Binance Fined $4.3 Billion, CEO Pleads GUILTY

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  • Опубликовано: 6 июн 2024
  • Changpeng Zhao, the CEO of Binance stepped down and pled guilty to anti-money laundering violations. BINANCE will pay $4.3 billion in fines according to the DOJ settlement.
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    Credits:
    3D Artist: Ed Leszczynski @LeszczynskiEd
    Video Editor: Harry Bagg @HarryRBagg
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    This video is an opinion and in no way should be construed as statements of fact. Scams, bad business opportunities, and fake gurus are subjective terms that mean different things to different people. I think someone who promises $100K/month for an upfront fee of $2K is a scam. Others would call it the "opportunity of a lifetime."
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Комментарии • 4,9 тыс.

  • @slavsquatsuperstar
    @slavsquatsuperstar 6 месяцев назад +12128

    Being a multi-billionaire and still getting called stupid by your mom is a certified Asian moment

    • @MashaRistova
      @MashaRistova 6 месяцев назад +582

      Billionaire in fake money and being a thief.

    • @07kamichamakarin
      @07kamichamakarin 6 месяцев назад +568

      There is no wall an Asian mom cannot climb when she is angry with her children's behavior, I attest that as an Asian daughter.

    • @michaelpeters78
      @michaelpeters78 6 месяцев назад +104

      @@MashaRistova how is it fake money if it has value? he's a billionaire in real money if he sells all his crypto. also how is he a thief?

    • @golDroger88
      @golDroger88 6 месяцев назад +156

      @@MashaRistovaFiat money is also fake.

    • @tenaar
      @tenaar 6 месяцев назад

      ​@@michaelpeters78I'd be a millionaire if I sold all my stuff too.

  • @Trademark56
    @Trademark56 6 месяцев назад +3672

    "He made over $60 billion, but his mom still called him stupid!"
    Well, I think his mom is feeling pretty vindicated right now.

    • @crossbolt27salt88
      @crossbolt27salt88 6 месяцев назад +68

      Dude I was screaming when I saw that nas daily clip

    • @crazyprayingmantis5596
      @crazyprayingmantis5596 6 месяцев назад

      He made 60 billion and got fined 50 million.
      Just like banks these fines are just part of their operating costs now.

    • @PaTrick-cf6ev
      @PaTrick-cf6ev 6 месяцев назад +128

      I bet slippers were flying too😂

    • @nerd55120
      @nerd55120 6 месяцев назад +28

      ​@@PaTrick-cf6evHahaha. Ethnic mom's weapon of choice

    • @AlSanBuen
      @AlSanBuen 6 месяцев назад +7

      Asians

  • @sunnyd1722
    @sunnyd1722 5 месяцев назад +377

    I hate it when the CEO of a company doing illegal, evil shit gets away with saying “we made mistakes :( we’re sorry”

    • @PoorEdward
      @PoorEdward 4 месяца назад +13

      We’re sorry. :)
      We’re sorry…

    • @sebastienlebatteux185
      @sebastienlebatteux185 4 месяца назад +2

      Southpark 😂​@@PoorEdward

    • @sunnyd1722
      @sunnyd1722 4 месяца назад +6

      Yeah. Did you think I would hate the crypto scammers but be fine with how corporations and Wallstreet is run?

    • @RTU130
      @RTU130 3 месяца назад

      Yea

    • @zhg4685
      @zhg4685 2 месяца назад

      while the US GOV Even disavow ...

  • @DrJRMCFC
    @DrJRMCFC 6 месяцев назад +427

    "it's not FUD, it's basic due diligence". Absolutely spot on.

    • @user-xc8nb9yn1i
      @user-xc8nb9yn1i 6 месяцев назад +14

      Anyone who mentions "FUD" is a scammer lmao

  • @elbruces
    @elbruces 6 месяцев назад +1301

    Literally the whole point of crypto & blockchain technology was to remove having to trust people from the equation. It's so bizarre that all these "trust me" companies immediately sprouted up.

    • @fix0the0spade
      @fix0the0spade 6 месяцев назад

      The real reason was to let organised crime launder huge quantities of money untraceably. Everything else is fluff.

    • @JJ-qo7th
      @JJ-qo7th 6 месяцев назад +144

      Well, yeah, someone has to hype up the monopoly money so people will buy in.

    • @nsbdbsbsbdbzbz8555
      @nsbdbsbsbdbzbz8555 6 месяцев назад +97

      Thats what you think the point was.
      The point was to:
      Laundee money
      Unregulated market(scam)
      Youre not very smart

    • @Pastymeathead
      @Pastymeathead 6 месяцев назад +23

      I think people just assume that these companies are too big not to have internal audits, regulations, etc. You figure a company like Binance would have whistleblowers left and right exposing the illegal activity behind the scenes

    • @funkemunky
      @funkemunky 6 месяцев назад

      @@nsbdbsbsbdbzbz8555nope. The original point was to remove financial manipulation*. Problem is that if didn’t work out in practice

  • @kentslocum
    @kentslocum 5 месяцев назад +92

    When a multi-billionaire admits they made mistakes, you can be sure they did some really bad things that they're trying to sweep under the rug. CEOs of companies never admit wrongdoing except when there are bigger things they're trying to hide.

  • @davidpinto7542
    @davidpinto7542 6 месяцев назад +670

    Its beyond me how someone will give 1 dollar to a company that refuses to be audited.

    • @MANIAKAEMAN
      @MANIAKAEMAN 6 месяцев назад +64

      Wait till you hear about how all of crypto is propped up by an unaudited USDT

    • @antimatter3084
      @antimatter3084 6 месяцев назад

      ​@@MANIAKAEMANNot surprising considering cryptocurrency are just techbro funbucks with a ponzi scheme mechanism built in.

    • @dkn1055
      @dkn1055 6 месяцев назад +52

      @davidpinto7542 You mean basically 99% of crypto? lmfao

    • @chris0000924
      @chris0000924 6 месяцев назад

      Wait until you hear about American banking system lmao
      Audit the Federal reserve tok while you're at it they PRINT the dollars in your pocket

    • @theGT5
      @theGT5 6 месяцев назад +31

      still the most reliable cex so what is your arguement lol, acting like the mainstream financial system wasn't built on crimes is a joke

  • @D3m3nt0
    @D3m3nt0 6 месяцев назад +4573

    I have to admit that I admire the brazen admission of laundering drug money.

