Binance Founder in Hot Water! SEC Files Lawsuit on 13 Counts – What’s Next? – 256

SEC asked for emergency order to freeze Binance U.S assets anywhere in the world The SEC asks a Washington D.C federal Judge to freeze the assets of binance's U.S subsidiary alleging that the company And its founder Shang Pang Zao held a Disregard for U.S law the emergency Order was filed late Tuesday night and Would also Force the uh Repatriation of Fiat and a crypto asset Deposited why am I blanking is this Spelled correctly Hold on All right I feel dumb today let's get This it's the process of returning a Thing no I need pronunciation That's what I need Pro pronounced Pronunciation oh man I should have taken My lion's mane today this is rough This is Rough Boys Hold on Repatriation what is this Repatriation or repatriation there we go A Fiat and crypto asset deposited held Traded and or accrued by customers on The binance.us asset trading platform The Securities and Exchange Commission Filed an emergency Motion in Washington D.C federal court Tuesday evening asking A judge to freeze the assets of Binance's U.S platform and repatriate Both Fiat currency and crypto held by the

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Services customers the freezing order Only applies to binance's to U.S holding Companies not to the non-us regulated International Exchange the order would Apply to dozens of accounts held at the Access bank the defunct silvergate bank Prime trust and other institutions two Foreign entities also controlled by Zao Sigma chain and Merit Peak served as Conduits for billions of dollars of Customer money that was improperly Co-mingled with binance's funds the SEC Alleged The SEC filed suit against binance and Zao on Monday alleging on 13 separate Counts that the exchange in Zao had Worked to defraud investors in properly Co-mingling funds and operate as an Unregistered broker dealer and Clearinghouse the emergency restraining Order was necessary the regulator argued To quote prevent the dissipation of Available assets for any judgment given The defendant's years of violate a Violative conduct disregard for the laws Of the United States the order also Compels binance's founder Shang pang's Al to quote show cause why a preliminary Injunction end quote against Zao and his Two holding companies quote should not Be entered end quote the restraining Order would also prevent all three Entities from destroying evidence So It Begins and it is clear to me I

Think at this point that Western culture In general uh specifically you know Let's just go with the the Nato-bound countries right that I mean Essentially is what we're talking about Here because we're going to get into This but we're talking about the United States we're talking about Canada we're Going to be probably talking about you Know Australia the UK Germany all of These countries are going to come out Directly attacking cryptocurrency Because it does at the end of the day Like we've talked about in previous uh Shows uh threatened the current power Structures At hand so this really doesn't have Anything to do with buy Bitcoin or buy Cryptocurrency to get rich this has to Do with what is the power structure that Is being shifted here and that power Structure that's being shifted is going You know from the current Reserve Currency and the current standard of the US dollar into you know Bitcoin Cryptocurrency in general and if that Does happen that weakens the power Structure so This makes sense that these that we Would start with basically utilizing Current regulation that's put in place To go ahead and move over there but the Problem is I think in general just if I If you had to take my two senses we

Don't need the centralized exchanges for Any of that right in fact the regulation Of centralized exchanges like binance Like crypto.com Litecoin base and all of That stuff these onboarding and Off-boarding ramps from Fiat into Cryptocurrency shutting down well at the End of the day only strengthen I think The power of cryptocurrency in general Because right now these entities do to a Certain extent like we've seen you know With a lot of different cryptocurrency Platforms manipulate those And I think that is bad for the general Public it's just kind of a weird It's a double-edged sword right where You could say well you know The people that are within participating Within cryptocurrency the you know I I Think like that one percent that's Really into it really into self-custody All that sort of stuff we see this sort Of these sort of reports and it's like Well duh I mean this is everything that We've known from the Barry get-go right We've known about the centralized Exchanges co-mingling of funds we've Known about the manipulation that they Participate within Etc So it's of no surprise but you know at The same time we've heard accusations Surrounding where does the U.S Government sell its cryptocurrency right Uh when they are getting rid of like the

Mount gox confiscated cryptocurrency Etc It's on these centralized exchanges so Thanks for checking out this clip from The crypto mining show you can check out The full episode here or more crypto Content down here also I'd like you to Check out my locals page at son of a Tech.locals.com where you can become a Member for free or choose to be a five Dollar a month supporter that unlocks Additional content

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