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well this is quite bizarre just a few hours after we chatted about binance the SEC has officially sued binance yet again filing 13 charges against Finance entities and founder CZ we're gonna go through the press release we'll look at a little bit of the actual legal complaint and then what we'll do in this video is we'll talk about some of the other background like the commodity future trading commissions uh lawsuit against the binance and some of the other history that we know about CZ and how maybe CZ and binance control a lot more of the Bitcoin Marketplace than people would like to think in fact this lawsuit just hit from the SEC and we basically got an instantaneous red candle here on a Bitcoin we're down 5.2 percent in the last 24 here strong down candle still within this trading range if we were to extend the stem so we still haven't broken that range if we pull this out a little bit we're actually getting we're bouncing off of that range but boy if we if we break past this uh this range here would be about our 25 7-ish level wouldn't be too great so let's see what happens but for now let's take a look at this lawsuit first so this is just the cover letter here very similar to the cftc the sec's lawsuit essentially alleges that binance in America without registration sold unregistered Securities in fact the second half of the entire section of the SEC lawsuit basically just breaks down the top 10 crypto currencies that were for sale without registration on binance they actually go pretty deep well I mean for the SEC this I actually thought they did a very impressive summary of each of the different coins here uh for example or coins or tokens whatever for example you want to learn about Solana the SEC on page eight 89 and 90.
91 and the first half of 92 gives you a complete breakdown of Solana you want to learn about ADA on the cardano blockchain 92 to 93 to 94. want to learn about Matic and polygon what about axi remember that one or some other algorand to Central land they're all in here kind of incredible the second half of the SEC lawsuit is really just giving you a summary on all these different coins it's quite interesting but it also shows the SEC is not just targeting binance but also is clearly trying to establish the precedent that all of the different ones mentioned they're coming for you they're coming for you too just kind of scary but anyway uh notice actually wait a minute I wonder did they though mention Bitcoin see we know that binance controls about 80 of Bitcoin transactions but wait a second here we know they call Bam trading and the BNB coin Securities we know they're alleging over here Solana we've got Ada we've got Matic and polygon in here we've got file coin in here we have oh this is kind of Juicy notice ethereum BTC not in here uh we've got Ada uh Adam in here we've got from the cosmos we've got let's see here sand oh on ethereum on the ethereum blockchain interesting but not ethereum itself eh Mana for the central land is in here as an example algorand is in here uh again we had cardano earlier there's axi which that was a scam then you've got Cody here then we have uh binance through bam trading then it goes into binance and Bam again fascinating you actually don't have BTC and ethereum in the listed Securities as examples of Securities in the SEC lawsuit maybe this is almost a way of the SEC suggesting that maybe these are Commodities and letting the cftc handle these crypto assets so to speak they give some definitions of Bitcoin here and they do reference Bitcoin but they do not fascinatingly give Bitcoin as an example of a security in fact here they reference when they talk about the cosmos Hub about how basically they the cosmos Hub could be a bridge to ethereum in Bitcoin uh digital assets but not that those are securities boy that now makes me want to jump over to the Commodities and future trading commission lawsuit which is right here and I wouldn't be surprised that the SEC and cftc ah look at this I bet you they collaborated because look what we have over here uh digital assets that are Commodities including Bitcoin ethereum and Litecoin wow look at how these agencies are trying to separate this they're basically saying Bitcoin ethereum and Litecoin are Commodities and all the other ones Matic polygon well obviously that's on the polygon chain uh Solana cardano Ada in other words uh in other words all of these those are securities interesting how they are coming at binance from both angles there's no overlap now in these lawsuits the cftc can go all in on suing binance for selling unregistered Commodities Bitcoin ethereum Litecoin the SEC can go all in against binance for promoting Finance token and uh these other unregistered Securities like Ada Solana Matic wow that's actually a really big deal and quite quickly in the course of just filming this in the last six minutes here I just realized how they segmented this out and that is actually a very big deal because now you have the SEC and cftc finally saying we'll take these you'll take those wow this is incredible anyway so beyond that then of course we get uh some talk about how basically binance us was basically just a a shell for a binance and that the CZ had a lot more control than people think here's an organizational chart I actually recommend that you pause and screenshot this because I think it's really interesting because it shows you basically how Zao owns all this stuff uh whether it's binance Finance us down over here or look at that coin market cap right over here uh fascinating I think some of the most interesting comments that came out of my read of the lawsuit though had to do with this Tai Chi plan and basically the Tai Chi plan was this intentional setup of a US entity to purposefully quote reveal and resolve enforcement tensions at a US entity that would keep them separated from binance so basically the Tai Chi plan was like yeah yeah let's create a US version and let's let that one take the fall for all the regulation in the meantime let's throw up claims that the Howie test which evaluates Securities are going to hold up in our way even though we don't expect that they will and even though we'll say you can't be a us user on the actual uh you know binance Network we'll just go ahead and find ways to allow VIPs and other individuals that we want on the platform anyway to essentially bypass uh these terms of services by asking us users to use the VPN very similar allegation as in the cftc lawsuit but again this is groundbreaking here about how they're separating the clarification of these uh Securities tokens or whatever you