The Binance Watchdog Initiative

Spread financial intelligence
Binance founder Changpeng Zhao plead guilty to money laundering issues

In November 2023, the crypto giant Binance and its founder and then-CEO, Changpeng Zhao (CZ), faced a monumental reckoning. Admitting guilt to charges of money laundering in the U.S., they were hit with a staggering $4.3 billion fine.

This event unveiled a troubling reality: Binance‘s involvement in facilitating illicit activities, including scams and terrorism financing, has cast a long shadow over the integrity of the entire cryptocurrency industry. Despite these serious allegations and subsequent penalties, Binance continues to operate with what appears to be a lack of effective oversight, engaging in practices that raise both eyebrows and alarms.

Against this backdrop, we launch the Binance Watchdog Initiative—a bold stand against unchecked power and questionable ethics in the crypto space.

The Binance Approach: A Recap

FinCEN announcement regarding Binance

The settlement with US authorities not only cost Binance and CZ $4.3 billion but also forced their withdrawal from the US market and placed them under the watchful eye of FinCEN for the next five years.

CZ had to step down as CEO, with his sentencing—and a potential prison term—looming on the horizon. Despite his previous assertions on X (formerly Twitter) that Binance was fully compliant and serious about following laws, the US investigation laid bare the truth, validating critics and branding CZ as a launderer of money.

Internationally, Binance‘s practices, especially in the UK through its unregistered operation, Nest Services Limited in the Seychelles, have continued to spark controversy. Without regulatory oversight from the UK Financial Conduct Authority (FCA), Binance has engaged in questionable practices, such as unjustly blocking customer funds, thereby compromising liquidity and trust.

Why the Binance Watchdog Initiative?

The Binance Watchdog Initiative emerges as a beacon of hope and action in response to these unsettling revelations. State regulators seem overwhelmed or incapable of effectively monitoring Binance‘s global operations. Therefore, we’re stepping in—together with Binance customers and vigilant observers—to fill this gap.

Our Mission:

  • Monitor and Report: We aim to keep a close eye on Binance’s activities, shedding light on any questionable or illegal actions.
  • Empower Voices: By providing a platform for affected customers and whistleblowers, we amplify the stories that need to be heard.
  • Demand Accountability: Our collective efforts will push for the transparency and accountability that the cryptocurrency industry desperately needs.

How Can You Contribute?

Have you been affected by Binance’s actions? Are you privy to information about their questionable practices? We urge you to share your story. By filling out a dedicated form on our Binance Watchdog Initiative website, you can register your experiences and complaints. The FinTelegram team is dedicated to processing these submissions diligently, bringing individual stories into the public eye to effect change.

This initiative is more than a call to action; it’s a community-driven movement. Your experiences, your voice, and our united front can forge a path toward a more transparent, fair, and ethical cryptocurrency ecosystem.

Join the Binance Watchdog Initiative

Be part of this critical movement. Together, we can transform the landscape of cryptocurrency, ensuring that it’s a safe, transparent, and equitable space for all users. Your voice has power—let’s use it to hold Binance accountable and champion the change we wish to see in the world of crypto.