World’s Biggest Crypto Exchange Has Made It Harder to Fight Crime, Police Say - European Law Enforcement Say Binance Is Protecting Money Laundering
https://www.nytimes.com/2026/07/28/us/binance-crypto-crime.html?unlocked_article_code=1.1FA.gMXv.Z-nftwj4yfZf
62 points · 5 comments · view on lemmy.world
5 Comments
XLE@piefed.social · 15 pts · 25d
Why does Binance get to enjoy all the legal benefits of being a corporation, and all the benefits of trading cryptocurrency, and none of the downsides of either?
dwazou@jlai.lu · 16 pts · 25d
They were prosecuted for money laundering.
The problem is that the legal punishment was too mild. The CEO spent 4 months in a luxury prison for white collar criminals. Basically a social club for the rich.
So now he is doing the same thing all over again.
richardisaguy@lemmy.world · 8 pts · 25d
If i robbed a watermelon on the local supermarket i would get more prison time than that. The US legal system is a joke
UniversalApproximation@lemmy.world · 1 pts · 24d
PierceTheBubble@lemmy.ml · 3 pts · 25d
Law enforcement shouldn't become too convenient ("The company built a staff of hundreds of compliance officers, many of them veterans of U.S. and European law enforcement agencies. The police could often get information about accounts far faster from Binance than they could from banks."), but equally not be excessively hindered by procedures or cronyist governments ("[...] unable to obtain account records from some Binance users based in the United Arab Emirates. [...] certain information requests flow through the Emirati government [...] conflict of interest, because the investment firm MGX is funded by Abu Dhabi royals."); so I'm quite mixed on the change of direction.
It might be positive for legitimate users of the platform (which are less likely to be investigated, let alone receive specialty-treatment), but simultaneously protect Trump's crypto-scamming inner circle, alongside other high-value targets.
inari@piefed.zip · 1 pts · 24d
🅱️inance