want to call them at this point but not a good day for binance here's some more on background on binance and the cftc lawsuit before I get into that quick reminder I've got amazing check those out get life insurance by going to metcaven.com life that's a paid promotion great product you can Apple pay or Android pay in as little as five minutes and of course get yourself 12 free stocks on Weeble by going to metcaven.com free that's metcaven.com free also paid promotion a good old esteemed CZ is apparently considering selling out of at least a lot of his ownership of binance how convenient right as all the vultures of regulators are coming coming in and circling around the rat that is CZ all of a sudden it's easy wants to get out what a surprise what a horrible surprise actually it's not really a surprise at all now obviously binance survived last year's insanity and Madness uh which other crypto brokerages did not a lot of them went uh went down but a lot of folks have been asking Hey Kevin why recently has it seemed like the stock market has been doing so well and uh Bitcoin has not it's returned pretty decently year to date uh we're at 26 700 right now up from that sixteen thousand level uh but but why has it felt like it's been sort of bleeding out in the last few weeks as the stock market's been rallying on AI and otherwise and a lot of folks believe that this has to do with lower trading volumes and finances potentially well The Regulators are coming in not only is it likely that The Regulators are coming in but there's a pretty big piece in writers that just came out a couple hours ago touching on how binance potentially through their binance dot us arm operated bank accounts here that they weren't supposed to and utilized loopholes to basically have Direct Control of customer cash which would be big big no-nos uh for a company like binance on top of that you've got plenty of arguments right now being made that basically sees these getting ready to uh well let's just say make a run for it and this is not a surprise we've seen the CZ guy uh supposed founder majority owner of binance uh refused to come to the United States for Fears of being arrested super sketchy interviews he's had on CNBC alleging that oh don't worry our assets get audited we're good and then it's like well what about your life abilities nope we don't audit our liabilities don't worry though our assets are great and then of course they make this argument that all of our coins are backed by cash but then what has secretly come out is that you're using the same basket of cash to back multiple different tokens so it's like yes if one token withdrew all of its money and needed all the cash backing it that would work but then that would leave all of the other tokens not backed by cash because you're multi-counting and because you're multi-counting is exactly why you don't want to audit your actual full company because your proof of reserves audits which are just single glimpses of asset checks first of all your auditor quit because you all are probably a blatant fraud uh and second of all people like uh nobody believes these reports anymore anyway anyway I'm obviously pretty bearish on this guy and so now apparently look at this finances regulatory woes pay his path for cz's Heir Apparent in other words because The Regulators are coming in CZ wants to dump out of binance and pick somebody else to run the company now of course they'll Spin The Narrative and be like oh we want to show that we're turning a new Leaf but really what it is is cz's gonna make off with Billy's and uh yeah anyway let's see what we got here in mid-may cryptocurrency exchange buying has got some bad news in the far-flung corner of the sprawling Universe Finance payments Partners were cut off in Australia we saw a lot of this cutting off in by other Banks as well binance is really losing a lot of its on and off ramps and so now you've got someone new this guy Richard Tang oh oh hold on hold on a sec there Bloomberg there we go Richard Tang this guy might end up being the front Runner to take over as CEO and this is being speculated on specifically because of the regulation that's circling around basically was out's home over in Dubai and even though they're trying to take this argument of hey we're a tech company you know we move fast and break things in the finance space you have to be really really careful and so they're trying to basically put this new figurehead in to try to show or prove that this is a reputable company and that they're willing to work with compliance authorities now apparently uh what's what's Wild is that according to the financial times and another piece over here uh binance which the financial time says has no headquarters at all controlled 57.5 percent of the average volume of the world's crypto exchanges at its peak in February now they control about 43 that's still a lot but I remember one of the moments we actually just recently popped to a new high at uh at Bitcoin I think where it was right around thirty thousand was when binance decided to move uh money they had about a billion dollars they had in stable coins into Bitcoin uh and and so you it at one point the financial times that a separate piece had also argued that Finance controls 80 percent of all Bitcoin transactions which is also pretty remarkable uh you've got a cftc lawsuits against binance and actually I think I have the peace the financial times based this off of right here this is Morgan uh Morgan Stanley you know I don't really love Morgan Stanley I remember talking about this one when we reviewed this last time as well but they talk about Bitcoin uh here it is 81 of BTC traded on exchanges in February was traded on only one Exchange Finance our conclusion is that Traders on binance now set the daily price for BTC I don't disagree with Morgan Stanley on this now I disagree with a lot of things but I don't disagree with this at all and they also talk about how a stable coin market caps have actually with the exception of tether fallen on average about 16 percent uh and so some some softness Happening Here in the crypto space you know the meme coin game is still alive and well but something to pay attention to because a lot of The Regulators are swarming in now or as as they quite frankly should on stable coins mostly because and I'm made this argument for for years that I believe that stable coins or inherently unstable and that that's why they offer these larger yields because we we don't know how many times this money is re-hypothecated and who owns you know the debt unfortunately the problem was you know I thought stable coins might collapse but brokerages