CZ pleads Guilty, Binance pays $4.3 Billion Fine (Bullish)

However, what is happening with Binance? We know that CZ has just pled guilty to charges levied against him. Oh, let me bring this up on my window. Why is my window not working? Nothing works when you want it to work, right? But anyways, so the chief executive of Binance, Zhao Chenpeng, has resigned and pleaded guilty to U.S. criminal charges of failure to protect against money laundering. And this is the whole DOJ case that was levied against him. Now, we're going to talk a bit about what is going to happen to CZ. He's currently released on bail. But we're always going to talk about what's happening to him personally. We're going to talk about what's going to happen to Binance. More importantly, we're going to talk about what is happening to crypto because this is the biggest event to happen to crypto for a long-ass while. The markets are still reacting. Markets are down. But I view this as the most bullish event that will happen before the next bull run really starts, right? We see that this is the starting of the bull run, and this is the one event, right? This is the one spark that we need to really take the markets off. And this is, I honestly see this is CZ's sacrifice, right? He sacrificed himself. So Binance is basically now a legit regulated exchange. He sacrificed himself so that basically crypto can grow. Now that the huge cloud looming over crypto is now resolved by a fine of $4.3 billion. It's not a small fine, okay? It's not a small fine at all. But now that it is resolved by this fine, holy crap. Crypto is now going to enter that new space of completely, like, no roadblocks in terms of U.S. law enforcement, in terms of growth. ETFs are just popping forward. So I view this as some crazy, insane growth opportunities here, guys. So this is why in my tweets today, I'll show you my tweets. I'm like, literally, I'm buying Bitcoin. Like, this is like, I'm FOMO-ing in. Buying Bitcoin. Spot buying, all right? This is very important as well. I'm spot buying, all right? Let me throw this up for you guys. I'm spot buying Ethereum. I'm spot buying Bitcoin, all right? I'm entering. Still a little bit of dollar cost average because I see this uncertainty in the markets over the next few days. Ethereum, Bitcoin, I'm buying this. Why? Because I view this as that last spark we need before we need to enter that bull market. Right now, sure, some traders are afraid. Some people are like, oh my God, panicking. Oh my God, there's a big fine. CZ, the head of Binance is going down. What do I do? Guys, this was a calculated move, right? I see this as a calculated move. I didn't expect things to go so quickly, honestly, all right? I didn't expect things to go so quickly. But I see this as a super calculated move on behalf of Binance. Binance knew what they're doing. CZ knew what he was going to get into. That's why he was immediately released, right? He was, he didn't, he didn't even like, he, he, he chose to step foot into a US, anyways, I'll discuss this in a full video, but he chose to step foot into a US court, right? This is really, like, we have to look at the details here. This is why the winners of crypto, they're the ones that read between the lines. And this is what we do on this channel. We read between the lines with what is happening. So we send a massive advantage going forward. So whilst everyone is scared, I am bullish as hell, right? More bullish than usual. Bullish as hell. And this is why I'm making this video. And this is why this video is also late. It's because I was buying, all right? I was literally taking money out, throwing it into exchange, right? You're going to say it was a Bybit exchange. If you guys are, do want to go join Bybit exchange, there's a link, referral, I'll put it down below. But I was throwing money into the exchange, buying Bitcoin, buying Ethereum, all right? This is everything that's happening. I was like, I'll show you screenshots, whatever, if you guys are worried. But like buying, all right? And spot buying, right? Spot buying. Buying the dip, all right? So anyways, guys, welcome to the stream. Say hi to everyone. Say hi to everyone here. Tell me where you guys are from. We got Llama666 joining, CryptoGram joining, Blade Runner joining. We have a lot of people joining today's stream. Oh, let's play the intro. Let's go. All right. Now we officially start the stream. Just make sure guys also, just before we last, last, last little, last note before we start, please do smash up the like button. It really does help this channel grow. We're starting and resuming those live streams, those very important live streams that we have. And we have been doing. So make sure you smash up those buttons. It really gets a stream out there. So first of all, what happened? All right. Let's just take a brief look at what happened. So first and foremost, so CZ pleads guilty of U.S. criminal charges of failure to protect against money laundering. The Binance itself pleaded guilty to a host of criminal charges related to money laundering, breach of financial sanctions, agreed to pay more than $4.3 billion in sanctions. So exactly what did they plead guilty to? So it's an unlicensed money service business. All right. So yet again, that's quite funny, right? Because yet again, how could you get a license? Right. Like, please explain to me how this could have been licensed. But anyways, let's read through the list before I give some comments. So first and foremost, so the failure to register with the U.S. financial crimes enforcement, Vincent, to prevent you and partly to prevent U.S. regulators from discovering facilitate crypto trades with clients without property checks on its users. So basically, they didn't check their users properly if they were money laundering or not, right? Money laundering checks. So basically, U.S. said that Binance facilitated billions of dollars of crypto transactions for customers, including in the United States, without implementing so-called know your customer checks. This is very early on when Binance just started. So when Binance started, you could withdraw without KYC. You can't do this now. All right. You cannot do this now. But before, when Binance first started, there was a withdrawal limit of 2 BTC. I think it was 5 and it got changed to 2 BTC without any KYC. So you don't have to enter who your passport, who you are. You don't have to put your passport into it. So this was very, very early on on the exchange. So they also said sanctions violations. U.S. said that Binance had significant customer base from sanctioned jurisdictions and was aware that Iran represented the majority of such customers. So Iranian customers were on Binance. And basically, the DOJ basically looked at transactions from January 2018 to May of 2020. And they said Binance processed 1.1 million crypto transactions worth at least $898 million between U.S. customers and those who lived in Iran. So yet again, this was basically financial dealings, transactions between customers. And you know that it was actually quite easy to pull money out. So yet again, let's continue. Terrorist financing. This is probably the worst one of them. So basically, we failed to report suspicious transactions associated with Palestinian militant group Hamas, the authority said. So basically, it's essentially just operating like a bank, but without sufficient checks. Essentially, that was what the U.S. government was saying. I do have to remind everyone, right? I do have to remind everyone, right? This sounds bad on the outset, right? Tracker. I have to remind everyone here that if you look at just for banks or every bank out there, they basically can be found and they have been found guilty of violations. So if