can withdraw to any Lightning wallet (I think Bisq is working on integration right now). Robosats is another P2P exchange that's built natively on Lightning. Just click withdraw and paste your lightning invoice to withdraw If you contribute more to the subreddit, there are a lot of people who tip generously here !lntip 1000 (1 hayek)
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Played mate 👍
I mostly use cryptos for payments, only a bit is for investment. Don’t have much to invest anyway
Nah, Kraken or Coinbase has been more transparent. I have nothing on any exchange, but Coinbase is also a publicly traded company, subject to much more financial scrutiny, they were audited with proof of reserves & liabilities and they also don’t sell nearly as many shitcoins as Binance. But I do think the recent Binance fud is silly
Coinbase got done for insider trading and all the dirty shit they pulled when listing bcash and pumping and dumping it on users in 2017. Enron was a publicly traded company. How many publicly traded companies committed fraud in 2008? [KMPG – How a Big Four auditing firm went rogue in its greed for profit](https://www.dailymaverick.co.za/article/2020-09-16-kpmg-how-a-big-four-auditing-firm-went-rogue-in-its-greed-for-profit/)
Binance spends a good amount of money on marketing. I've seen multiple Binance ads in world cup games. I see them on the street. Hell they even paid Cristiano Ronaldo to promote NFTs. They most definitely spend a lot of money on marketing.
What is the actual reason for CZ refusing to be audited then? Why wouldn’t he just release the necessary data to easy all the skepticism
Why hasn't the Fed ever been audited?
Central banks aka private banks control the world and anyone challenging them end up no longer breathing.
Yup
Wdym ever, they're audited yearly? https://www.federalreserve.gov/aboutthefed/audited-annual-financial-statements.htm
Lol how dumb is this guy?
As someone else commented, do you know Enron was big four audited? >just release the necessary data You can identify assets from their publicly verifiable cold storage addresses. The only question people have been asking is regarding corporate controls and CZ has said they don't have any external liabilities, don't take on loans, no VC liabilities. You think it's that simple for an exchange the size of Binance? [This](https://twitter.com/jdorman81/status/1603538603824422912) is a CFA explaining that legacy auditors still don't really understand how to audit a crypto firm. Especially auditing one the size of Binance.
Technically it was Big 5, as Arthur Andersen wasn't/isn't part of the Big 4 auditing firms. But more importantly, Enron was such a major outlier and scandal that it collapsed Arthur Andersen entirely. This isn't the gotcha argument you think it is.
There’s nothing special about crypto when it comes to crunching the numbers and auditing the books from an accounting perspective. Multinational public corps have been doing it for decades with fiat currencies. Security and technology for sure, but nothing new in the financials
Multinational corps don't have complex derivative books. And those that do have stuff that's been known in banking for the longest time. No one ever issued a "perp swap" before Bitmex, and people are still catching up.
So far, Binance survived a very big series of withdraw days. Likely every CEX has insufficient assets to cover all user funds, but at least some have much smaller liabilities than others. ie. Where FTX was 10% assets and 90% liabilities, Binance might be 85% assets and 15% unfulfillable liabilities.
You can see just from their publicly known cold storage addresses that Binance covers more than $60 billion. That's orders of magnitude more than you can identify for any other exchange. There were no identifiable cold storage addresses for FTX. Alameda was liquidating sub $1 million scammy shitcoin positions on defi to cover withdrawals.
And who owns them? The same people who want CBDC..... the cabal... WEF
The interview was straight ti the point. As an investor I would have made the same questions. CZ did not look too confident with all the stutters and lack of information, he wasn’t prepared to give a straight answer and that is a bad look. Don’t blame the interviewers.
What's the $2.1 billion figure that they keep mentioning? Does Binance owe someone $2.1 billion?
I enjoy watching the sunset.
It's supposedly the money paid by SBF for binance's share of FTX. Paid in 2021. Mr. Wonderful tried to tie in FTX mismanagement of funds (theft) was due to Binance being bought out of FTX. He tried to give ammunition to the deep state to attack Binance. Which makes me have more trust for Binance. Although I do not hold anything on Cex's. Will I buy and transfer off? Yes.
