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A comment on Binance outflows hit $6B as Mazars halts ‘proof of reserves’ work. Parent comment

Re:Binance outflows hit $6B as Mazars halts ‘proof of reserv... by chasd00 on Saturday December 17, 2022 @12:15PM (#34029781)
If there’s a single case of an exchange using a customer’s assets to make bets isn’t that a fraud charge? Or with the unregulated nature of crypto is it not that explicit?
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Re:Binance outflows hit $6B as Mazars halts ‘proof of reserv... by jacquesm on Saturday December 17, 2022 @12:24PM (#34029902)
Dipping into customers funds for operating expenses or other uses (loans to associated parties, investment, leveraging) is a big no for an exchange, obviously, whether or not it is fraud is ultimately for a judge to determine but it sure looks like that to me.

The lure of those balances is invariably too great to resist.

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Re:Binance outflows hit $6B as Mazars halts ‘proof of reserv... by happyopossum on Saturday December 17, 2022 @12:26PM (#34029920)
> The lure of those balances is invariably too great to resist.

I think the folks at JP, etrade, and all of the other regulated exchanges would object to that characterization.

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Re:Binance outflows hit $6B as Mazars halts ‘proof of reserv... by jacquesm on Saturday December 17, 2022 @12:31PM (#34029984)
Regulated exchanges are obviously a different branch entirely, but the rest of them have serious problems keeping their hands off the customer funds.

Time and again we find that they've been dipping in and using money that wasn't theirs in ways that would never fly in a regulated environment.

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Re:Binance outflows hit $6B as Mazars halts ‘proof of reserv... by ceejayoz on Saturday December 17, 2022 @03:42PM (#34032029)
Guess how most of those regulations came into existence?
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