you look at, let's say, my favorite Bank of America, this is a good site to look at other violations basically that's happening in the banking industry. So yet again, I think what happens is that, you know, this is a huge list actually. So I just want to point this out just like, um, it's actually quite common in the traditional finance industry and banks are guilty of exactly the same thing. So I just want to point that out here before we really move on. But yet again, I feel like this is the first time Binance has been hit with something like this, which is why it felt so big. But I just have to remember you guys, just look at Violation Tracker. It's a really good website to show you what is going on. But, uh, it's also very important. Just, just, it just gives you context, right? Because at the end of the day, like I got very jaded when I got into crypto, right? Why did I get very jaded? It's because I knew that something like this happens all the time, right? Like you have to realize that, like, I'm just watching my stream. I'm trying to type everything in at the same time and try to multitask. It's literally, literally impossible. But this happens in the banking industry. The banking industry is very, very guilty of this, right? So I don't really think that Binance is that super at fault here, to be honest. Like they, like, I don't know how to describe it. Anyways, I'll give my opinions later. Let's go through all the charges. Let's go through all the facts first. So basically, CZ actually went into court in Seattle. This is one detail that you have to remember, right? CZ actually traveled to the U.S. He normally lives in the UAE. He lives, like, basically in, like, he always resides in countries that doesn't have U.S. extradition treaty. But this time he chose to travel to Seattle. This is a very important detail that you have to remember, that this is a conscious decision. CZ did not drag this out, right? We knew that this was happening last week. Sorry, not last week. Yesterday, that the DOJ was open to talking. Today, instantly, there was an agreement, right? And the agreement was actually larger than the $4 billion amount. So I feel like they had a very fast negotiation where both parties were very happy with the outcomes. And then, boom, it's moved on, right? CZ himself, right? CZ himself, he has resigned from Binance. So he basically, because of pleading guilty, right? Okay, so let's just very quickly read. So CZ says, Today I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally, but I know it is the right thing to do. I've made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself. Binance is no longer a baby. It's time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has. Basically, now he puts a new CEO in charge. This is Richard Tan. He was initially the head of regional markets. This, I would say, is now the new face of Binance for the Western market. But we all know, if you guys are in crypto, you know that the real face of Binance is actually He Yi, basically co-founder and chief service officer. But technically, she was the boss, right? We know that this is the real boss of Binance. We're going to read between the lines. But we know what is published, but we know that the real boss of Binance is He Yi. If you guys remember from my interview, my visit to the Binance office when they first started, He Yi was the only one in the Binance office with a full office, right? This is a very important fact to remember. CZ was sitting out in the pit, right? The pit of engineers, CZ was sitting out in the pit. But there was only one office, just only one full office with a closed door. And, you know, you can have shades and just, like, hide what you're doing. There was only one full office. That was He Yi's office. This is the real boss, right? They call her Yi Jie in China. It's like Sister Yi, right? And she is the face for Asian markets. CZ is the face for Western markets. So I'm not sure if you guys knew this, but she is kind of the real person in charge. And we know very likely that. So even though CZ is removed from office, he cannot no longer serve executive roles as part of their agreement. After stepping down, he can no longer serve as an executive role. But he still is allowed to keep his holdings in Binance, which is yet again super important, right? You know that, like, yet again, where the power resides. The face has changed, right? But the power resides there. So CZ announced he stepped down, all right? There's a full tweet there. The full tweet. What's next for me? He's going to take a break, blah, blah, blah. He can't be able to see CEO driving a startup again. He also wants to point out that there's no allegations that Binance misappropriated any user funds. Funds are safe. And there's no alleged, no alleged, not did not allege that Binance engaged in market manipulation. Yet again, these are points that he probably fought for, right? If you read between the lines here, and we're starting to read between the lines, right? They fought for these points. We knew that from yesterday that the DOG, the Department of Justice, the signal, signal that they were ready to talk. And I think they were, like, probably in talks for a long time, right? This is, this is all charade for the general public, right? Just read, let's read between the lines. We know that this happened, this discussion happened a long time ago. We know that CZ's going to be released because he wanted to secure that for himself. He, it was part, very, like, like, they won't say this, but literally, like, we know these are the parts of the deal, right? Like, yeah, okay, pay a fine. CZ gets, um, he, he's a, he, he's a scapegoat. He's the, he's the one, he's the bad guy. He's the now hung out to dry. That's why, uh, in many ways, he's like the crypto Jesus now, right? He's a, he's a martyr. He got blamed for everything. Everyone can now stone him. Okay, great. You know, uh, the Department of Justice bagged up, bagged up, bagged up, bagged up guy, right? Maybe he's going to go to jail. We'll see, we'll see what happens afterwards, right? Because right now he's, he's on bail, but we'll see. Maybe, maybe he will actually literally serve out a sentence, right? Um, then, then there's an explanation for everything. All right. Uh, but now everything's legit, right? Now he's saying like, let Binance run from going from walking to running because he sees that's where the opportunity is. So anyways, going back to these points, I think this is a situation where, uh, I was making this joke yesterday, right? I was making this joke yesterday. Um, there was a scene in Pirates of the Caribbean where, where Johnny Depp, uh, was, uh, parking his boat, uh, and he's like, there's a boat parking fee. And they're like, oh, you know, what, what, what shilling to park your boat here? And he's like, what say you do? Four shillings. Only we forget the name. I bet it ran active. But the idea here is they pay, uh, they, they, they, you know, they probably paid a little bit more. They probably negotiated, probably negotiated to beyond what the SEC wanted. But they basically said terms here. Don't accuse us of taking user funds. All right. Don't accuse us of market manipulation, right? So yet again, very likely, very, very, very likely that this was just like beyond, they argued, they fought for these points because that's, that's how Binance can keep its reputation. What I didn't expect. All right. I'll be honest here. I didn't expect CZ to take the fall. I think, um, I expected that they will reach a settlement, but I did not expect CZ to be the fall guy for this. I thought because he's just such a big name, he needed to keep his reputation. So I didn't expect him to plead guilty on these charges. I expected