    • @grizzlywhisker
      @grizzlywhisker 6 месяцев назад +25

      Same here.

    • @MorePowerfulThanMe
      @MorePowerfulThanMe 6 месяцев назад +147

      HSBC style baby, cant go wrong

    • @sznikers
      @sznikers 6 месяцев назад +43

      Yeah HSBC all the way 😂

    • @i6power30
      @i6power30 6 месяцев назад

      How is it compared to ftx? Laundering drug money and steals user fund . At least binance doesn't steal user deposit

    • @Rapido20
      @Rapido20 6 месяцев назад +33

      this is a tiny slap on the wrist he’s free won’t go to jail and gets to keep billions he has stolen

  • @sagramore1
    @sagramore1 6 месяцев назад +1519

    At this point being labeled as the "Most humble crypto billionaire" is a huge red flag.

    • @devious9113
      @devious9113 6 месяцев назад +130

      At this point, anyone who shows up in that guy's videos is a huge red flag.

    • @peger
      @peger 6 месяцев назад +16

      And if you get labeled as a one, is the sign that you need to buy one way ticket to Dubai asap xD

    • @nintendoconvert4045
      @nintendoconvert4045 6 месяцев назад +25

      I think “crypto billionaire” is about as real as Bigfoot.

    • @themudpit621
      @themudpit621 6 месяцев назад

      I just officially became sick of the term 'red flag'. It was you. You were the straw.

    • @january3rd293
      @january3rd293 6 месяцев назад +4

      The fact that it's the same influencer person too, oof.

  • @TTLOSF
    @TTLOSF 6 месяцев назад +4119

    The amount of scams that immediately rose and fell thru crypto is amazing

    • @HDReMaster
      @HDReMaster 6 месяцев назад +170

      there are more scams in traditional finance

    • @lnsflare1
      @lnsflare1 6 месяцев назад +111

      While simultaneously being completely unsurprising.

    • @HDReMaster
      @HDReMaster 6 месяцев назад +79

      blockchain means scams are public information and will be found out no matter what

    • @bolsa3136
      @bolsa3136 6 месяцев назад +44

      Signs of a bubble..

    • @bolsa3136
      @bolsa3136 6 месяцев назад +17

      I thought that the selling point of it was the anonimous part...

  • @taranullius9221
    @taranullius9221 6 месяцев назад +17

    "I must take responsibility"*
    *when caught.

  • @happykill123
    @happykill123 6 месяцев назад +73

    Unless people are inprisoned, it's not treated as a real crime.

    • @user-dv1hp5fp2x
      @user-dv1hp5fp2x 6 месяцев назад

      This is just a distraction
      Wonder how the mill is laundering our tax dollars across the globe

    • @themudpit621
      @themudpit621 6 месяцев назад +2

      You mean fines just impose a tax on crime? yeah, maybe...

    • @PointsofData
      @PointsofData 4 месяца назад

      ​@@themudpit621
      If Binance didn't have enough to pay back creditors, then they don't have enough to pay $4.3 billion in fines. It's hardly a tax.

  • @DunningofKruger
    @DunningofKruger 6 месяцев назад +2366

    The refusal to accept auditors probably has a lot to do with the fact they're working with dirty money and an Auditor would be obligated to call the police.

    • @slax4884
      @slax4884 6 месяцев назад

      HSBC worked with cartels. Banks launder money all the time

    • @ceraz052
      @ceraz052 6 месяцев назад +12

      Hmm maybe

    • @katrinabryce
      @katrinabryce 6 месяцев назад +54

      In the UK, even if you are approached by the police to do a forensic audit of a suspected drug dealer, you still have to report it. Even the fact that the police already know about it and are investigating doesn't get you off having to report.

    • @poxon4515
      @poxon4515 6 месяцев назад +27

      Didn’t the most of the main auditor firms say they would not audit crypto company’s.. pretty confident Deloitte did

    • @BA-gn3qb
      @BA-gn3qb 6 месяцев назад +11

      Arthur Andersen: Hold my Enron

  • @pyd2215
    @pyd2215 6 месяцев назад +2146

    Big 4 audit companies have also been complicit in a LOT of shady dealings

    • @MuiKaHo
      @MuiKaHo 6 месяцев назад +109

      yeah but there will be receipts, which is what is important.

    • @colin-nekritz
      @colin-nekritz 6 месяцев назад

      Yep it’s like the SEC who not only was in Bernie Madoff’s pocket, he was on their board, all while knowingly wiping out tens of thousands of people’s life savings.

    • @hydromic2518
      @hydromic2518 6 месяцев назад +106

      Yeah, KPMG facilitated the Guptas tax evasion and has been involved in nearly every corruption case in South Africa

    • @Coffeezilla
      @Coffeezilla  6 месяцев назад +1221

      Absolutely true. But not wanting to deal with auditors isn’t a dunk either.

    • @User-fq9lk
      @User-fq9lk 6 месяцев назад +21

      @@Coffeezilla facts

  • @laurelmarshall6903
    @laurelmarshall6903 6 месяцев назад +5

    Thanks Coffeezilla! Excellent video.

  • @TamimGaming-kz3jj
    @TamimGaming-kz3jj 6 месяцев назад +244

    Walmart and Cardven token just signed a collaboration??

  • @ixlndvsxtc
    @ixlndvsxtc 6 месяцев назад +623

    CZ was holding up 4 fingers because that was the fine in billions he would be paying.

    • @2sexyy
      @2sexyy 6 месяцев назад +18

      lmao

    • @golDroger88
      @golDroger88 6 месяцев назад +44

      >how many billions do you want to pay in fine?
      CZ:

    • @DJIronChef
      @DJIronChef 6 месяцев назад +11

      lmao same though he predicted his fate

    • @guth5060
      @guth5060 6 месяцев назад

      forsen
      @@2sexyy

    • @EmyN
      @EmyN 6 месяцев назад

      LOL 😂 the irony

  • @WarrenPuffet
    @WarrenPuffet 6 месяцев назад +533

    “We’ll have our lawyers handle it” not a sign of confidence.

    • @ARUchannel1
      @ARUchannel1 6 месяцев назад +3

      facts speak louder than companies' words

    • @nolongerblocked6210
      @nolongerblocked6210 6 месяцев назад +7

      He essentially said they don't have the money

    • @matohibiki
      @matohibiki 6 месяцев назад +24

      It is in fact saying "I don't wanna implicate myself further in whatever lawsuits and criminal cases that're going on."

