The charges against Binance
Channel: Molly White
Date: 2024-01-15

The charges against Binance: what are the accusations, and what's next for Binance and its former CEO, Changpeng "CZ" Zhao?

Attribution and sourcing for this video can be found at https://mollywhite.net/attribution/binance/. Disclosures for my work pertaining to cryptocurrencies are at https://www.mollywhite.net/crypto-disclosures. Transcript: https://blog.mollywhite.net/binance-script/

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Opinions expressed in this video are just that — opinions — and should not be interpreted as statements of fact. The allegations against Binance are as described by the Department of Justice, the SEC, CFTC, FinCEN, and OFAC.

Molly White is a researcher, software engineer, and prominent critic of cryptocurrencies and blockchain-based projects. She is best known for her website Web3 is Going Just Great, which documents only some of the many disasters in the cryptocurrency and web3 industries, and for her Citation Needed newsletter.

00:00:00 Intro
00:01:34 History
00:04:46 Binance's locus of operations
00:05:34 Growth
00:06:38 "Compliance"
00:11:01 Level 1 and Level 2 accounts
00:12:51 Failure to identify users
00:15:24 Criminal activity on the platform
00:18:14 "Tai Chi" entity
00:19:42 Binance.US established
00:24:10 Keeping US customers on the global exchange
00:31:13 Merit Peak and Sigma Chain
00:34:36 Market manipulation
00:37:58 The legal complaints
00:42:50 Why?
00:45:25 The charge details
00:53:01 What's next for Binance?
00:57:34 What's next for CZ?
01:00:34 Outro