him to kind of push this a little bit further. Say, you know, forget my name, forget my, uh, forget that I was part of this, but he, he took the fall for it. And I feel like this is a very fast reaction. This is like, in many ways, I feel like everyone senses that the bull market is coming and Binance wants to clear this black cloud that was over them. And they want to clear it fast. All right. They will want to clear it fast. They want to get it over with, which is why CZ honestly is a legend. He just took the fall, right? He took the fall for this, right? He pleaded guilty. He took the fall. He stepped down. All right. We still know that Hei is going to be in charge. All right. We know Hei is going to be in charge. All right. And she, in fact, she's been doing heavy damage control. So she's saying, yeah, Binance did not, Binance did not, did not alleged, uh, Binance, do not alleged that Binance misappropriate any user funds and do not alleged that Binance engaged in market manipulations. We would be better in compliance. Keep building. All right. So this is yet again, she's doing heavy damage control. New page. She's like, you know, already promoting Richard Tan. Now we're all following Richard Tan now. So she's, she's doing damage control. She usually doesn't come out in the West. Remember Hei is Chinese facing, right? Chinese. Yi Jie is Chinese facing. She doesn't really usually come out, but I think she needs to come out in this time because CZ is, uh, stepping down. So like Hei needs to step up, right? So anyways, uh, yeah, the real power behind Binance on what's going on. By the way, guys, if you like this stream, if you like us reading between the, the, the lines, please, please, please smash up the like button. And this is, uh, yet again, what's happening to CZ. I feel like CZ really just is the fall guy. I really feel like he just, um, the only thing really like I, I, I, and I said this, right? The only thing he's really guilty of is pushing crypto forward, right? He was fast. He grew fast. Uh, I'm sure it was just, it's like compliance issues and every exchange will face the same issue, right? Every exchange. If you're in crypto, you have to face the same issue, but you know, they've cleaned up their act. They paid the fine and CZ just became the fall guy for it. Right? So I said, I, I, I honestly think like, honestly, it's the only thing CZ really is guilty of is spreading crypto and Bitcoin. I feel like this, this is my personal take, like, I, that's honest, man, honest. And I think the crypto community, a lot of us are thinking the same thing. People who are in the industry, we know that there are shittier actors out there. We know, like, if, if you really want to look at violations, go on this page, right? Like everyone's like thinking criminal and putting these, like every time like money gets involved, the Americans just throw terrorism. Oh my God. Oh my God. They throw it at them. But go really look at violation tracker, right? Go look at what HSBC, HSBC Mexican cartel, right? Look, huge money laundering scandal, literally laund, like HSBC literally on, uh, laundered like $881 million for the Mexican cartel. They were slapped on the wrist. Like banking industry is the biggest problem here. Like crypto represents a very small amount. The rest is done by the banking industry. And just look at the penalties that were stacked and the number of records that are stacked. And some of the stuff that you, you go on here and you just read it, it's ridiculous, right? It's ridiculous. So, so honestly, I honestly feel like CZ was pushing crypto forward. Yes, he did take on some customers, but still like he is now, he now, he now took the fall, but honestly, he's, um, you know, he's released on bail, but he could go back. And the, the, the key here to remember, right? The key here is to remember that he did step on U.S. soil. This is him consciously stepping on U.S. soil. He was in Dubai, right? He was in the UAE. And a lot of times you have to remember, right? And I had to put this image up beforehand. Let's see. CZ finance conference virtual. CZ, if there's a, there's a conference involving CZ in America, CZ doesn't step foot in America. You have to remember, remember this, right? Like, this is one important fact that, that I feel like what makes this extremely bullish and separates this from not bullish is that if this was fun, like if this wasn't planned, it will be like something on the news would be like, oh, CZ got caught in some airport and he got deported to the U.S., right? That's not the case. CZ chose to walk and go to the U.S. CZ never steps foot in the U.S. If you look at all the conferences, all the events that happens in the U.S., CZ never steps foot in the U.S. He's always virtual, right? People, this is like, it's always, always virtual. CZ has attended a lot of virtual events because he doesn't want to go into countries that have U.S. extradition rights, right? But now he did walk to Seattle to take this. So he, he knows that he's a fall guy, right? He knows he's a fall guy, right? And he knew the consequences. This was a calculated move on both ends. All right. So let's see what's going to happen next to Binance. There's actually a very, very good summary threat here. So yet again, CZ pleads on, on, on Reddit. This is by Spirit of Success, just summarizing everything that's happening. So basically the plea deal aims to allow Binance to continue its operations and involves fines of $4.3 billion. It's not a small amount, right? Well, it's basically to different departments. Let me, let me just bring it up. Sorry, I'm getting a little bit. It's hard for me to manage a lot of threats. So anyways, let's, let's go on this. Basically continuous operations. Binance under Zao's leadership was allowed to, you know, money launder and all those four cases. Impacts on Binance. Okay. Executives have left already. We know this, like people who want to leave Binance already left Binance. Zao can retain his majority ownership or prohibits him from having executive role in Binance. Sentency for Zao would occur at a later date. So very likely he will have to take maybe those 15 months in jail, right? Sentency is not decided yet, but it looks like 15 months, right? We got, uh, Zao says, um, I support CZ. Okay. So, uh, so this deal does not include a settlement for the Securities and Exchange Commission, um, which sued Binance and Zao for alleged violations of, uh, U.S. investor protection laws. So there's still going to be, um, SEC lawsuits going to go on in the future. But that being said, the DOJ side has been resolved, right? Department of Justice side, that's a criminal side that's been resolved. Um, so yeah, yet again, DOJ's investment solution, CFTC resolution, and CZ is back into, uh, can go back into UAE now that he's on, could possibly go back to UAE now that he's on bail. So it's going to be interesting. It's going to be interesting if he actually does it. Now I'm going to play a very short clip and play a little short clip of, uh, the U.S. side of regulator side, uh, of what they think is going to happen. And yet again, let's, let's see. And let me be clear. We're also sending a message to the virtual currency industry more broadly today and for the future. If virtual currency exchanges and financial technology firms wish to realize the tremendous benefits of being part of the U.S. financial system and serving U.S. customers, they must play by the rules. And if they do not, the U.S. government will take action. This is very interesting if you read between the lines. Basically, she, she, uh, this is Secretary Janet Yellen. She's basically having an iron fist down and saying, yo, you got to play by the rules. This is America. All right. If you want