    • @jeffreyrudolph5061
      @jeffreyrudolph5061 6 месяцев назад +3

      To be fair , that was a hypothetical question regarding Sam's escapades.

    • @kjbkix
      @kjbkix 6 месяцев назад +3

      especially when its a question of finances. "Let the CFO handle it" maybe if you wanna throw them under the bus

  • @jodikubacki5415
    @jodikubacki5415 6 месяцев назад +4

    Love your hard work

  • @traceyhilder6640
    @traceyhilder6640 3 месяца назад +1

    Super slooth & coffee just love you exposing these grifters

  • @tarekyared4404
    @tarekyared4404 6 месяцев назад +619

    When CZ says auditors "don't know how to audit crypto exchanges", what he means is that auditors don't accept digital monopoly being valued at face value on paper when they know the coin would be virtually worthless when actually being sold in meaningful volume. His arrogant position is EXACTLY the same type of asinine argument SBF made with FTX.

    • @wrongplacerighttime
      @wrongplacerighttime 6 месяцев назад +19

      lol cz is not sbf. not even close.

    • @funkemunky
      @funkemunky 6 месяцев назад +26

      @@wrongplacerighttimestill pretty shady

    • @Vojou345
      @Vojou345 6 месяцев назад +76

      @@wrongplacerighttimeRead the comment over again, then take a hour to really let it sink in. Once you figure it out, edit your comment as it has nothing to do with what OP said.

    • @Kalulosu
      @Kalulosu 6 месяцев назад +29

      They "don't know how to audit crypto exchanges" because they don't produce the results he'd want to see from the audit lol

    • @rightwingsafetysquad9872
      @rightwingsafetysquad9872 6 месяцев назад +17

      The exact same reasoning applies to conventional financial institutions. All banks are structurally insolvent.

  • @Jessica-ub9oh
    @Jessica-ub9oh 6 месяцев назад +1409

    I don't think we're focusing enough on the implication of what they did, if they openly admitted to laundering drug money imagine what else happened behind the scenes. Might've facilitated some truly heinous things

    • @tomlxyz
      @tomlxyz 6 месяцев назад +82

      Like allowing funding terrorists?

    • @111dcormack
      @111dcormack 6 месяцев назад +2

      Half way across the world .

    • @leighz1962
      @leighz1962 6 месяцев назад +6

      Happens everywhere but China was the big financial magnet. Investment flight probably has a few more stones to turn.

    • @hitzoneproductions7858
      @hitzoneproductions7858 6 месяцев назад +55

      Like organs, humans trafficking, etc?

    • @walktheworld
      @walktheworld 6 месяцев назад

      Major banks launder drug cartel money.

  • @bryceplatzer1651
    @bryceplatzer1651 6 месяцев назад +1

    Just to start, I like the intro of reading the caption like it’s a news article. Plus it helps with people just scrolling and stopping to watch the auto-play real quick.

  • @alhomsi2325
    @alhomsi2325 6 месяцев назад +73

    Cardven token and amazon signed a partnership. It will blow up once it hits mainstream.

  • @musicjunkie274
    @musicjunkie274 6 месяцев назад +711

    “An audit doesn’t find every problem”
    So I guess that means nobody should be audited anymore 🤷‍♀️

    • @TKUltra971
      @TKUltra971 6 месяцев назад +12

      "Yep Yep"

    • @MySteamChannel
      @MySteamChannel 6 месяцев назад +6

      Just like the department of defense.

    • @w1mark275
      @w1mark275 6 месяцев назад +2

      Oh i wont find every problem? Well you could make your own investigation alongside the audit then... The differences in results I bet would be quite surprising!

    • @charlesm.2604
      @charlesm.2604 6 месяцев назад +12

      "an auditor would realize we don't have the assets to back up all customer refunds but what he won't realize is that the assets we currently have are completely worthless anyway because we used customer funds as our personal piggybank"

    • @matohibiki
      @matohibiki 6 месяцев назад +4

      "So you're saying we should bring law enforcement into the equation, to find the really bad problems?"

  • @oliverhannan6031
    @oliverhannan6031 6 месяцев назад +330

    Imagine all of the cleaning up and hiding that CZ and Binance have done in the last year while the spotlight was on FTX/SBF.

    • @vanhuvanhuvese2738
      @vanhuvanhuvese2738 6 месяцев назад +9

      They did but did they clean up because if they dont have money they will still endup...

    • @AxiomApe
      @AxiomApe 6 месяцев назад

      @@vanhuvanhuvese2738… bankrupt

    • @beckstheimpatient4135
      @beckstheimpatient4135 6 месяцев назад +5

      I don't think these guys are either smart enough, capable enough, or have enough of a 'blanket' to try and cover up their shady dealings. It would be like trying to cover Shaq with a baby blanket. Nothing can hide that amount of financial crime. Which is why Deloitte refused them, I imagine. No amount of bribery from Binance could ever 'help them figure out the numbers'.

    • @N3gativeR3FLUX
      @N3gativeR3FLUX 6 месяцев назад +11

      Should have bought some shares in a paper shredding machine company.

    • @captainspaulding5963
      @captainspaulding5963 6 месяцев назад +12

      ​@@jonny_lagunasure seems like Sam is sitting in jail right now because FTX had the spotlight on them....

  • @churd825
    @churd825 6 месяцев назад +4

    Market said we don’t give a fuck and resulted in a pump

  • @SamDurkSheff
    @SamDurkSheff 6 месяцев назад +1

    Good video as always and I wanted to add that I loved seeing you pop up recently in that BBC documentary on SBF; I think you've got a few fans at the beeb!

  • @aj00
    @aj00 6 месяцев назад +647

    It’s actually insane how much larger Binance is compared to like the next 3 biggest exchanges

    • @zoomer9686
      @zoomer9686 6 месяцев назад +31

      if u believe the numbers 🧠

    • @handler8838
      @handler8838 6 месяцев назад

      @@zoomer9686 considering other exchanges some times dip into Binance to use their liquidity... yeah they have a huge marketshare

    • @iguerof4159
      @iguerof4159 6 месяцев назад

      ​@@zoomer9686it's a fact

    • @michelchamoun9967
      @michelchamoun9967 6 месяцев назад +88

      Its because the second largest misteriously dissapeared.

