How Binance Melted Down in Less Than a Year | WSJ What Went Wrong

Binance skirted regulation to become the world’s largest cryptocurrency exchange by trading volume. Now, the company has pleaded guilty in the U.S. and agreed to pay $4.3 billion in fines. Here’s how the same strategy behind the company’s rise brought it crashing down.

Chapters:
0:00 Binance and CZ pleading guilty
1:11 Rise to the top
2:23 Turning point
4:30 CZ steps down

What Went Wrong explores the challenging conditions and decisions that led to a company's downturn.

#Binance #Crypto #WSJ

[bobthemagicmoose]

“I embrace regulation” is code for “politicians, name your price”

[RockG.o.d]

so Binance never lost anyone money, gets a fine which is a lot bigger than that of a bigger banking company, who has lost customers money or even fraudulently.

[FredMeyer-noji]

The problem we have is because Most people always taught that " you only need a good job to become rich. These billionaires are operating on a whole other playbook that many don't even know exists.

[jpiedra]

Binance did not fall and people did not lose funds, unlike ftx.

[SB-zjpm]

The banks and government always win. You can’t have a currency that is global and that’s free of government control. Binance is a great concept/system/program. The worlds governments do not want to give up control of money.

[tonytoronto]

US just being jealous Binance is not a US company

[Windarti]

Managing Money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times, while orders tend to avoid them. Well, at least my advisor does too.

[ursa]

What about all the stock, bank and USD scandals/whitewashing going on? Why can they break the laws without punishment?

[ArturoGarzaID]

Got to pay the big man first if you want to get the go ahead that’s what this looks like.

[MatthewUnger]

Fact check WSJ - Binance started in Vancouver, Canada until CZ moved to China to avoid regulatory issues in Canada.

[BatCaveOz]

Anyone keeping money in a crypto exchange is taking an incredible amount of risk.

[pedroportillo]

SBF said the same thing, “assets are safe”. That’s usually code for things are about to go downhill quick!!!!

[sayweb]

He did not steal anyone.
His only crime was success.

[MingeShagger]

I don't mean to sound gullible, but how is US gov able to force a non US based company pay such a penalty, are they fining then for BinanceUS, could someone enlighten me..

[themissingtile]

It just keeps getting better. Excuse me while I light my spliff.

[ionut]

The biggest scammer was from your country and the exchange also, FTX

[susancorgi]

It's good that he plead guity and pay up and move on the business unlike FTX which is a total scam.

[aubreyrobin]

I still trust binance more than the government

[Winchecos-epnb]

Cardven token will make millionaires, after CEX listing it will blow up.

[myph]

😂 sec, wants to get rid of crypto exchanges. Don't give your money to blackrock.