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Not FED. Not SEC. It's CFTC vs Binance 🏴󠁡󠁦󠁷󠁡󠁲󠁿 🚁

www.thetokendispatch.com

Not FED. Not SEC. It's CFTC vs Binance 🏴󠁡󠁦󠁷󠁡󠁲󠁿 🚁

Commodity Futures Trading Commission has Binance cornered over trading rules violation. Nvidia CTO blasts crypto. Crypto can buy you a burger in Paris. Warren Buffett, the financial analyst bot.

Thejaswini M A
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Nameet Potnis
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The Token Dispatch
Mar 28, 2023
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Not FED. Not SEC. It's CFTC vs Binance 🏴󠁡󠁦󠁷󠁡󠁲󠁿 🚁

www.thetokendispatch.com

Hello y'all. This is The Token Dispatch. You realise the power of the government when they let loose the whole machinery on you, one by one. Hello US. Sorry crypto. Gotta show us some love on telegram, eh? 🤟

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Binance is facing some serious legal troubles 🚨

On Monday, the Commodity Futures Trading Commission (CFTC) accused Binance of violating trading and derivatives rules.

What did Binance do to get into this mess?

Well, apparently, Binance has been trading against its own users via around 300 "house accounts" owned by CEO Changpeng Zhao. Most of the CFTC's charges relate to knowingly offering crypto derivatives to US residents through Binance's international exchange 😬

Binance did take measures to prevent this day from coming 🙌

  • Increased compliance team from around 100 to 750 personnel,

  • Hired former members of law enforcement and regulatory agencies. 

  • Spent over $80 Million on transaction monitoring, market surveillance, and investigative tools.

  • Implemented a "three lines of defense" approach to both risk and compliance.

  • Blocked US users by banning US IP addresses and cellular providers.

  • Prevented deposits and withdrawals from US banks.

But none of that worked.

🔥And the reactions:

“I eat our own dog food and store my crypto on Binance.com”

CZ: "4"

Also CZ: "CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years." 

Coins: Fell.

BTC 3.89% to $26,874

ETH 2.59% to $1,719

BNB 6.2% to $309

Industry: Some are predicting a lengthy legal battle, and some say it's a *fatal* blow. Some have compared the situation to the BitMex case, while others are comparing it to the FTX disaster.

Community: Twitter up in arms. Forever bullish.

Twitter avatar for @EmperorBTC
Emperor👑 @EmperorBTC
People thinking this is the End of Binance and Crypto because CFTC Sued Binance. This is how it will end. 1. Government will ask Binance to pay a Huge Fine. 2. The fine will be equal to how much CZ spends on Lunch on the days he doesn't have lunch. 3. Back to Business.
4:24 PM ∙ Mar 27, 2023
3,724Likes436Retweets
Twitter avatar for @Ashcryptoreal
Ash WSB @Ashcryptoreal
All crypto exchanges are getting sued Kraken, coinbase, Binance and more. Meanwhile fidelity and Nasdaq are on the path of crypto trading. Smart people are coming in and Wall Street wants a piece of crypto. Few understand this.
6:51 PM ∙ Mar 27, 2023
2,537Likes533Retweets
Twitter avatar for @jebus911
Jebus.eth @jebus911
judging by this lawsuit Binance was a much more professional operation than FTX bullish
3:36 PM ∙ Mar 27, 2023
231Likes10Retweets

The same day: A Federal judge temporarily stopped bankrupt Voyager Digital from completing a proposed $1.3 billion sale to Binance US.

Reason? The fear of unregistered securities!

Voyager Digital has been going through bankruptcy proceedings since July, and as part of this process, it agreed to sell its assets, including its customers' digital currencies, to Binance US.  

One thing's for sure, the crypto industry has seen its fair share of setbacks recently, from Coinbase's Wells Notice from the SEC to Tron's Justin Sun being served legal papers. Now it’s time for playing the tune for Binance.


Why not sponsor us, eh?

Want to shine sharp and bright in our newsletter? Here's your opportunity. Tell us about you, and we will tell you what we can do. Easy. Fill out our advertiser form and we'll do the rest #WAGMI

TTD What we tracking 🔀

Polygon just launched its highly-anticipated Ethereum zkEVM scaling solution, and to celebrate, Vitalik Buterin sent out the first transaction with a hidden message:

Twitter avatar for @sandeepnailwal
Sandeep Nailwal | sandeep. polygon 💜 @sandeepnailwal
.@VitalikButerin did the symbolic first ever transaction on @0xPolygon #zkEVM and it has a message on it "Millions of constraints for man, unconstrained scalability for mankind" Goose bumps!! zkevm.polygonscan.com/tx/0x18db0b46e…
Image
2:40 PM ∙ Mar 27, 2023
1,999Likes424Retweets

So what's a zkEVM? Faster and cheaper Ethereum transactions for everyone.

About Polygon's zkEVM

  • Completely open-source. Currently in beta. 

  • Permissionless and public for anyone to build and use. 

  • Integrated projects like Lens, Balancer, and The Graph.

Polygon wasn't the only one in the game. Matter Labs surprised everyone by launching their own version of the zkEVM called zkSync Era on Friday.


TTD Blockquote 🔊

Michael Kagan, CTO Nvidia, the US chip-maker

“I never believed that [crypto] is something that will do something good for humanity”

Nvidia’s tech top dog thinks that the chips they make have more worthwhile use in developing chatbots as against crypto mining. Savage 💀


TTD Food for crypto 🍔

If you in Paris, your crypto can buy you a burger feast 🤤

At Burger King, Paris you can pay for your burger using over 70 unique cryptocurrencies. It has partnered with Binance and Alchemy to provide crypto payment services via Instpower power bank machines.

Paris bosses fashion, and it don’t want to be left behind on Web3 innovation. Gotta love them french. Always.


TTD Check it out 🧐

Mayo Oshin, an AI engineer in the UK wants to fast track finance documents processing. An AI analyst to to process complex contracts and documents. What do we call it then? Warren Buffet, duh. That’s sweet.

Twitter avatar for @mayowaoshin
Mayo @mayowaoshin
I built a GPT-4 'Warren Buffett' financial analyst to 'chat' with and analyze multiple PDF files (~1000 pages) across @elonmusk's Tesla 10-k annual reports (2020-2022) #gpt4 #openai #investing #stocks #finance
4:07 PM ∙ Mar 27, 2023
7,128Likes878Retweets

TTD Surfer 🏄

  • Ticketmaster is offering artists a token-gated option for exclusive ticket access, makes debut with nft-gated ticket sales for Avenged Sevenfold.

  • Luxury fashion brand Gucci partners with Bored Ape Yacht Club creators Yuga Labs to develop the Otherside metaverse and 10KTF narratives.

  • Twitter flags Arbitrum official account as spam, briefly suspends the account. All by mistake. Back to normal business in a few hours.

  • Tech winter swoops Disney’s metaverse division, 50 member team working on developing a new form of storytelling laid-off.

  • Latest SEC filing reveals MicroStrategy buying $150 Million Bitcoin, and paying off Silvergate Bank Loan.

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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.

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Not FED. Not SEC. It's CFTC vs Binance 🏴󠁡󠁦󠁷󠁡󠁲󠁿 🚁

www.thetokendispatch.com
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