Going live in 10 mins..... answering your Q's incl Live Q&A (Patreon)

IA Live: Is Binance in Trouble? Your Q's answered

https://www.patreon.com/InvestAnswers #Binance #BinanceInvestigations #BNB #BrianBrooks Ton of questions from Patreon over the last month re Binance. This is my quick take followed by a live Q&A Friday 11th June 2021 0:00 Intro & Disclaimer this is edutainment and not investment advice 0:30 Binance - first of all this is not an opinion good or bad. Binance is The world’s largest cryptocurrency exchange. I love their platform and large set of coins, yields, binance chain, equity tokenization and so much more.  1:00 Disclsure: I got into BNB and opened a Binance account early 2021 as I felt Binance and BNB token was a better value than Coinbase and I would play the coattails of COIN DPO by proxy w BNB. In at about 200 and 400 - DCA 2:00 Over the past few months people note ‘Impossible’ verification hoops 2:30 Got first alarm a month ago from an underground article about liquidity risk. I pushed it off.  3:30 Patreon members in Australia say their accounts have been frozen for weeks. Maybe some Oz regulation issue. It is ok.  3:30 May 12th, Binance Global exchange halted withdrawals Monday in a “temporary suspension” that affects all its users, 4:00 One Binance customer out of desperation he sought information online and wound up texting the mother of Binance.US CEO Catherine Coley so he could get his funds unstuck. Now, Binance is closing his account. (And, by the way, Catherine Coley is stepping down, to be replaced by former Acting Comptroller of the Currency Brian Brooks). 4:30 A few weeks back Bloomberg reported on Thursday that as part of the Binance inquiry, the U.S. Justice Department and the Internal Revenue Service have sought information from individuals with insight into its business. Kinda normal.  5:00 Other exchanges do not like BINANCE. Coinbase, quit industry trade group Blockchain Association in protest after Binance.US was allowed to join. A Coinbase executive wrote in a resignation letter that “recent weeks have demonstrated to us that the Blockchain Association is not interested in the membership criteria we had worked to establish to underpin the mission of this organization.” 5:30 Bundesanstalt für Finanzdienstleistungsaufsicht BAFIN Germany issued a notice stating that the stock tokens launched by Binance may have violated European securities regulations because it used the services of a German broker.  6:30 Brian Brooks, banking regulator was made CEO of Binance to try fix reg issues perhaps? is under investigation by the Justice Department and the Internal Revenue Service, among other U.S. enforcers, Bloomberg News has reported. 7:00 Brooks said Zhao recruited him to the job and gave him complete management control. He said he and Zhao have a good rapport and that BAM plans to bring in more investors and expand its board. 8:00 Justice dept confirmed Binance has concealed illicit transactions 8:30 Silvergate Bank cuts ties with Binance, disabling USD deposits and withdrawals. Crypto-friendly Silvergate Bank has stopped providing services to Binance. International users of Binance will no longer be able to deposit and withdraw USD via Silvergate. 9:00 Finally, Binance’s CFO Wei Zhou Has Abruptly Left the Company Binance as usual declined to comment on Wei's whereabouts. A CFO quits for 3 reasons 1) better offer 2) more money than God 3) notices nefarious activities and tries to get out before they get entangled. His timing was impeccable #1 RULE OF PR - ALWAYS GET OUT AHEAD OF THE STORY - DO NOT BURY HEAD IN THE SAND 9:30 Binance declined to comment on Silvergate-related questions when reached. 10:00 Binance-owned Indian exchange WazirX investigated for alleged AML failings - transactions worth 22.80 billion rupees were not recorded on the blockchain platform for any audit or investigation- ie users of WazirX could transfer funds without proper documentation making it a safe haven for those looking to launder money. 11:00 I am old enough to know where there is smoke there is fire. When sister industries boycott you not a good sign. When regulators in India, USA, Germany are all breathing down your throat. Not a good sign. When banks cut you off. Not a good sign. When CFO quits, not a good sign. When customers cannot get access to their cash, not a good sign 11:30 I could not find the same history for Coinbase or other exchanges. Everything will probably be OK but good to be aware of risks. This video is not a ding on Binance but rather a way of answering a lof questions you all have. Pls DYOR. But I am old enough to know that where there is smoke there is fire.