Americans, you got to play by America's rules. All right. That's exactly what she's saying. All right. She's like showing, showing people, yo, you didn't play by the rules. You get fined $4.3 billion. CZ, you go to jail. This is America. You play by America's rules. But if you read between the lines, it means America wants to play, right? It's, it's very clear here that America wants to play in crypto, right? This is why it's very, very positive for crypto. She's just saying, yeah, you know, play by the rules. And if you read between the lines, very likely, right? They're going to let people move forward. Let the industry move forward. Industry is moving forward. It's unfair. Okay. It's in many ways, it's unfair because yet again, Binance, first mover, lots, real people, right? Could it get a license back in the day? No, there was no infrastructure set up, right? There's still a debate now of whether Bitcoin is a security or, well, okay. Actually, I have to correct myself. All right. Finally, we have Gary Gensler saying after 31 minute of questioning that Bitcoin is not a security, but it's Ethereum security. They still wishy-washy on that, right? The regulations just weren't in place. He had to move forward, right? CZ had to move forward. The crypto industry as a whole had to move forward. And I think it's a situation. If you just look at the meta landscape, I think crypto was, I think regulators were blindsided by the power of cryptocurrencies. I think that that was the key behind this, right? People thought this was a scam, right? I was in this in 2012, right? In 2012, people thought, oh, magic internet money? Bitcoin's $10 back then, right? Bitcoin's $10. It's just these bunch of crazy nerds buying this, talking about, you know, the new financial future. This is crap. They slept on it, right? The regulators slept on it. The lawmakers slept on it. They didn't provide the regulations possible, but now they want to tax it. That's the important aspect that we have to remember here. There's money involved. There's big money involved, right? The fact that Binance was able to just like out of the pocket, oh, here, here's some money, right? Pay $4.3 million. Here, boom. Here's some money. That shows how much money they have, right? This industry grew faster than the lawmakers could react, and the lawmakers are starting to realize, more importantly as well, not only is crypto growing, but crypto will replace the traditional financial system. Crypto will replace what's happening on NASDAQ. It's just a matter of time. Hong Kong knows this already, right? If you look at the Asian regulation of what's happening with the VASC licenses, they allow the trading of securities, right? This is very, very important. There's various types of licensing, but they allow trading of digital, like crypto-based securities. Very, very important. Lawmakers didn't see this, right? The one stuck in the past, which is basically America. America didn't see this at all. They didn't see the potential of this. They didn't realize that a lot of their tax money is going to be gone. The government tax money, that's going to be gone, which is one of the reasons why they're finding Binance so hard, so fast. It's because they want to start collecting that money. The first payment, that's done already. The future payments, regulation, right? Everything needs to be regulated. Everything needs to be taxed. Regulation is going to come. But then government is going to say, once you're taxed, once you pay the money, go for it. Go ahead. Go for it. And in the future, right, it's unfortunate, right? It's unfortunate to say this. Yet again, in the future, Binance might just appear as a page on this sheet. Right? Oh, sure. Here's another bunch of violations. Go. Go. And it pays some PR to hide that. That's what's happening in financial industry. We want to change it. All right? But I do recognize that the big players in the future, they're just going to become another name on this list. They're just going to pay some penalties and call it a day, right? This was just the first penalty. I see this as the first penalty that Binance has paid to get on this list. Oh, you're a big boy now. Pay some money. All right. Prove that you're a big boy. All right. You are. Great. And now in the future, they're just going to get fined for whatever the hell they do. Right? And you just read up on this. This is like really legit. Like the traditional financial industry, it's really fucked up. All right? And what I see here is that this is the first step for people to get into crypto. Once people are in crypto, you can self-custody. Right? This is the power of crypto. Why everything's going forward. You can take a ledger. You can self-custody. You can keep your own funds. You can play with DeFi. The list goes on and on. Like we are true believers here. So anyways, you guys know what's happening. So that's my take on. That's what my take. And this is why I feel this industry is going to be bullish from now on. Right? This is the first payment that Binance had to make to please regulators to show that they're willing to pay the money. Americans are poor. All right? Why I say Americans are poor? Because the DOJ last year in December, they issued out. They were not decided if they want to settle the case with money or not. They're basically saying they weren't willing to be bribed. That was like happening like literally 11 months ago. They were saying we weren't ready to be bribed. But now they're like, okay, yeah, $4.3 billion. Bam. Right? Let's negotiate. They were talking about $5 billion yesterday down to $4.3. Bam. It's okay. Take the deal. Let's go. All right? So, anyways, that's exactly what happened here. So, there was a question on the stream of who did they pay. There was one that, there was a very, very good article on that. Let me just very quickly find that for you guys because my sheets were a little bit of a mess, but let me see if I can find that in my browsing history to show you guys what charges do they face. Where did the money go? Let's see. All right. Let's see. You know what? I'll do something smart here. Whilst we're doing that, let's play my ad for Bybit. So, then I can start banking. Bybit is a top cryptocurrency exchange. And now they are listing new coins the fastest with the most volume, which is pretty insane if you want to get in on all that crypto action. If you do want to join the Bybit exchanger, it is a limited time offer, which is $50 free US dollars if you do the first KYC and you load more than $100 into the exchange. If you're interested, sign up with the link down below and you'll automatically get in this offer. Remember, it's only for the first 100 people to do so. So, what are you waiting for? All right. So, this is a better article. I'm just finding the... Like, I read all these articles. It's just that saving them on before this stream was very, very difficult. So, okay. So, the Department of Justice negotiated settlement with the Commodities Futures Trading CFTC and the Treasury Department seeking 18-month imprisonment sentence for Zao, the maximum suggested under federal guidelines in New York Times said. So, yet again, 18 months in prison. They're seeking that. Right now, he's on bail. But very likely, they can talk this down. Very likely, they can talk it to 15 or 12 months, maybe even six months. Binance will pay $1.81 billion in 15 months and a further $2.51 billion forfeiture as a part of a deal, of course, the prosecution said. So, this is a combination of CFTC, Treasury Department, and the DOJ. There was a better article, honestly. Like, I found a better one where the money is going, like, and how much is being set apart for future resolutions. So, a portion of the money is actually set up