    • @Pooki2024
      @Pooki2024 6 месяцев назад

      @@michelchamoun9967mysteriously ?

  • @silmarian
    @silmarian 6 месяцев назад +396

    I love how skeptical the reporter looked when he started being evasive. She knew he was talking bs.

    • @goldenhate6649
      @goldenhate6649 6 месяцев назад +16

      Because she is trained to do the same.

    • @pasta-and-heroin
      @pasta-and-heroin 6 месяцев назад +9

      @@goldenhate6649… what? 😂

    • @JavierNYC423
      @JavierNYC423 6 месяцев назад +3

      @@pasta-and-heroinyou can’t be this dense can you ?

    • @EmyN
      @EmyN 6 месяцев назад +9

      Those interviewers were not impressed lol

    • @harrietxo2310
      @harrietxo2310 6 месяцев назад +1

      @@JavierNYC423maybe they are that obtuse

  • @vozac4470
    @vozac4470 10 дней назад +1

    With an auditor background - always enjoyed your content Coffee!

  • @franciscov799
    @franciscov799 6 месяцев назад

    Good job and video !!

  • @Lemaforthewin
    @Lemaforthewin 6 месяцев назад +20

    Reminds of the HSBC case, where they accepted money from Mexican Cartels. They only had to pay $1.9 billion. Lovely, lovely world :)

  • @CallMeMicahT
    @CallMeMicahT 6 месяцев назад +210

    What I’ve learned from Coffee is don’t trust anyone involved in the crypto

    • @fitchmultz
      @fitchmultz 6 месяцев назад +1

      Except Sergey Nazarov

    • @MESSY-AF
      @MESSY-AF 6 месяцев назад +43

      because it is literally a scam

    • @danielling5803
      @danielling5803 6 месяцев назад +7

      ​@@MESSY-AFcoffee holds some crypto I think

    • @monkey39128
      @monkey39128 6 месяцев назад +1

      @@danielling5803 Probably a gamble just incase it ever becomes widely adopted.

    • @stealthysaucepan2016
      @stealthysaucepan2016 6 месяцев назад +2

      crypto bad

  • @ShirtNerdless
    @ShirtNerdless 5 месяцев назад

    What drives your journalism (beside monetary devices). You are the best !

  • @HawwkBigity
    @HawwkBigity 6 месяцев назад

    Also ☕ thanks brotha... You are one of a kind.. happy 🦃 day to you and family, eat up you got more to expose

  • @thealliesarejews
    @thealliesarejews 6 месяцев назад +417

    Always staying informed is probably the greatest gift Coffee gave us. Bless this man.

    • @DABA2024
      @DABA2024 6 месяцев назад

      I mean, we get informed while NOTHING happens to the scammers. I guess it’s entertaining though?

  • @mindmachinepsy
    @mindmachinepsy 6 месяцев назад +408

    Who would have thought that a crypto company is doing something shady. I could never have guessed

    • @j...bro.
      @j...bro. 6 месяцев назад

      Banks In Australia namely NAB.facilitated. Billions of shady deals. Including child trafficking funding of terrorism and austrac just gave them.a ( relatively) small fine ( no jail time). Where there is money transfers there is always corruption it seems.

    • @pepsico815
      @pepsico815 6 месяцев назад +10

      Thankfully we have Bitcoin. Sorry if you got scammed by crypto companies.

    • @TrackpadProductions
      @TrackpadProductions 6 месяцев назад +44

      TBH as soon as anyone in crypto responds to legitimate criticism with the word "FUD" I immediately assume they're not to be trusted

    • @gaberlc
      @gaberlc 6 месяцев назад

      @@pepsico815 Yeah... Bitcoin, not at all involved in anything shady ever.
      Silk Road?

    • @i6power30
      @i6power30 6 месяцев назад +9

      ​@@TrackpadProductionsyou are doing something wrong if you thought you needed trust to do anything in crypto

  • @shashankkrishna4057
    @shashankkrishna4057 6 месяцев назад +33

    After the FTX scam,this was bound to happen

  • @xNaxdy
    @xNaxdy 6 месяцев назад +41

    you know, it baffles my mind how a crypto exchange like Binance gets fined such a hefty sum when they do something wrong, but when any of the big tech companies who routinely and purposefully commit multiple international privacy violations get fined, it's literally pennies
    clearly, as shown in this case, the government is capable of issuing meaningful fines. so why hold back in the other cases?

    • @ToastyAlpha
      @ToastyAlpha 6 месяцев назад

      Uhhh cus one is privacy and the other is
      Privacy + money laundering, plus fraud, plus cooking the books lol wtf do u think Enron did

    • @titan8084
      @titan8084 6 месяцев назад +2

      Probably cus the companies that do have the cyber crime thing have large countries behind them.

    • @jaredclark173
      @jaredclark173 6 месяцев назад +4

      apple is vital to the us economy. crypto exchanges are not

    • @mankybrains
      @mankybrains 6 месяцев назад

      @@jaredclark173 Not vital per se, but it is providing way more jobs to the US market and others around the world while Binance doesn't.

    • @jaredclark173
      @jaredclark173 6 месяцев назад +1

      @@dontaskquestions. i’m sorry i should have explained. large companies are vital to the us economy. they provide jobs and services that the american public can work or utilize. i wasn’t saying that apple alone is vital to the us economy. i was using apple as an example of a large company that is vital to the us economy. i won’t be providing sources because this is just the fuckin youtube comment section so you can calm down

  • @marcellamerck1344
    @marcellamerck1344 6 месяцев назад +225

    Did his Mom call him stupid because she knew he made his money laundering drug money? 😄 That poor woman.

    • @jacksmith-mu3ee
      @jacksmith-mu3ee 6 месяцев назад

      Source

    • @thecall0ut
      @thecall0ut 6 месяцев назад +8

      @@jacksmith-mu3ee your mom

    • @Mordecrox
      @Mordecrox 6 месяцев назад +2

      ​@@jacksmith-mu3eehimself, he said so.

    • @EmyN
      @EmyN 6 месяцев назад

      She must have known he was shady

    • @IamMuldeh
      @IamMuldeh 6 месяцев назад

      She knew he made his money through cryptocurrency.. so yes.

  • @kieranelliott5607
    @kieranelliott5607 6 месяцев назад +237

    And to think he seemed such a totally non-shady chap in a non-shady industry.

