Hamas Victims Sue Binance

Author

Mr. GoBrr
February 02, 2024 • Reading Time:5 minutes

GM. Today on Money Printer Go Brrr newsletter:

  • Argentina's Milei administration removes crypto declaration benefits from omnibus bill

  • Hamas victims file class action against Binance over allegedly facilitating terrorism financing

  • These Institutions Have Bought 3.3% of Bitcoin’s Supply in Just 3 Weeks

Argentina's Milei administration removes crypto declaration benefits from omnibus bill

Argentina's government played "Now you see it, now you don't" with crypto declaration perks in their big, fancy omnibus bill.

💡 Omnibus bill

⇾ a combo meal for laws, where different rules are bundled together and passed all at once,

⇾ a quick way to get a lot done, but sometimes there's stuff in the mix that not everyone likes,

⇾  "omnibus" comes from Latin, meaning "for everything".

President Milei's grand plan to save the economy had a crypto twist, but it seems the plot twist was on the crypto community!

It was all part of this big bill aimed at fixing the economy.

🪝 But guess what? ⇾  They've decided to ditch those crypto benefits. 😁

What does it mean?

  1. Before:

⇾ crypto was considered intangible assets – you own, but can’t touch,

⇾ weren’t taxed like other properties or investments.

  1. Now:

⇾ crypto is treated like financial assets, similar to stocks/bonds,

⇾ you’re taxed like any other investments, based on their value.

The bill is still a work in progress and awaits discussion and approval from Congress 😀.

💡 Educational cookies to takeaway:

Nothing escapes the inevitable reach of taxes, not even the digital frontier of cryptocurrency.

As the crypto market matures and becomes more integrated into mainstream financial systems, it will also become subject to the same regulations and obligations, such as taxes.

Hamas victims file class action against Binance over allegedly facilitating terrorism financing

Binance is in hot water, and not the kind of making tea!

Victims of Hamas war are suing, sayin Binance was their piggy bank.

Not new?

The lawsuit claims Binance was playing financial hide-and-seek, helping Hamas dodge sanctions like a pro from 2017 to 2023. 😯

Multiplayer

It's not just Binance on the hot seat; the guest list includes the ex-CEO, Changpeng Zhao, and some countries known for their not-so-peaceful vibes, Iran and Syria.

Even though this lawsuit is still developing some things can be noted. 😓

💡 Reminder

⇾ the crypto world isn't just about trading and making money.

⇾ it's like a wake-up call to be more vigilant about where their platform might be used.

The lawsuit says that Binance:

1. allowed Hamas to evade international sanctions

2. evade AML (Anti-Money Laundering) regulations

3. thus, supporting the organization's terrorist activities

Last year

⇾ Binance pleaded guilty to violating sanctions & AML laws

⇾ has to pay a fine of $1.8 BILLION 

⇾ CZ is awaiting a sentence for violating banking laws.

So, the drama hasn’t started recently, and it might continue…

Keeping our eyes wide open and staying sharp is our best shield against unexpected twists and turns. 

Now, onto a bit of friendly advice - before diving headfirst into any crypto platform or exchange, let's do our homework, shall we? – DYOR

These Institutions Have Bought 3.3% of Bitcoin’s Supply in 3 Weeks

You wanted this, here it is.

Bitcoin ETFs are the new kids on the block, and big money bags like BlackRock are hoarding Bitcoin like it's going out of style.

🖊️ Note: BlackRock is the world's leading providers of investment, advisory and risk management solutions. 😄 They own about everything.

Centralization is not the key

11 spot Bitcoin ETF applicants now hold about 3.3% of the total Bitcoin supply.

But, that’s just 3 weeks 😯.

If you sell your Bitcoin this could happen:

A quick math shows ⇾ they can hold 50% of the Bitcoin total supply in about.. ~1 year. 😭 Crazy, right?

💡HODL it!

Let’s digest this story further… 👇️ 

The good

⇾ Bitcoin gets mainstreamed,

⇾ confidence in crypto,

⇾ increases liquidity.

The bad

⇾ market centralization (controlled by large institutional investors),

⇾ contradicts the Bitcoin’s ethos (re-centralizing the financial power),

⇾ kills innovations (attracts regulatory attention > leading to stricter regulations).

💡Big investors are diving into Bitcoin with ETFs. 

It's like your indie band going mainstream – cool but tricky. 

This is good because it shows Bitcoin is accepted and might increase its value. But, watch out! 

This could mean a few big players calling the shots, making the market a wild ride. 

Interesting times for the small investors, indeed.

Meme Of the Day

:’)

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