for future use as well. Let me just see if there's a better... So, the settlement comes with a $3.4 billion penalty to FinCEN. So, basically, the AML, Anti-Terrorism Agency, and then $968 billion to OFAC. So, this is where the money is going to go. It's kind of funny. Like, oh, Binance turned a blind eye to this. Dude, they're running a huge company. They went from zero to billions. What do you expect, guys? But, yet again, something I want to say is that if you look at all this, it's just protection money, right? And we're discussing this a little bit earlier with people in the industry, and we're just saying Binance had to pay some protection money. It's either they pay for protection to the Americans or to the Chinese, right? At this point, Binance has grown to such a large industry, and the potential is so massive that everyone wants a bit of the pie. And there needs to be, and everyone basically means that a country with military backing, right? So, it's either China, U.S., or Europe, in Europe, with significant military backing, with significant political sway. Something that I said last stream yesterday, this is on the Box Money Testnet channel, is that what's crazy about international law is that there is no law. You make up the law. And it's your military strength that makes up the law, which is why America is so strong, right? America's military is the strongest, you know, military. China's getting stronger in the military. Everyone wants strong military. I think Russia's the only one with a weak-ass military right now. But it's all about who has a stick, right? They need a country with a stick backing them. And it was a situation where I think Binance had to decide, right? We're discussing this. Binance had to decide whether to side with the Americans, get the Americans to protect them, or get the Chinese to protect them, right? If the Americans were going super hard, it was very likely that Binance would be pushed towards the Chinese, and that would be quite crazy, right? Because the Chinese have been saying deal terms, right? Look at what happened to OKEx, right? Just look further. But on the other side, Binance going to the Americans, that's quite interesting. So they sided with the Americans. They paid the fine, right? They said, yeah, sure, we're going to pay the fine, no problem. And it's very clear here that Binance has the money to pay the fines, right? The Americans won't say, oh, yeah, please give us money, and then not take customer funds, right? They are very clear. I think they're very likely, like, they had to look at the books, right? Which is why Binance is very touting the fact that there was no user funds being used, right? Yet again, they were never charged with that, never charged with taking users' funds, misappropriating user funds, user funds are safe, right? Quite interesting there, quite interesting. So they made a fuck ton of money, right? This is basically what I'm saying here. Binance can easily pay this off, and Americans are happy to take money from Binance, knowing that it's full well, that it's not customer funds. So, anyways. Interesting, interesting, interesting. All right, so I have a list here. So let me see what we cover. So CZ pleads guilty, enters U.S. court intentionally, AML charges, taking U.S. customers, taking Iranian customers, CZ to be released on bail, so he's being released. Binance points pays $4.3 billion. We read between the lines, bullish for crypto. Those are my notes for today's stream. We also know that He Yi is really in charge. They're putting Richard Ten as now the face for Binance, so we expect him to dance around for us a little bit, telling us funds are safe. You know, that's the usual here. CZ is now officially a martyr, I would think. He sacrificed himself for this. I feel like all this was done in a hurry, so that crypto can move forward. We also see there's talks right now, like we've been seeing this nonstop, but these are unconfirmed, but this is on Borovic. But this is unconfirmed, but SEC just met with Brayscale for a spot Bitcoin ETF listing memo show. So yet again, these regulated exchange, these old players, they need to have a foot in this, right? If you just think about how logically this is, it's that old money, right? These old traditional institutions, they're leveraging their power with regulation, regulators, with the army, with military force, you know, if they have to, that they're going to put themselves forward. And it's very likely that U.S. regulated exchange will come out. I think that might be the next big surprise that we'll see, right? We already see these ETFs, but then what's the next exchange, right? Like, there's a power play here. Bring the current crypto institutions down, right? Binance, maybe there's more to come. I mean, off the top of my head, there's all the other exchanges. They could be targeted. So, you know, this is part and parcel of crypto. But then we're going to have, guess what? BlackRock, right? Guess what? ARK investment. They can all come up with exchanges. This is exactly what's happening in Hong Kong, right? Hong Kong exchange hashkey, right? Hash group key exchange. This is from a more compliant entity, right? And this is from the hashkey fund, right? These funds now set up exchanges. And because they work with these regulators from the get-go, traditional institutions are going to come in and just set up their exchanges. So I don't see why Goldman Sachs can't set up their own crypto exchange, right? They'll be like, yo, we're here. Come, come, come, come. Regulators, push down our competition. Bring us up. You know, this is 100% what is happening. But compliant with regulations. Licensed by the Securities and Futures Commission of Hong Kong with type 1 license and a type 7 license. Exactly. This is what we're going to see with future exchanges coming out of the US. Yes, BlackRock exchange saying, yeah, we're licensed with the SEC. We pay our taxes. We pay fines too if things go wrong. And we have great AML because we got, that's our strength, right? That is our strength. The strength is great AML and KYC and all these banking terms. This is exactly what's going to happen to the crypto industry in the near future. I think, yeah, yeah. Oh, no, I think I've finished some people in chat. Please, let me not comment on politics. I realized, I realized, guys, I'll have to make an apology of commenting on politics. I realized that commenting on politics is horrible. There was once, I think, someone made a comment at a conference and the Russians and Ukrainians that were there just attacked each other. It was not great. I will try to be politically neutral. My view on politics has always been that it's a gigantic shit show. I want to contribute, but I don't have the power to contribute in politics. I don't have military strength. I don't have an army. So I don't comment on crypto because it's pointless for me. For me, any discussion on politics is a waste of money. And I hope you guys adopt that mentality too. We're here to make money. We're in crypto. We're here to make money. And any time that people can spend three hours raging, that is money lost. Just think about that. It's productivity lost. Let's look at shit coins. Let's buy some coins. Let's look at the future. Let's look at what's going to happen to crypto. Let's press those buttons. All right? No politics. All right? So I hope you guys stop talking about politics in the chat. All right? Oh my God. Like ripping the people off. Like gosh, gosh, gosh. Come on. Come on. Come on. Let's make some money, guys. That's what we're here for. All right? Here for making, reading between the lines, making some money. So that's what the episode is prepared for today. Yeah, we're going to show you guys what's