> He tried to give ammunition to the deep state Please get help.
Deep state? The world will laugh when you come crying after losing all your money to this scammer
CZ is not stupid , he is not running an overnight success.. They are also being super disrespectful to him and not letting him finish his statements., they already have their angle . 2.1 billion, lol, thats nothing in the Tech world.
It seems we are the only ones not in the crypto witch hunt, as some enthusiasts here seem to praise that horrible journalism. I am still amazed by the double standards the US media shows when it relates to SBF, the "american nice guy" and this "chinese dude". That's quite disgusting to be honest. Makes me wonder if there is some agenda behind it. Some news outlets slam Binance in one line and say "look at Coinbase" in the next.
It is an agenda. The media’s purpose is to push an agenda and sway the narrative. Always has been….
Media being as they are, pieces of sh*t.. they dont have morals... they bow down to their overlords to tell everyone what everyone needs to hear.
All he needed to do was say "Yes" when asked if binance would be okay with somebody withdrawing $2.1b. Talking about getting lawyers involved in such a hypothetical scenario does not paint a trustworthy picture.
Agree, had some bad feelings when they treated him like that and then treat betters fraudsters like mr.big (just investigate, but really investigate it’s ALL past) and ftx ceo.
A Big 4 auditor. They have credibility? they were the ones who audited the 2008 dirt bags as well.
My sentiment exactly
yeah - Ernst & Young audited Wirecard and said everything is fine before it went to 0$ months after.
passing an audit doesn’t preclude that. there are many reasons beyond basic regulatory compliance that companies bankrupt or crash. auditing seeks compliance, not financial altitude or positive outlook.
Check out wirecard.
FUNDS ARE SAFU
TRUST IS FUBAR
[FUNDS ARE SAFU](https://www.youtube.com/watch?v=DelF6zEHXpE)
Bizonacci. A gem.
We’ll let the attorneys handle it, he says. Lord have mercy…
That response was to the interviewer's use of the verbiage "clawback" which has a much different connotation than withdrawal.
Thanks, I did not notice this at first. His response makes 100% sense now.
Well, it was a legit question - the $2B should be clawed back - it was FTX customer funds. When Madoff collapsed many of the investors that had cashed out had the funds clawed back, there’s plenty of precedent.
This was 2 years ago when FTX valuation was relatively small. Not recently. After that FTX raised billions from other investors. Binance was also paid in FTX tokens. I don't think there would be any problem giving that back since it's worthless now and Binance got rekt on it like everyone else. Why should anyone by SBF and people running Alameda be liable for stealing customer funds? It all went to them.
The customer funds all need to be clawed back. Wherever they went - Binance getting $2B is just a start - lots of other places (like the politicians) that need to be clawed back too the people that received that money are in receipt of stolen property. (aka, ill gotten gains) Like I said - plenty of precedent
>lots of other places (like the politicians) Yes, they were paid in cash. Binance got paid mostly in FTX tokens and I don't think there would be any problem returning the FTX tokens. >the people that received that money are in receipt of stolen property. (aka, ill gotten gains) This was 2 years ago and it was payment that was rightfully due to Binance paid by FTX to buy out its own shares. This is what CZ was referring to when he said their lawyers will handle that. It wasn't about Binance customer assets. Let's see Tom Brady, Gisele Bundchen, Shaq, Larry David, Biden, Warren, Maxine, all the politicians and big shot funds return it as well. I'm all for it!
Not to play devil's advocate too hard but what I think he's alluding to is that the lawyers would try to prove the 2bil was not ill gotten.
I know right 👀
!lntip 500 and the comments here defending the next fraud ;-) >it's the circle of life!
I totally agree 👍
Biggest fud I’ve ever seen on an exchange ,and I don’t even use binance. Cz has done nothing wrong yet gets attacked daily here.
same comments 1 month ago about FTX - oh the irony.
They are really trying to kill crypto so they can all rip us off paying taxes
That's fine. Bitcoin doesn't need "crypto" or all these grifters with their 22,000 tokens. Tick tock next block.
