November seems to be the month of exposure, let me take you back to last year, last year November SBF went down as one of the biggest crypto CEO that disappointed lots of people. He was considered a CEO that misused investors funds, I still remember when he asked CZ for help, which means acquiring his company FTX. He was already into deep trouble, everyone in the crypto space was sad and excited, the sad ones were sad because their investments and money were lost and mismanaged by SBF. SBF was arrested and taken to court, he was found guilty few weeks ago.
CZ Binance on the other hand has been under scrutiny for a long time, I think since 2018 ever since they started accusing him of some anti money laundering violation charges. He is been found guilty, and settled, Binance is expected to pay about $4 Billion as settlement for these charges. Not much details have been out on the charges or what he did in particular, but I just can’t help but notice how he is found guilty for such a criminal charge, and allowed to settle with this amount of money, and the timeline is just quiet. Although lots of people have been saying that CZ Binance is not a saint in the crypto space, as he is guilty of some hidden crypto charges but no one knows about it.
CZ Binance had a lot to say about SBF when SBF disastrous failure happened last year. But being guilty of this criminal charges, just shows how much we need to be careful with centralized services, just that Binance has proven to be extremely liquid and is doing a great job to make sure investors and customers funds are SAFU, because being charged with $4 Billion settlement is a lot, it’s enough to cripple an exchange.
I am glad I removed all my funds off Binance last year after the FTX disaster, I felt that FTX can disappoint us and crash, Binance can do the same, no exchange is too big to fall. Imagine finding Binance guilty of multiple charges and having to pay billions of dollars for settlement, that can lead to its downfall. So this is a reminder to always consider cold storage wallet when storing your assets.