happening. There was also something quite interesting yesterday. OKEx applied for the first, they officially applied. All right? Let's see. Oh, wow. OKEx. Not these ones. OKEx. SMP. So. All right. Here. This is a better one. Apparently Google is a little bit a little bit slow. But, but, crypto giant OKEx applies for Hong Kong license becoming the first major exchange to file for the third city's virtual asset scheme. All right. That's what's happening in Asia, guys. Biggest exchange in China was previously the biggest exchange is OKCoin, OKEx. All right. They have applied to file for the city's first virtual asset scheme. It's all a show. OK. What's happening in Asia is all a show. This is all a show. They submitted the application. We knew there was what's going on, right? We knew, if you guys saw my video at Hong Kong to Hong Kong FinTech Week, they had a giant stall, right? And this is their way of getting back into the game. This is their way of saying, and it's also the government kind of like saying, because they wouldn't put out publications like this unless they knew they had a significant chance of getting it, right? But what's important here is that you have to remember that the OKEx, they were the biggest Chinese exchanges before Binance, right? OKEx and Huobi, both were the biggest, largest Chinese exchanges. They took on, they had bank accounts, they took on fiat, they allowed Chinese people to buy cryptocurrencies, and then they got cracked down in the 2017 crackdown. But what did they do, right? They chose the other way. Binance chose to please Americans, OKEx and Huobi that had no choice but please the Chinese. Chinese took control over of these companies. They're essentially government-run entities now, right? It's all in but name, but the shares, they've been transferred to people who are friendly with the Chinese government. The shares have been transferred, the government ownership has been transferred. Now they're pretty much, what this is saying is that, OKEx is pretty much a legit entity now, right? They've gone through the legit route. They're fully under Chinese control and now that China's really letting them apply for the Hong Kong license, I wouldn't be surprised if they get it. This was not, yet again, this is not like, oh yeah, we clicked the application button. This was a serious application. This is a part of the game, right? And we knew, like this is the FinTech Week video, you guys saw, there was a giant OKEx proof, I'm not sure if I featured that, but the two exchanges that's really, was present there was OKEx and Hashkey. And these are government-run events, right? You guys have to remember, these are government, this event was organized by the Financial and Treasury Bureau of Hong Kong, right? So the fact that they allowed OKEx to have a huge proof here, right? These are all approved by the government, right? By the Chinese government, right? So they went the other way. So if you want to compare and contrast what's happening with these exchanges, Binance went for the American side, they paid the fines. OKEx, they went for the Chinese side, they said, you know what, gave up ownership, gave up shares, right? Gave up control, but now they're going the legit route, they're allowed to proceed. So Blade Runner said, say HK now Hashkey and OKEx. So yeah, so Hashkey is a new exchange that's done by, technically speaking, it's Hashkey Group, but the guy behind Hashkey Group is Dr. Fao, Xiao Feng, and Xiao Feng has been one of the biggest supporters of Ethereum, Wanshan Group, Fembushi Group, Hashkey Group. So Hashkey Group, literally Xiao Feng opened up this exchange, right? So they went through the regulatory route because they had deep Chinese connections. So this is the regulated new exchange, and then Hong Kong will also allow OKEx, which is pretty much like, it's been converted to a Chinese entity. So anyways, that's the other route that these exchanges took. So OKEx went with China, Binance went with America. I think that's for us, people who are in the industry, that's what's happening. But Asia's moving very fast on that front because I think at the end of the day, guys, at the end of the day, guys, this is proof, all right, this is proof that crypto is going to overtake traditional finance. Traditional finance and the traditional political infrastructure wouldn't be so interested in crypto if it weren't for the amount of money and the potential here. That's a fact, right? Even in Yellen's speech, she was like, yeah, people got to play by the rules. But that means that she also recognizes how powerful crypto is going to be. If this is all going to crash to zero, like what people are saying in 2012, 2016, oh, Bitcoin's just a fad. It's, it's, it's, what was the things they were saying? It's like, it's like tulips. It's like, it's a mixed Ponzi scheme. If this was the case, right, these crypto exchanges wouldn't be allowed to exist. There wouldn't be regulation coming out. There wouldn't be enforcement. There wouldn't be these deals. And I would still call this kind of like a shady deal with the Americans. You can see that Americans just wanted money. It's just a shady deal, right? You know, this wouldn't have happened if crypto was going to go to zero tomorrow, right? You know, we wouldn't have those ETFs coming in. So now where are we at for the prices of crypto and everything? So now we have time to react, right? So initially, there was a big dump. BNB took a huge loss, right? BNB pumped on the news. Oh, yesterday was a fine, but, so, so this is a good, it was interesting. So yesterday, BNB pumped because it was like, oh, yeah, it was just a fine. You know, DOJ, they're just talking about fine, it's okay. But CZ went to jail, which surprised people, right? It surprised me. It surprised the market, it surprised me. CZ went to jail, CZ became the fall guy. And I think the willingness of CZ to take, to take the fall so quickly, that is extremely important. So even though this is down, even though BNB is down, I see this as an enormous positive. People were just concerned. I think why BNB dumps so hard is people are concerned because CZ was such a good figurehead. He was such a good leader. He was such a good figurehead. People trusted him, but he wasn't the only one in charge of Binance. Binance is a huge structure. He Yi has had control for a long ass time, right? So now, basically, CZ can, basically, I'll be honest, like CZ's probably going to control the exchange remotely. He's not going to have any formal rules. He's not going to be a public figurehead, right? He's now forbidden from doing that as part of the deal, but he still owns the shares of Binance, right? He, he hasn't had, he, he wasn't forced to transfer shares. He wasn't forced, like if, I think if you went the Chinese route, if you, if you tried to please the Chinese side, he would have had to give up a majority of his shares in Binance to people friendly with the Chinese government, right? That would have been the case and then the Chinese can overrule any decisions that Binance makes. But CZ did not have to give up his shares. He just had to, he just, he takes a deal, 18 months potentially in jail. The company continues running. He, he intentionally walked into America. He walked into Seattle court. He hasn't stepped foot in America for a long ass time ever since starting Binance, but he chose to go there. He didn't, he didn't hide. He didn't hide away. He didn't like buy different passports and hide away and try to run, right? He did it. He said, I'm a man. He's going to walk up, walk up there and say, yo, just do it. Just do the worst, right? And that's why, that is why this is extremely bullish because this is all intentional. This is all set up so that Binance can