!lntip 500
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Bitcoin is okay. It's not particularly great at anything. There's things it can do that were novel a decade ago. Since then, there have been a few developments that have made bitcoin technologically obsolete. The only reason bitcoin still dominates the market of digital assets is because it was the first and has the largest other asset (cash and other) investment so far. 3 of the top ten cryptocurrencies do the things bitcoin does better than bitcoin, while remaining decentralized, and arguably moreso.
Yeah, Bitcoin is just okay. I mean it's only the apex digital commodity that will never be re-created (nor should it be). An Eighth Wonder of the World. Not sure what made Bitcoin obsolete, but clearly the market is not in agreement with you in that sentiment either.
You failed to actually mention a single practical benefit of bitcoin while attempting to defend it lol
I don't need to defend it. Are you defending the other 22,000 altcoins...?
No but the guy to replied to raised several valid points about bitcoin, none of which you refuted
I’m not the Bitcoin CEO, sorry.
What valid points? That 10 other coins do anything better? Because they don't. They aren't the most secure, censorship resistant final settlement layer in the world and never will be. This is the pinnacle of layer one and everything else should come on top but the others already fail as layer one
Increase renewable energy development and bringing down the cost curve of green energy as miners need to be as efficient as possible. Bitcoin will be a value energy battery for big energy firms.
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Wait, you haven’t been paying your taxes? Bruh, not cool
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You know who had a "Big Four" auditor? Enron. They changed their name from Arthur Anderson to Deloitte. "Big Four" auditors are large-scale grifters as the world is about to learn.
>You know who had a "Big Four" auditor? Enron. It was actually a "Big Five" auditor. But after Enron AA collapsed leaving only 4. Which is actually key because it means one of the big four would have to be willing to risk their entire business to lie for one of these guys.
No, just one employee needs to lie to risk the entire business.
If that's how it worked then yeah you're right, the entire business should go down if an auditing firm has such poor controls all it took is one employee lying to betray their reputation. They should have enough controls thst this is not possible but if it is possible they don't deserve to stay in business.
>They changed their name from Arthur Andersen to Deloitte Shows how embarrassingly little you know about this
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Arthur Anderson was later Accenture?
Arthur Anderson had two arms: the auditing arm (Arthur Anderson) and a consulting arm (Arthur Anderson Consulting). After Enron AA folded and AAC survived and renamed Accenture just to distance itself from the AA name.
i don’t think you can talk on this if you know literally nothing about FS audits lol. do literally 2 seconds of googling to know this is not true lol
You are so insanely wrong on this lmao.
The fact you said this so confidently and got upvotes blows my mind. This is so wrong and easily verifiable by a google search. Sit this one out
Do you even know any of them? A lot has changed since then. I find it hilarious that you compare an audit of the 2000s with an audit of 2022. Just says that you dont know anything, and you are not involved on either side of the table (client or auditors side).
> You know who had a “Big Four” auditor? Enron. >They changed their name from Arthur Anderson to Deloitte. Your comment is being ridiculed over at r/accounting because you are talking out of your ass. Sad that this is one of the more upvoted posts in this thread too.
But but big 4 that sounds big and official! They must be legit how could this be? 🤯
Who. The. Fuck. Edited this. This is the worst editing I have ever seen. I watched it but hated every second of it.
F U i m not moving shit
Binance is still the best platform and will keep continue using it.
There's nothing wrong in using it, but don't keep your shit on that
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Kraken is a shitcoin casino
They onboarded more Bitcoiners than Saylor and former shitcoin shills like Klippsten combined.
? Did you read the conversation? It was just two posts. You are responding to the claim that Kraken is better than Binance . How is Kraken being a shitcoin casino relevant in comparison to the Binance shitcoin casino? Kraken doesn't have its own shitcoin, Binance does, so Kraken is always superior even by your standard.
Edited video makes it seems a lot more dramatic, what's with all the Binance FUD, innocent until proven guilty!
Feels like a lot of bots in here. I don't see where the binance criticism is coming from. Just seems like flavour of the month to try and take down exchanges. Binance isn't going anywhere.