    • @bullpup1337
      @bullpup1337 6 месяцев назад +14

      lol good joke

    • @alexandermeneses5688
      @alexandermeneses5688 6 месяцев назад +6

      Lol

    • @j...bro.
      @j...bro. 6 месяцев назад +3

      You should see what happens with cash.....

    • @jmiquelmb
      @jmiquelmb 6 месяцев назад +20

      @@j...bro. What happens with cash? Tell me

    • @animekingdom4918
      @animekingdom4918 6 месяцев назад +24

      ​@@j...bro.Crypto is a lot worse

  • @YogisGarage
    @YogisGarage 6 месяцев назад +1

    Love it! Go get 'em.

  • @BriedisLTU
    @BriedisLTU 6 месяцев назад +6

    How is different than banks? If everyone tries to cash out bank crashes as they don’t have all the money.

  • @ty5ler
    @ty5ler 6 месяцев назад +564

    Always on the cutting edge of reporting. Good job coffee. If only all media did actual investigations like this….

    • @DoopamineHit
      @DoopamineHit 6 месяцев назад

      Media cover people like this and attack people like us doing the exact same thing. Media is bought, none of it it’s real

    • @Vespyr_
      @Vespyr_ 6 месяцев назад +2

      They used to. Long ago.

    • @Waroncrypto
      @Waroncrypto 6 месяцев назад +2

      Cutting edge of reporting what?

    • @papichulo8749
      @papichulo8749 6 месяцев назад +14

      @@Waroncryptowith a name like yours you sound like a suspect

    • @prof.crastinator
      @prof.crastinator 6 месяцев назад +18

      He’s showing other reporters info and interviews… so it’s still there…

  • @chris47293
    @chris47293 6 месяцев назад +87

    so many of coffee's vids up to this point ended with "these people are evil hopefully they face consequences" so it's really satisfying that the consequences are coming through now

  • @Randomgrogu
    @Randomgrogu 6 месяцев назад +1

    What happens if they pay the fine with customer funds and we find out later can a court clawback from government like they do investors?

  • @THE6uk
    @THE6uk 6 месяцев назад +1

    Respect coffee sir from 🇬🇧

  • @lombardo141
    @lombardo141 6 месяцев назад +162

    It amazes me how crypto geeks swear by the decentralization of Crypto but are willing to put all their money in a centralized location.

    • @whatdaro
      @whatdaro 6 месяцев назад +26

      greed blinds people, most people sell the "decentralized, finance the unbankable" idea, but they don't really care... all they care about is making a quick buck without doing anything.

    • @pepsico815
      @pepsico815 6 месяцев назад +22

      The smart people don't.

    • @michaelpeters78
      @michaelpeters78 6 месяцев назад +20

      nobody with millions of dollars in crypto is going to leave it on an exchange lmao you can download a crypto wallet. we have that technology.

    • @DeuxisWasTaken
      @DeuxisWasTaken 6 месяцев назад +20

      Those are different people. "Crypto geeks" definitely do not keep money in centralised exchanges and custodial wallets.

    • @lombardo141
      @lombardo141 6 месяцев назад

      @@pepsico815 Smart money ? I hope you mean individual smart money. Cause so called “smart money” like Black Rock and co could not figure out that FTX was a scam.

  • @leemurrison9869
    @leemurrison9869 6 месяцев назад +110

    Remember when CZ took the "high road" when FTX was exposed lol. Who could have ever seen something like this coming?

    • @kalicula7718
      @kalicula7718 6 месяцев назад +27

      Compared to how much FTX f*cked up, Binance looks like a saint rn.

    • @olicorless1926
      @olicorless1926 6 месяцев назад +25

      It's different though. FTX was using customer funds, there is no evidence that suggests Binance are doing the same. Binance aren't innocent, but they're nowhere near as bad as FTX (Based on what we currently know, obviously my opinion on this could change if evidence comes out that binance have been spending customer funds).

    • @michaelbuto305
      @michaelbuto305 6 месяцев назад +4

      @@olicorless1926 Nah. Time will prove they basically the same.
      The differences is, one dude is american and one dude is chinese. It sounds not related but if you put the Culture behind those two races, you know which one more solid than the other.

    • @HeavyMetalGamingHD
      @HeavyMetalGamingHD 6 месяцев назад +6

      yeah literally everybody could see that coming. Everything involved in crypto is shady or straight up a scam

    • @Crypdography
      @Crypdography 6 месяцев назад +3

      FTX scammed customers.
      Binance hurt nobody and helped customer indiscriminately.
      If that's not the high road idk what is.

  • @Snugglepaws_OwO
    @Snugglepaws_OwO 6 месяцев назад

    SBF is very happy to hear this.

  • @joanneleasley316
    @joanneleasley316 5 месяцев назад

    i love your shows

  • @Jeffrey_Tyler
    @Jeffrey_Tyler 6 месяцев назад +268

    I hope we get a real Coffeezilla deep dive on this because the money laundering is the absolute LEAST of the charges.

    • @somebodythatiusedtoknoooooooow
      @somebodythatiusedtoknoooooooow 6 месяцев назад +10

      Yeah right, did he torture small kittens on the side as well Mr. Sherlock?

    • @ToastyAlpha
      @ToastyAlpha 6 месяцев назад +53

      @@somebodythatiusedtoknoooooooowfacilitated funds that reached terrorist orgs lol
      Plus money laundering, mixing funds, etc.
      Literally everything SBF did just CZ is smarter.

    • @MrDucenukEM
      @MrDucenukEM 6 месяцев назад +9

      how about we audit the government....

    • @castillonelson
      @castillonelson 6 месяцев назад +4

      ​@MrDucenukEM we do, but we have to audit the auditors too.

    • @MaddogMD82
      @MaddogMD82 6 месяцев назад +3

      He's well and truly down the rabbit hole, don't you worry about that.

  • @tsosiegeraldson
    @tsosiegeraldson 6 месяцев назад +39

    Coffeezilla you're One of the best guys ever to explain everything on Crypto Schemes. Thanks your videos are awesome and informative.

    • @zakblue
      @zakblue 6 месяцев назад +1

      Don't just believe one source though. I disagree with many of the takes in this video and I've followed Binance's development since 2017.

