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Binance users pull over $1 billion from the exchange after CEO leaves, pleads guilty (www.cnbc.com)

submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world

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Binance users pull over $1 billion from the exchange after CEO leaves, pleads guilty::Binance has seen outflows amounting to more than $1 billion in the past 24 hours, not including bitcoin, according to data from blockchain analysis firm Nansen.

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[–] realharo@lemm.ee 8 points 1 year ago* (last edited 1 year ago) (2 children)

Well the practical difference is that money is something people actually use, where as crypto is mostly something they just hope to resell later to a higher bidder - who will only buy it because they hope to resell later to an even higher bidder.

[–] stifle867@programming.dev 1 points 1 year ago

Oh people definitely use crypto all right! That's why they had to pay $4.6B to settle a money laundering case.

[–] thenightisdark@lemmy.world 1 points 1 year ago

" crypto is mostly something they just hope to resell later to a higher bidder"

Unfortunately this is not true. It was getting used for money laundering, which is not reselling to the highest bidder. The proof is in the fact that they payed the fine.

Otherwise what was the fine for?