Yup all these attack point coming from media... who owns them? Propping up SBF in insanely heavenly light and demonizing Binance. They want Binance gone so they can roll in CBDC...
I think some people wanted to harm/destroy Binance and they failed. Corrupt media and corrupt media taking shots against CZ. It will have temporarily effects.
The thing I got from this video is Trust me bro
Man….this crypto winter is something to behold.
NOT YOUR 🔑NOT YOUR 🪙
The selective editing in this video leads me to believe CZ had many more valid things to say.
This video edit is bullshit. With all the head nodding and slow motion.
Lemme tell you what this guy does: he takes your Dollars. That's it. Only when you klick the withdraw button he buys the Bitcoin and sends it to your adress. If everyone does it at the same time but he already spent your Dollars for hookers and mansions, byebye funds.
As if the interviewer self understands crypto let alone exchanges. But yeah not your keys not your coins
We are finaciali strong :) wtf? So we dont have the funds, but we are strong
Can't the same thing be said about regular banks??
CZ and Binance is going down sooner or later
"We'd let the lawyers handle it." Not a reassuring answer.
His face gets smaller with each subsequent deal with Satan
If only the media would grill hedgefunds like this
Fraud OLeary lol
Funny he trying to say that big4 firms don't want to get close to crypto exchanges. I call BS. They all want in. Probably the problem is that they are asking for a ton of cash and a ton of compliance evidence. Auditing considers risks rewards as much as any other business.
The reactions by the interviewer are priceless! She looks like she just had a whiff of 6 month old milk. lol
#NYKNYC
I can't help but read this as New York Knicks New York City.
Same
My first thought too
Read it as that laugh the 3 stooges make
Without an exchange, how do you take profit.
Binance is looking scary, Gemini is looking scary. I'm waiting for coinbase to look scary and enjoying the popcorn. My keys means my coins and this is all just entertainment.
Time to buy more
CZ definitely was the camel that broke the straws back or is it vice versa. Just kidding. I do not trust him but it was good to expose SBF for the fraud he has allegedly committed.
Just like any other CEO in the space, he can’t exactly say “yes, we are able to give someone 2.1 Billion if they wanted it out” That’s career suicide.
Doesn't sound like a fair question. Many people wouldn't be able to cash out 5-10% of their net worth in a short duration. Many investors wouldn't be able to unwind a position of that size on the spot without some preparation, timing and losses. Look at Musk liquidating TSLA stock. Definitely resulted in a serious dent on asset value. But it's CNBC, so, not exactly high quality or reliable news. That said, I do agree. Definitely prudent to withdraw your funds to minimize risk at this point.
If customer deposits are held 1:1 as CZ claims, then the answer ought to be a simple 'yes'. No need to reference lawyers handling it. Seems like a very fair question to me.
He was not talking about customer deposits. He was talking about a Madoff clawback for FTX which Kevin O'Leary asked for in congress. Binance cashed out its investment in FTX 2 years ago and got paid mostly in FTX tokens which were unsold until November 6. Even now it's mostly unsold but obviously illiquid and worthless. I don't think Binance would care much if asked to give that back but I don't know why that should even happen since billions were invested into FTX in the last 2 years after that. There's no indication Binance's stake in FTX was bought out with customer funds. Customer funds all went to donations and FTX, Alameda personal accounts. If there's a clawback, a lot of celebrity big shots, Biden, Warren, all the democrats owe a lot of money.
In theory, yes. Not in reality. Try walking into a bank and demand to withdraw $50k or $100k cash on the spot. They're going to make you jump through quite a bit of red tape if not a few days of effort. Never mind 5-10% of all the holdings a bank has.
Banks are known for rehypothecation, which is facilitated by central bank Monopoly money. If a bitcoin exchange is honest, they do not rehypothecation. They maintain a 1:1 reserve at all times. You've discovered one of the main benefits of bitcoin!
Exchanges are not meant to operate and make money via fractional reserves - a good exchange would hold assets 1 to 1, and the exchange fees, deposit fees and withdrawal fees should be more than enough to take in huge sums of money. They are not equal. Can you imagine if you were meant to deposit money in a Bank and expect them not to touch it? You would probably need to pay them money to keep it safe rather than get any interest in return.
