"Can barely buy an AK-47 with 600 bucks," a Binance compliance staffer told his boss in 2019, per regulators.

Binance was slapped with a $4.3 billion fine because it let groups like Hamas and ISIS receive funds: Treasury Department::“Can barely buy an AK-47 with 600 bucks,” a Binance compliance staffer told his boss in 2019, per regulators.

  • shortwavesurferEnglish
    91·
    1 year ago

    Centralization allows for this. If people exchanged crypto peer to peer transaction amounts would be much smaller and no one person or company would have nearly as big of a share as binance. So I will continue to say not your keys, not your coins.

    • sv1sjp@lemmy.worldEnglish
      3·
      1 year ago

      If you are trading, its a cheaper choice. (Except if you are trading in Blockchains like polygon) Also, “not your keys not your coins”, but most people are losing access to their Facebook account (without 2FA), they have no chance to keep their own keys…

      • shortwavesurferEnglish
        73·
        1 year ago

        People need to learn to take responsibility. If they lose their money once or twice, they won’t do it again, because they will figure out exactly how to not lose their money. Losing access to a Facebook account is inconvenient because you have to do the whole forgot password thing, but losing access to your money and knowing there’s no way to get it back is a whole different story.

        • cheese_greater@lemmy.worldEnglish
          31·
          1 year ago

          I feel like you don’t get duality of outcomes is for the poors. Rich people get their nut and they get it back. Always. I’ve read somewhere its like Rule #0 or #1 🤔

          • shortwavesurferEnglish
            61·
            1 year ago

            If a rich person is using crypto the way it is meant to be used with holding their own keys, then they don’t get their money back either if they lose their keys. Literally, it’s not your keys, not your coins. If they don’t have the key, they don’t have the coins no matter who they are.

            • cheese_greater@lemmy.worldEnglish
              14·
              1 year ago

              I don’t know how to admit what I feel when I watch all the scumbag upwardly-mobile already upper class yuppies crying about losing their currency cuz they wanted to 10x or whatever. It really is a beautiful thing and its even more hilarious how everyone babies rich douchebags.

              If only they could quit poverty like the vapid dilletantez they are