move forward, pay the fines, move forward, siding with Americans and then, right? And then we'll see the explosion come because now that Americans have control over the biggest exchange in crypto, they have control, right? They have a direct access to them. There's a direct line of communication. We know now, right? This is proof. There's a direct line of communication. If there's any problems, they're just going to slap on more fines. They know what, they know that this, this route's open now and then crypto can move forward, right? Those manipulation charges, none. No manipulation charges, no misappropriated funds, Binance is clean as hell, move forward, right? It's just some, it's just, you took Americans. Okay, cool, great. Anyways, so that's my take, guys. Lots to do, lots of altcoins to take a look at as well. I've been super busy over the past few weeks, but this channel, we're spinning up more live streams like this. So guys, thank you for tuning in today. Smash up those likes if you can as well. to the Boxmanning channel, subscribe, click the button here, there's a button that says, subscribe, subscribe, all right, you have to sign in, but subscribe, click the notification bell, that's super important. I'll, I'll show you guys a subscribe button because it's that, it's that important, right, guys. So subscribe, click that subscribe button, click the notification bell so you get notified of these live streams. We, we always, always live stream the important stuff and we always give you another angle to look at which is super important, all right, don't just read into the FUD, that's happening right now. Right now, it's the biggest FUD wave, right? Everyone's talking, oh my God, Binance guilty. Binance, so, so I, in a way, I had, I had to put that as the live stream image, but everyone's going to talk about Binance guilty, oh my God, this is the biggest thing and CZ just pled guilty, oh my God, right? Mainstream media is going to like bury him, but we know that he's just a martyr. He, he literally is crypto Jesus now, right? Literally, crypto Jesus. He literally sacrificed himself so the industry can move forward and grow, right? That's going to be insane. Dikkim, make you guys cast this, do what Michael says, subscribe, guys. Long time subscriber, 10 out of 10 alpha info. Thank you guys so much for supporting the stream today. Thank you, thank you, thank you, thank you, thank you. Chad Limestall says, I'm in the Seattle area. I'm curious if you're in Seattle, can you see CZ? I have never ever seen CZ in America, so it's a sight, right? I've been following this industry, I've been going to events, you never ever see CZ in the US unless, unless he takes a deal, all right? So he sacrificed himself, he willingly sacrificed himself, he walked up and sacrificed himself, all right? That's, that's insane, that's, you know, not sponsored by Kola, some people are commenting about Kola, not sponsored by Kola, but that's the only thing I drink and it's the, no sugar one. I can't, I can't drink sugar anymore, but anyways, all right, that's it for crypto. I think in terms of our price action, I definitely see, I was kind of hoping for a bigger Black Friday discount, Black Friday is coming guys, I was hoping for a bigger Black Friday discount, I made jokes about this like three, four years ago, that's it, like, oh my God, I'm doing live stream and it's Black Friday and crypto was like 20% on discount guys, it's like $3,000 for Bitcoin, buy, buy, buy, well, now Bitcoin is $36,000, you know, being in this space for way too long, but yeah, we didn't even have to touch the 34K support line here, we pretty much bounce back as traders, as Asia's waking up, they're saying that this is bullish because yesterday, yesterday you have to remember that there was a lot of fun that happened immediately because people were like, oh my God, enforcement action, oh my God, holy crap, right, they didn't know what was happening and now the cloud is over, the uncertainty is over, it's out, it's painful, yes, CZ fell, he can't, he no longer can cheer us up, our biggest cheerleader in the space has fallen, right, but Binance still is alive, Binance is still alive, all right, Miss Archie says, why did he plead, ugh, I feel like, I feel like he pled because it was a good deal, there was a comment here that I, this is not my comment, okay, this is my, not my comment, but there was a comment on my WhatsApp and I'll read it up for you guys, um, this is my comment, let me just read the comment, so, this is a joke, okay, please don't kill me for this, um, so they basically said, He Yi probably said, hey, you must go, you must sacrifice yourself, like He Yi, He Yi controlling this, like, you must do this for Binance, right, for our, our baby, you must do this, and then CZ, CZ says, yes, you know, good soldier, good soldier, just took one for the team, he took one for the team, pled guilty, can restart, resurrect, feels like a bad day, but honestly, he was sent, right, he was sent, to, to, to, to plead guilty, it's sad for him, it's sad, right, but 18 months, it's not that bad, right, 18 months, not that bad, potentially, um, and then he's out, then he's out, he sacrificed himself, someone had to do, some, I think, I think at the, at the end of the day, the, the, the evidence piled up so much, right, that someone had to be blamed, the, the, the DOJ, DOJ needed, uh, to, to slam their fists down, right, they needed to have that, that, that, uh, Yellen, uh, the Yellen speech, um, she had to come out and say, yeah, we, we, we, we, we found the baddies, we found the baddies, right, uh, we found the baddies, we, like, you gotta play by our rules, right, Yellen had to come out and say that, right, that is, can, it, can support responsible innovation, it's not meant to end cryptocurrency activities, but to the extent they occur, it must be consistent with U.S. law, U.S. law, right, she, she's got, someone's got to fall, so CZ just literally became a fall guy, like, you can't even make this up, up, right, it feels like, it's a situation where, like, you can't make this stuff up, you, you really cannot make this stuff up, it's, it's, it's hilarious, it's hilarious, it's like, literally, yep, yeah, we found the bad guy, all right, uh, we find him, we, we, we gave him a big fine, we're rich now, all right, and then, um, yeah, everything's good, and now, now they're under our control, they're gonna comply, it's gonna be great, ah, Jesus, Jesus, so yeah, what is CZ had to do it, he had to, he had to, um, uh, Kenneth A. Wedden says, is, is Southampton living in Singapore, or Dubai, I read conflicting reports, I wonder, whether his parents are still there in Canada, if so, he returned to visit occasionally, especially, while in Seattle, so, um, he doesn't set foot in North America, so you never, like, if you follow him by conferences, and read between the lines, um, every time there's an event, and you see CZ, it will always be a virtual event, so anywhere in North America, he doesn't touch, because Canada's actually very friendly with North America, right, so he's, normally, he's actually more residing in UAE, but he was residing in Singapore for a long time, and he really keeps his identity a secret, you have to remember, that CZ doesn't want to publish, yo, my identity is here, find me, right, like, these guys, they keep it secret, this is why you're seeing conflicting reports, so what we, what we get to go by, is by reading between the lines, oh, we see there's an event in Turkey, oh, is CZ there or not, right, or is He Yi there or not, what, what are they risking, right, like, to go there, like, last time in the Binance event in Hong Kong, right, Binance had a boat party, I was actually invited onto that boat