would survive the opposite happened right a lot of the brokerages fell and some of the stable coins actually survived although we did see some some pretty pretty big blow-ups uh with with all this said the rolling Rolling Stone magazine actually just put out a big piece on uh Assisi I think it's worth looking at let's take a look at what the Rolling Stone has to say so uh crypto's richest man is waiting out the chaos CZ has always avoided the spotlight but after spf's extraordinary fall all eyes are on the on crypto's mysterious Kingpin uh and so I I went through this article already uh I know I'm not going to read this whole thing because it is it is quite extensive but uh I did highlight a section here that was interesting uh binance has been hit with this lawsuit by the cftc uh in March alleging a massive scheme to intentionally invade evade U.S laws and it's worth bringing this up I actually have the cftc lawsuit it is right yeah it's a 74 page lawsuit it's actually right here one of the things that you find that binance according to the CFC TC was really good at was basically allowing teaching people how to set up vpns to bypass laws to be able to invest in binance from jurisdictions they're not supposed to whether that was mainland China or the United States or or otherwise and uh they basically call binance's compliance programs ineffective and they have a pretty thorough case here and make some pretty strong allegations against buying Finance for example here Finance intentionally tried to hide the scope of its compliance program ineffectiveness from its business partners at one point binance purposely engaged another compliance auditor that would quote just do a half-assed individual sub audit on geofencing to buy us more time and I think that's kind of been the thesis here of BZ it's like or is it busy CZ and binance is like let's just keep kicking the can down the road until we're fully flushed out uh in fact you even have CZ here replying uh I think it was easy let's see here uh lim who was aware that binance did not have a board of directors nevertheless assured her yeah it's fine I can get management to sign off on the fake report around the same time as the referenced half-assed compliance audit in November uh an individual explain okay so not CZ an individual exclaimed to Lim in the chat I has no confidence in our Geo fencing they also talk about Hamas transactions being facilitated like buying AKs uh uh you know and basically laundering money on binance and how basically Finance just closes their eyes to questionable services like for example they would take they would teach people when they were associated with questionable purposes to quote come back with a new account this current one has to go it's tainted yeah it's tainted uh you know so anyway but that's because uh off boarding is viewed as bad in cz's eyes in other words we don't want to see terrorists leave binance because that's going to lower our numbers it it's really kind of like one of the most disgusting companies that I think could possibly exist that still exists and that's not to say that others were any better I mean we've already seen there have been blatant frauds rug polls in crypto brokerage frauds there's been so much fraud in crypto it's been disgusting uh you know I I feel embarrassed that at one point I I thought you know even three percent of a portfolio going to crypto was remotely reasonable obviously that's not like personalized advice for people but I you know it was never a big like oh all in crypto or whatever but I mean some of these things are just it's just crazy how this organization still exists but anyway uh let's see here Forbes had an expose on CZ fine okay we already know that I want to go to there was another section here the Rolling Stone hat so they talk a little bit about how basically he can live nowhere but anywhere finances role in evading Regulators moving assets for criminals and sanctions Invaders and hiding basic financial information there's actually talk about people using binance to bribe Russians during this whole Russian and Russia and Ukraine disaster which is not great either murky divide between binance and finance us is part of what has Regulators worried well they're probably if it's anything like FTX they're probably really one of the same and I think that's why they're getting sued by you know the SEC and the uh cftc yeah but uh but anyway what CZ In fairness to them what they're trying to do is they're trying to set up this idea that hey they're going to focus more on compliance and they're just going to say that anybody who says anything negative about them is just fighting or fake news or whatever fine okay whatever everything I'm saying is just my opinion whatever who cares so anyway there are some really red flags when you look at binance like if if you buy on finance I I would just be a big fan of taking my money off the exchange you know not your keys not your crypto right but anyway I think it's very interesting that they want to focus so heavily on compliance this is what CZ tweeted at the beginning of the year and I think this is consistent with their their move of really trying to get a new CEO because CZ is Tainted so what they're trying to do is they're trying to get uh this new guy Richard Tang to basically be this fill-in with a cute resume that uh that could oversee binance and hopefully get them to be regulated I have to say Kevin O'Leary in my interview with him had a really great point and and he suggested that binance is likely to continue to get squeezed into jurisdictions that aren't regulating them and they're going to see the the jurisdictional pressure come from all angles until they're really only able to operate in very very few areas but even those few leftover areas will eventually squeeze them out until they're either forced to comply or go bankrupt he had a very great argument just type into YouTube meet Kevin Kevin O'Leary uh and uh and and you'll see it I thought he had a really great argument and I think so far that's playing out to be true so uh I think if it is true that binance is controlling about 81 at least as of February of Bitcoin coin volumes in case you're wondering why Bitcoin is falling I think the Frank bottom line is because binance is starting to falter and the more BTC Falls the more in my opinion it's actually evidence of BTC faltering uh sorry not a BTC filtering of Finance faltering uh and the more you see pain and finance the more in my opinion you'll end up seeing pain in Bitcoin at least until the issues resolve themselves so we'll see but that's just my tak
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