    • @nolongerblocked6210
      @nolongerblocked6210 6 месяцев назад +6

      ​@@zakblue what specifically do you disagree with, I genuinely want to know

  • @unclefred3128
    @unclefred3128 6 месяцев назад +3

    Are we getting a The Completionist episode soon?

  • @stefamarz
    @stefamarz 6 месяцев назад +3

    Even his mom has warned us all along.

  • @ianm1462
    @ianm1462 6 месяцев назад +16

    Shocked (shocked!) that another crypto company is involved in shady nonsense.

  • @toweypat
    @toweypat 6 месяцев назад +84

    I love how Zhao helped bring down SBF, and now is being collared himself.

    • @PrivateSy4z
      @PrivateSy4z 6 месяцев назад +17

      Takes one to know one

    • @tomasgomez9925
      @tomasgomez9925 6 месяцев назад +3

      He wants to make him company in prison

    • @Septeemberpain
      @Septeemberpain 6 месяцев назад +1

      Was thinking same

    • @mikatu
      @mikatu 6 месяцев назад +6

      I love that nothing of that is true.... SBF will be sentenced, CZ will pay a fine and keep doing everything as before.

    • @khyrulanwaar4628
      @khyrulanwaar4628 6 месяцев назад +1

      Even criminals have competitors

  • @edcko10
    @edcko10 Месяц назад

    Crazy how 4 months later BNB is almost back to ATHs even after pleading guilty and being fined

  • @moonstruck336
    @moonstruck336 6 месяцев назад

    You tha man coffee !

  • @flynnzone70
    @flynnzone70 6 месяцев назад +73

    Speaking as someone who discovered Binance through F1, it's crazy but also unexpected seeing these Crypto sponsors going to shit a year after they joined a team

    • @frevazz3364
      @frevazz3364 6 месяцев назад +4

      It’s not surprising at all.

    • @Matt-ru5rw
      @Matt-ru5rw 6 месяцев назад +1

      Really, you still don't get that crypto is a scam?

  • @viltvardisnemiers4075
    @viltvardisnemiers4075 6 месяцев назад +10

    CZ walks into a prison cell, SBF greets him and says: "This bed is already occupied by Mr. Mashinsky. You can park here below Do Kwon."

  • @oliverw.1187
    @oliverw.1187 5 месяцев назад

    Top notch content

  • @anonymousone5265
    @anonymousone5265 6 месяцев назад +9

    You need to follow up on the fines and charges on the Banking industry.

  • @richardmaccagni8690
    @richardmaccagni8690 6 месяцев назад +69

    I love the interviewer's face when CZ says "actually they don't know how to audit crypto exchanges"

    • @retrokoh1507
      @retrokoh1507 6 месяцев назад +17

      When he clapped back with citing Coinbase... CZ's response killed me😂😂😂

  • @herbertscott9575
    @herbertscott9575 6 месяцев назад +62

    Scammers go in panic mode when coffeezilla upload

    • @Rapido20
      @Rapido20 6 месяцев назад +1

      Why would he panic? he’s free won’t go to jail and gets to keep billions he has stolen
      ???

    • @HShango
      @HShango 6 месяцев назад

      ​@@Rapido20he just won't be part of that junk aka crypto

    • @WunnSEN
      @WunnSEN 6 месяцев назад

      @@Rapido20 Because there's now a video tarnishing him online and these type of people hate this stuff. Not only that, nobody legitimate is going too EVER touch him.
      While he may have BILLIONS, trust me, the man probably has no real friends and lives a miserable life. Just look at how Notch's life turned out, the creator of the game 'Minecraft'. Being a billionaire doesn't equate to happiness no matter how nice it sounds.

    • @michaelpeters78
      @michaelpeters78 6 месяцев назад

      @@Rapido20 who did he steal from? did you watch the very short 8 min video?

    • @Mikanoshi
      @Mikanoshi 6 месяцев назад +1

      ​​@@Rapido20 He earned his money "honestly", exchange was just allowing shady persons to trade, and profited from their trading fees. Nowhere near fraud, theft or whatever the fuck you are trying to pin on him without understanding what the actual charges are.

  • @IsomerSoma
    @IsomerSoma 6 месяцев назад

    I am ao shocked. Who could've foreseen this?

  • @ChippiesBR
    @ChippiesBR 6 месяцев назад +8

    Just FYI in regards to not being able to get a big 4 Auditor:
    Im in Australia and alot of large audit firms have a flat international stance to not work with crypto companies due to risk. We had a special exception granted to have our company done by a large/mid tier firm - most likely due to our history with them already, but also does mean going forward they may not perform our audit in future years (despite the company being full above board and audited previously).
    So not defending CZ here, but some of what he said is true there and out of his control.

  • @masonnnnnn1
    @masonnnnnn1 6 месяцев назад +129

    I really appreciate your final clip of telling CZ's true story, you're a goddamn legend coffee.

    • @symbiote1982pk
      @symbiote1982pk 6 месяцев назад +1

      How do you know it's final? are you psychic? from the future? making baseless assumptions? yeah I know it's the latter, I just like pointing out nonsense, have a good one.

    • @luxuryseaviewvillas6744
      @luxuryseaviewvillas6744 6 месяцев назад +28

      @@symbiote1982pk i think he just meant the final few minutes of this video.

    • @NoxUmbrae
      @NoxUmbrae 6 месяцев назад

      @@luxuryseaviewvillas6744 Don't tell them, it is funnier when they don't realize how their hubris makes them look.

    • @backlogbuddies
      @backlogbuddies 6 месяцев назад +2

      Wtaf did i just read?

  • @mohba01
    @mohba01 6 месяцев назад +29

    As a drug dealer and cartel I didn't even know such a choice existed 😢, I always have used the normal channels to launder my money, like deutsche bank.

  • @MenkoDany
    @MenkoDany 5 месяцев назад +1

    Always a good day when Coffee Break uploads to his second channel

  • @animeguy6877
    @animeguy6877 6 месяцев назад +2

    7:37 Does the 4 finger hand sign represent the 4B in fines?

  • @aluisious
    @aluisious 6 месяцев назад +238

    "They don't know how to audit crypto exchanges" is such a hilariously stupid excuse.