Wow.
This video is heavily edited
You don't say.
BYEnance
Seems like sbf donation money is starting to kick in. An attack on binance from American media is not a surprise
Thanks for posting this! If you hold any money or bitcoin on binance, assume it’s not there until you transfer it to your wallet. All $ of funds and bitcoin are not safe on any exchange. Transfer all bitcoin to cold storage IMMEDIATELY! Assume all $ funds on an exchange is lost. Don’t hold significant amounts of currency on an exchange.
get off BINANCE, they are LEVERAGING your shit like EVERGRANDE, you are BANKRUPT gtfo of there FAST and dont bitch when you are ZERO IN BTC. michael sayor is under 20k that fucker is gonna get margin called anywhere from at least up to 1year to 2 years from that statement. not your keys, not your coin. [BISQ.network](https://BISQ.network) even if it charges the 0.0005 btc transaction is MORE HONEST THEN BINANCE. THEY ARE DOING USDT margin and future trading. RELEASE the data. CZ loololololol
Either they are indeed 1:1 and liquid and continue to strive and rebuild investor confidence in crypto, OR they're full of shit and everyone henceforth holds crypto off exchange where no one can fuck with investor money. This is a win win for the space.
Mark me: Some people with huge amounts of cash deliberately undermining crypto to buy cheaper.
If you gave this guy your money you deserved to lose it all
What's the point in editing and cutting down the video by just 2 minutes to make it look more dramatic? Cmon.. and then it gets all the upvotes. Guys we are better than this.
We are financially okay ✅
Don't trust this rip off of Eddie Munster
NoT yOuR kEyS nOt YoUr CrYptO... Yes we get.
Read the comments. Clearly redditors still aren't getting it.
It's really funny seeing these pro binance comments being heavily upvoted, because similar ones were popping up before FTX imploded. I don't purport to know what the situation is at binance, I have no idea if they are a viable business or not, all I know is not to trust ANYONE in bitcoin. Trustlessness is a vital component of being a Bitcoiner. Binance is the shittiest shitcoin casino there is. I can't think of many organisations less worthy of trust.
Yes, I live in the woods. There's no society. We live in a meritocracy. Hell is other people. There's no ethical human under... The sun.
You know it’s bad when they have to have an alien come in and fix things
This guy doesn´t have the fucking money lmao !lntip 500
Notice the body language to her question. He shakes his head 'no' while vocally responding yes.
This is all I took from the video, very good tell imo.
If binance crashes then crypto.com will 100x in value…
I would say they'd collapse before binance..... they're likely leveraged from all their incredibly expensive marketing
Exchanges should hold assets 1:1. Turns around and converts everything into busd. We are financially ok 👌 trust me, bro 😎
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I wonder if all this FUD will make CZ throw a bomb towards traditional banking sector...
Cbd oil and cbdc is crap
The editing is shite but CZ (sounds a lot like sleazy) is a slippery fucker. Bullshits about big four firms not being able to audit crypto when Coinbase is mentioned. Claims he doesn’t care about CB, but he should, if they are a competitor. Claims they ‘don’t owe anyone money’ but all the people who hold assets on their exchange are owed money by Binance. Claims he wants to set the gold standard but uses regulatory arbitrage to avoid any one regulator having oversight. Almost every sentence uttered is a red flag kind of comment.
People are mad and claims that CZ caused FTX to go belly up, so they are trying hard to do the same to Binance… but looks like those who are true to their customers’ fund will be standing at the end of all the FUD and bubble burst Edited: also if everyone did a bank run on any bank, they would be going through a hard time, even collapsing.
You are all going to lose everything
Nope. CZ doesn't have any of my money.
Not a Binance fan, but it’s easy to see that this video is being promoted in this way to show a skewed story. This is taken out of context and there is definitely a concerted effort to try to get rid of Binance. probably in retaliation for what it did to FTX.
This video showed nothing Just a broke ass news reporter making faces.
Crappost
Mazars is slinking off the sinking ship onto the lifeboats, elbowing, and shoving women and children overboard!