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A comment on Binance founder Changpeng Zhao agrees to step down, plead guilty. Parent comment

Re:Binance founder Changpeng Zhao agrees to step down, plead... by ReptileMan on Tuesday November 21, 2023 @04:47PM (#38370747)
Btw - I never found a good explanation why all USD transfers need to be routed trough usd banks. Google is quite silent on the subject - is it common knowledge or too obvious?
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Re:Binance founder Changpeng Zhao agrees to step down, plead... by hanska on Tuesday November 21, 2023 @08:16PM (#38373273)
not common knowledge I think.

all usd swift wires get routed through 2 of the major banks - think it was JP Morgan Chase & Wells Fargo. this allows them to check all of these transfers for aml/cft and other sanctions blacklists.

heard this from a guy who works closely with Tether so i'm sure he'd know well

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Re:Binance founder Changpeng Zhao agrees to step down, plead... by hurryer on Tuesday November 21, 2023 @08:02PM (#38373141)
They don't.

However when you're talking about billions, it's difficult to keep them in anything but US treasuries.

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Re:Binance founder Changpeng Zhao agrees to step down, plead... by WrongAssumption on Tuesday November 21, 2023 @11:22PM (#38374687)
How would you envision it work otherwise?
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