    • @lolilollolilol7773
      @lolilollolilol7773 6 месяцев назад +22

      Mom was right to call him stupid I guess

    • @merphul
      @merphul 6 месяцев назад

      Isn't everything supposed to be "on the blockchain" and therefore "permanent, traceable and immune to forgery"?
      Oh, wait, all the exchanges operate 99% off chain and undercut all of that. Cryptobros used to chant "not your wallet/not your keys" like a mantra and the biggest predators in crypto end up creating exchanges that ignore all that.
      Regardless, all modern exchanges are purely electronic. You literally download the files and hand it to an auditor that will probably run it through their advanced tools that they've... created in Excel.

    • @3ikilee
      @3ikilee 6 месяцев назад +5

      If they can audit casinos they can audit crypto exchanges 😂

    • @michaeldy2580
      @michaeldy2580 6 месяцев назад

      Crypto isn’t difficult science that only very smart higher beings can understand. Auditors can study and audit it.

    • @jwenting
      @jwenting 6 месяцев назад

      they don't know they're not allowed to call out corruption and fraud is what he means.

  • @jamesmercer848
    @jamesmercer848 6 месяцев назад +94

    “An audit doesn’t find every problem” is such a terrible response lmao, basically “we don’t need an audit because they wouldn’t find the types of crime I’m committing.” Like, we all see how that’s not a very good defense, right?

    • @dreed100
      @dreed100 6 месяцев назад +5

      More like
      Hey. It will not find all problems so why bother.
      Cause definitely they have shady deals which would be spot by an auditor who just finished first year of university

    • @letsburn00
      @letsburn00 6 месяцев назад +10

      This is the attitude of scammers. It's also the attitude of "government regulation misses things, so let's just get rid of it". The attitude of demanding perfection from things or we never do it is a red flag of someone being a scammer or being stupid.

    • @somebodythatiusedtoknoooooooow
      @somebodythatiusedtoknoooooooow 6 месяцев назад +1

      Yeah the people who don't understand crypto think its a terrible response agree

    • @schizo5189
      @schizo5189 6 месяцев назад +1

      ​@@letsburn00 well said. That attitude is very common among the crypto community where scammers thrive and idiots will repeat it not knowing it will fuck over them

    • @mcmerry2846
      @mcmerry2846 6 месяцев назад

      He described the US gov

  • @Nedwin
    @Nedwin 6 месяцев назад +2

    Probably the most controversial scandal in 2023.

  • @satperush
    @satperush 6 месяцев назад +1

    They never stole money from Customers. That is the MOST IMPORTANT THING!

  • @totalbullion5882
    @totalbullion5882 6 месяцев назад +130

    I don't mind if I get fined 4 Billion If I made 60.

    • @rebelsouljaz
      @rebelsouljaz 6 месяцев назад +27

      And it's not even him who's being fined it's the company

    • @gabriellessa7706
      @gabriellessa7706 6 месяцев назад +2

      yea drug money human trafic money gun money is BIG!!!, and it's isplicitly being laundery by crypto real sad

    • @papalegba6796
      @papalegba6796 6 месяцев назад +7

      Yeah he's already made his money, if he can get out & avoid jail he's laughing.

    • @beesong2450
      @beesong2450 6 месяцев назад +4

      Chump change

    • @VVoude
      @VVoude 6 месяцев назад +2

      Even if Changpeng Zhaos was fined 4billion it wouldnt hurt him.
      Dude has +10Billion networth >_>

  • @drevil2675
    @drevil2675 6 месяцев назад +64

    You don’t have to worry about Binance. They will use customers’ funds to settle the bills.

    • @beautytruth8181
      @beautytruth8181 6 месяцев назад

      If the SEC is in control now.... they will start freezing assets soon.
      Move your COIN away from exchanges and into self custody asap !

    • @zaco-km3su
      @zaco-km3su 6 месяцев назад +2

      That will end badly. It will be another lawsuit and that will put CZ in prison....or he'll wish he ends up in prison.

    • @MegaLoquendo2000
      @MegaLoquendo2000 6 месяцев назад

      ​@@zaco-km3suIf binance goes the same path as ftx that'll be a hit in the crypto market that will take many years to recover from

    • @777jrg
      @777jrg 6 месяцев назад +1

      ​@@zaco-km3suhe doesn't even live in America. How'd he end up in prison?

  • @IllIl
    @IllIl 6 месяцев назад +2

    Great video. Looks like some shysters are finally getting burned. But I have to laugh whenever crypto speculators are called "investors."

  • @cnxlee_69420
    @cnxlee_69420 6 месяцев назад +1

    it's about time

  • @gcullen576
    @gcullen576 6 месяцев назад +16

    Coffee has been winning hard recently! Let’s hope it keeps goin!

  • @AndersonPEM
    @AndersonPEM 6 месяцев назад +27

    Not your private key? Not your money. Self custody. That simple.

    • @Mikanoshi
      @Mikanoshi 6 месяцев назад

      Has zero to do with the actual story.

    • @StefanReich
      @StefanReich 6 месяцев назад

      Show me a way to do future trading with self custody and I'm in

    • @corvoattano4777
      @corvoattano4777 6 месяцев назад

      ​@@StefanReichgmx or dydx i think

  • @manosassassin
    @manosassassin 6 месяцев назад

    I deadass got a binance ad on RUclips scrolling down on this video.

  • @aetheralldev
    @aetheralldev 6 месяцев назад +1

    missing the chill coffeezilla music at the end, great video nonetheless :)

  • @Yami-mugoni613
    @Yami-mugoni613 6 месяцев назад +12

    Oh me oh my…This year seem to have been the year of Cryptos being exposed left and right

  • @MegaVidFan1
    @MegaVidFan1 6 месяцев назад +9

    I instantly thought of Coffee when I saw the NY Times headline yesterday! Incredibly fast turnaround, dude! Your work now is vindicating all your coverage then, an incredible feat of journalism! Keep up the great work.

  • @inefableve7023
    @inefableve7023 6 месяцев назад +10

    The real question is, who is not laundering money in the US. The banks? The US government? The FBI? The CIA? They all need money, and they do what they do to get it.

  • @aw7614
    @aw7614 6 месяцев назад +1

    "use centralized exchanges like a public washroom. get in, do your busiiness, and get out."

  • @aidanm5578
    @aidanm5578 6 месяцев назад +41

    I KNEW the way he went after FTX was a sign of his own misdeeds. It's always the case.

