In Nov 2023, Binance and its founder, Changpeng Zhao, pleaded guilty to charges of money laundering in the U.S. and agreed to pay a $4.3 billion fine. Apparently, Binance has helped scammers and terrorists with money laundering and thus harmed the entire crypto industry. However, it’s a fact that Binance is still doing business without effective supervision, resulting in questionable, if not illegal, business practices.The Binance Watchdog Initiative is here to fight this approach!
The Dirty Binance Approach
As part of the settlement with the US authorities, Binance and its then-CEO Changpeng Zhao (CZ) agreed to pay a penalty of around $4.3 billion. An unprecedented penalty payment. Furthermore, Binance had to agree to withdraw from the US and do business under the supervision of FinCEN for the next 5 years. Changpeng Zhao had to resign as CEO. His sentencing will take place soon. A prison sentence is not unlikely.
While CZ has repeatedly asserted on Twitter (today X) that Binance operates legally and properly, US investigations have found that Binance has supported scammers, cybercrime organizations, and terrorist groups with its services.
Beyond the U.S., Binance‘s operations have stirred controversy in the United Kingdom, where it operates without official registration through Nest Services Limited, a company registered in the Seychelles. This lack of authorization has led to alarming practices, including the unjustified blocking of customer funds without regulatory oversight by the Financial Conduct Authority (FCA), thereby affecting liquidity.
In light of these developments, there is a growing need to unite and support Binance customers who have been adversely affected. To this end, FinTelegram has initiated the Binance Public Awareness Campaign. Our goal is to shed light on the extent of these issues and provide a platform for affected customers to voice their concerns and experiences.
Become A Binance Watchdog!
We want to monitor Binance and its business because the state regulators obviously can’t do that. We want to do this with the help of Binance customers and critical observers:
- If Binance‘s actions have impacted you or someone you know or
- If you are aware of questionable or illegal business activities of Binance,
we encourage you to share your story with us. You can register your complaint by filling out a dedicated online form available at Binance Watchdoch Initiative. The FinTelegram team is committed to processing these cases diligently, aiming to bring individual stories to the forefront of public attention.
This campaign is more than just a call to action—it is a collective effort to ensure that the voices of aggrieved customers are heard and their rights are recognized. Together, we can highlight these issues and seek the accountability and transparency needed within the cryptocurrency industry.
Join us in this important initiative and help us make a difference. Your experience, your voice, and our public voice could pave the way for a fairer, more transparent future for all cryptocurrency users.