party, but, but, CZ wasn't there, and He Yi wasn't there, right, because they didn't feel comfortable setting foot on Hong Kong soil, right, so He Yi actually came in, she did her question and answer via telepromp, via virtual, and, it was quite interesting, because it was on a boat, right, so they, they invited people on a party on a boat, and then, they casted He Yi on a big screen, and then we all got to ask questions, like, Yijie, Yijie, and there was a lot of big questions that were being added, because there was a lot of, that event had a lot of Binance influencers on there, so it was like, oh, Yijie, Yijie, please answer this question, right, referring to He Yi, she's Sister Yi, and that's how Chinese speak, but, they don't feel comfortable stepping in Hong Kong, they don't feel comfortable stepping in US, in America, they, in US, there's a lot of countries, they don't feel comfortable stepping down, on foot on, so, yeah, that's quite important, but, um, uh, what's happening, Sartosi says, CZ and SBF lunchtime jail, overall, but the difference here was, uh, SPF used user funds, right, he's gonna go in jail for a long ass time, a long, long ass time, um, for this, uh, Masonati 2020 says, uh, hey, further BIPDI opportunity, or will it dip more, so, this is, okay, so, so, there's a reason why I spot bought Bitcoin, all right, and here I'm not aggressively trading, because we still don't have, we still have a bit of uncertainty, in terms of the news front, in the next few days, we know that crypto is extremely volatile, but I do know, that I want to enter in crypto, all right, I still have some funds that I took, from last market, that I want to plow back into crypto, which is why, I'm stacking up on spot markets, I'm basically DCA, these few weeks, but I've seen a window to buy crypto, it's really shrinking, all right, we're approaching the end, of, November, we're gonna step into December, December could be quiet, all right, December could be very quiet, it could be some opportunities by there, so which is why, yet again, dollar cost averaging, between now, and the end of this year, but the issue here, is that the ETF, is coming very, very soon, right, ETF, there are estimates of 90%, this is from Bloomberg, 90% chance, of a Bitcoin ETF, right, sorry, Bitcoin ETF, 90% chance of approval, yet again, because, US spot approval, has 90% odds, like there were, this was by, some analysts, James Sefriot, right, but, because the deadline, for the first Bitcoin ETF, is gonna, the final deadline, for the ARK shares, ETF, that's gonna be, on the first, sorry, not the first, the 10th of January, that's the final deadline, then we have another, army, of ETF, filings, final deadlines, approaching in March, right, I wanna buy my Bitcoin, before that time, right, there's, those are the two, big catalysts, for next year, right, one, is, the ETF approval, very likely, they're gonna approve it, because now, the Americans have the biggest, crypto exchange, under control, and yes, the biggest crypto exchange, was not manipulating the market, right, that's a key, that's key here, this is very key, reading between, reading the little, end print, down there, oh yeah, Binance was not, accused, of manipulating market, they didn't manipulate the market, so, there's sufficient reason, for these ETFs, to go through, right, now we have that further piece, right, two more big motivators, US control, of Binance, and, US acknowledgement, that Binance, did not, manipulate these markets, right, so, ETFs likely to go through, this, SEC is running out of reasons, to reject this, and then, we have the Bitcoin halving, coming in, that's a little bit later, okay, Bitcoin halving, countdown, that's gonna happen, mid next year, just gonna need not find, a good website, for these things, alright, let's just throw the Binance one, alright, let's get the countdown, 100, 142 days, right, yet again, right, that's why I feel like, the window's shrinking, usually, that being said, Bitcoin always moved, six months after halving, so maybe if you're just, basing your, if you're using halving, as the biggest motivator, then, yeah, you still have a year to wait, but that being said, I see ETFs being huge, and I see regulatory friendliness, next year being huge, because, of the speed of, how Asia, how fast Asia is moving, right, the Americans know, that there's pressure, right, OKEx just filed, for the Hong Kong license, the Hong Kong license, for the exchanges, alright, there was, there's a lot happening here, there's talk about, this, the other exchange license, being purchased as well, by these big crypto exchanges, so Hong Kong, yet again, now becoming the forefront, right, because Asia's stepping up, and saying, yeah, if you Americans, if you don't do anything, we're going to regulate this shit, we're going to put, we're going to allow securities, to be traded on there, and we have the future, so, you know, bye bye, and I think that's, that's what's happening now, the crackdown's happening, and then, they're just saying, Yellen's coming out, having an iron fist saying, yes, like, if you want to play, play by rules, but then, once you play by the rule, the American government's going to protect you, then, then, then it becomes this, right, then it becomes, oh, you violated some problems, okay, here, here are a bunch, here's a bunch of, here's a bunch of penalties, you know, move on forward, right, so, I guess, I guess I'm happy, sad moment, I'm extremely bullish, I'm happy that crypto's moving forward, I'm sad, that at this phase, we haven't disrupted, this financial system yet, yet again, we're going to, like, crypto has to play by the traditional finance rules, before crypto, completely destroys everything, then, we have, self-custody, and everything in place, so, it's happy, sad, but I understand that, traditional finance needs to come in, at some point, and traditional infrastructure, old money needs to come in, at some point, and now, we have the opportunity, so, anyways, that's it, to our today's stream, guys, I'm going to let you go, guys, now, that's a very, very long stream, thank you guys so much, so much for watching, make sure you smash up the likes, alright, make sure you smash up the button, smash up the like button, thank you guys so much for watching, lots of new viewers today, so, make sure you guys, subscribe, and if you guys are watching, other platforms, give me some feedback, because I'm streaming this, on Twitter, and everything, yeah, but other than that, guys, thank you guys so much for watching, see you guys soon, also, by the way, last call for this, I'll do this as a last call, so, now that you guys are here, I'll do a last invite, to the private group, that we have, right, there's a private group, and then there's also, a private, private group now, but there's a private group, for us, for all enthusiasts, for all believers, it's a very active group, so you guys, you guys will get a lot of messages, but it's a lot of alpha, there, for people, so I'm gonna throw that, throw that link, out on this page, right now, um, so, there we go, all right, I'm gonna throw that out, make sure you join, I'll probably close that group, at around a thousand people, I think that's the limit, but guys, thank you guys, so much, so much, for watching, guys, um, see you guys next time, so many new people, so really thank you for watching, see you guys, peace. peace. I'm going to let you, I'm going to let you, go- Geg and put two miles into the universe, twenty, twenty day, twenty day, four hours into the universe, you're going to step across, there's one, you're going to go-to one more Kim, and then, let's try it, go-to one more Kim, time to move, to the certainty. and then, go-to a little Kim, let's shy even shot,