    • @tabby73
      @tabby73 6 месяцев назад +1

      Scammy minds think alike

    • @numbhead
      @numbhead 6 месяцев назад +3

      I mean FTX literally scammed the shit out of his costumers, all he did was launder some money from drugs, not like the banks and governments doesn't do that already 🤷🏼‍♂️

    • @boccobadz
      @boccobadz 6 месяцев назад +1

      Did Binance ever took customers money? Have they done market manipulation using their sister company? Does CZ is stucked in bronze lmao? They're nothing alike.

    • @numbhead
      @numbhead 6 месяцев назад

      @@boccobadz it's like comparing a murderer with a tax evasion lmao

    • @eronmonseleoaikhina5832
      @eronmonseleoaikhina5832 6 месяцев назад

      So true @@numbhead

  • @larswyness1901
    @larswyness1901 6 месяцев назад +4

    That ending was phenomenal Coffee, bravo. I could almost hear the Curb Your Enthusiasm theme song

  • @BallsOfPureDiamond
    @BallsOfPureDiamond 6 месяцев назад +3

    Hope you do a video on the openhand foundation run by the khalil family too 😗

  • @tryep5567
    @tryep5567 6 месяцев назад +3

    Does Coffeezilla ever talk about HSBC, Wells Fargo, Citi Group, etc. when they money launder or do business with cartels, mafia, or terrorist organizations?

  • @incineroar9933
    @incineroar9933 6 месяцев назад +7

    How on earth are there still crypto bros in current year?

    • @GoldenMonarch88
      @GoldenMonarch88 6 месяцев назад

      The establishment propaganda of crypto is still very real. Until nations actually take care of its citizens and provide universal healthcare, infrastructure, wealth equality, lots of desperate will result to “gambling” per say.

    • @JJ-qo7th
      @JJ-qo7th 6 месяцев назад

      To fool a man, you have to beat his intellect.
      To convince a man he's been fooled, you have to beat his pride.

  • @morgandupont8392
    @morgandupont8392 6 месяцев назад +1

    It would be great if you could do a high level overview, this this, of the SEC suit against Kraken.

  • @xanmontes8715
    @xanmontes8715 5 месяцев назад +2

    Isn't the number 4 considered very unlucky in oriental countries?

  • @EclipsaMyrtenaster
    @EclipsaMyrtenaster 6 месяцев назад +128

    “But his mom still called him stupid!”
    And I guess she’s right

    • @nahuelpiguillem2949
      @nahuelpiguillem2949 6 месяцев назад +6

      HAHAHA

    • @KBWeeds
      @KBWeeds 6 месяцев назад +8

      Some moms really know their kids.

    • @mghq-mobilegamerzhq2533
      @mghq-mobilegamerzhq2533 6 месяцев назад +6

      He walked a free man, still a billionaire, his exchange is allowed to run and he can still keep his majority share he is very very very far from stupid

    • @noanyobiseniss7462
      @noanyobiseniss7462 6 месяцев назад +10

      He's not in jail and only fined 50 mil, he got away with it so apparently hes not that stupid.

    • @user-xr3rb6pn9m
      @user-xr3rb6pn9m 6 месяцев назад

      ​@@mghq-mobilegamerzhq2533I have some doubts that he will get away with it without at least some prison term

  • @depression_daily
    @depression_daily 6 месяцев назад +31

    As an auditor myself (former Big 4), we absolutely know how to audit crypto.

    • @ClownTrader1
      @ClownTrader1 6 месяцев назад +16

      You guys don't know how to do it, to make them look NOT guilty of scamming 😂 is what he meant

    • @f86tune48
      @f86tune48 6 месяцев назад +2

      Doubt*

    • @rebelsouljaz
      @rebelsouljaz 6 месяцев назад +2

      Then how come they didn't audit him then?

    • @user-xr3rb6pn9m
      @user-xr3rb6pn9m 6 месяцев назад +5

      ​@@rebelsouljazauditors are not police, they can only audit companies which invites and pays those auditors

    • @TheNaldiin
      @TheNaldiin 6 месяцев назад +1

      Oh, absolutely. Crypto transactions aren't somehow magic because of the Blockchain. The same basic legitimate and illegitimate actions haven't changed much. See FTX being an old-fashioned embezzlement.

  • @OfficialYeat
    @OfficialYeat 6 месяцев назад +1

    HSBC do it in plain site, all the big banks or anything large and in contact with huge cash flow is liable to huge amounts of money laundering

  • @cernos7230
    @cernos7230 6 месяцев назад +102

    4.3 Billion is a slap on the wrist, there must be a reason he did this willingly

    • @FactsAboutTheWorld.
      @FactsAboutTheWorld. 6 месяцев назад +41

      ya its to stay out of jail.

    • @nsbdbsbsbdbzbz8555
      @nsbdbsbsbdbzbz8555 6 месяцев назад +27

      Because he made 50 billion.
      Youre welcome

    • @pauls5745
      @pauls5745 6 месяцев назад +27

      he still personally nets billions, but his exchange will take a hit and he's a bad guy now... but he made billions

    • @FlatEnough
      @FlatEnough 6 месяцев назад +8

      BINANCE is well established, therefore welcomed into business.
      However, US derivatives and money (laundering) are heavily regulated, so he cannot be allowed to hold a monopoly now that other players are entering the market.

    • @garrettbewsy144
      @garrettbewsy144 6 месяцев назад +6

      cause a trial would reveal all the terrible accounting lol

  • @ZMAN_420
    @ZMAN_420 6 месяцев назад +38

    Have a great Thanksgiving coffee and everyone in the comments! THANK YOU Keep exposing these SCAMS! 👍🏻🇺🇲

    • @mcs.l.7705
      @mcs.l.7705 6 месяцев назад

      He just made a video about Binance and its CEO, thats it. Its different from exposing, he isnt the one who exposed. If this video came out before CZ admitted then he exposed it

    • @E4T4
      @E4T4 6 месяцев назад

      you understand that coffee still gives it more exposure. if someone with 1 subscriber posts a video about "exposing someone" and it gets 0 views did they expose them? no. so coffee definitely helped expose the issue yet again

    • @elsalvadorian8800
      @elsalvadorian8800 6 месяцев назад

      Binance is the best. My full support to cz.

    • @E4T4
      @E4T4 6 месяцев назад

      bot alert

    • @AutoKill
      @AutoKill 6 месяцев назад

      Not really exposing since he plead guilty, and not a scam. Binance didn't steal money, they allowed money laundering on their platform (intentionally or not).