6/12/2023: More Binance Drama
Binance.us is unbanked. SEC asked to freeze Binance.us assets. Binance is said to be illegal in Nigeria.
Following the bombshell lawsuit filed last Monday, there was even more Binance drama for the next few days. On Tuesday, the SEC filed a temporary restraining order against Binance.us to freeze its assets. On Friday, Binance.us announced that it has suspended US dollar deposits and asked customers to withdraw their USD as their bank transfer access can be cut off as early as June 13th. On Sunday, Nigeria's regulator ordered Binance to halt its operations in the country, saying a local unit that courted Nigerian investors through a website was illegal. BNB token price went from $307 before the string of bad news broke to ~$230 right now, a 25% drop. I don’t understand why people except for Binance insiders would bag hold the BNB token. It surely looks like a house of cards that is crumbling.
So what’s going to happen next? The logical next step is criminal charges filed against Binance/ CZ by the DOJ. Can someone please also investigate Tether and Justin Sun? They both look super sketchy. Over the weekend, I read the profile of Three Arrow founders in the New York Times. Geez. Why are there so many terrible people in crypto? After losing billions of dollars that indirectly bankrupt a lot of retail investors, the following was what the founder Kyle Davies said after decamping to Bali:
You eat very fatty pork dishes, and you drink a lot of alcohol, and you go to the beach and you just meditate. You have these magical experiences.
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I would like to believe that I can create two more businesses. But I’m also OK with the idea that I’m fully retired at this point.
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If anyone has any problems, just go to Bali.
WOW! SMH. WTF? He sounded like he just left a loaded investment banking job! What about all the retail investors who lost everything due to his actions???!!! People like him are precisely why SEC is not legitimizing crypto and why the general public hate it. From what’s happening so far, crypto is primarily a scheme to enrich a small number of reckless and sinister people and impoverish retail investors. The 3AC founders got to retire after losing billions but many retail investors will never be able to retire because they believed in their crypto scheme. It’s tragic.