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divabot posted:i expect they'll actually have to pay a fortune to a consultancy I actually know someone that works for one and we send each other ridiculous crypto stories. we were just laughing at binance yesterday.
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Nov 23, 2023 14:41
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I wonder how one gets the job as binance monitor because that sounds like a very fun gig
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Nov 23, 2023 17:10
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divabot posted:
All the crypto dipshits I've seen are firmly in bull market celebration mindset. They have basically brushed off this entire situation as a Binance victory because CZ "won't go to jail" (their perspective) and focusing on Blackrock ETF's and that blackrock magically must make Crypto happen. Until the US gets Dubai to gently caress off from being an explicit money laundering haven, I don't think we'll see enough of a response from crypto idiots. Vs John Reed Stark who is a pretty reliable authority. https://twitter.com/JohnReedStark/status/1727043783718482238?t=RT6R3NMHiVc1QEcUDiDR0A&s=19
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Nov 23, 2023 17:57
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divabot posted:the Crypto.com guy, Kris Marszalek, has the sort of history you'd expect of a crypto guy. He ran a discount voucher company that collapsed in 2016 and stiffed everyone for instance. yeah in real banking the feds tell you what to do, how to do it, how many people it's likely going to need, how long it should take etc. You have to explain all your actions to them and basically be on truth serum because they'll come back after you've thought you've covered all your bases and forgotten and make you do a lookback and find stuff. Exams are rigorous even under normal circumstances and most real banks will have some kind of post-exam 'we made it' thing for the relevant staff, not so much a party but like a meeting with catering. Maybe a party if you close a bunch of longer term items and get a clean sheet after like 3 years of work. The whole "culture of compliance" thing is really just having a whole lot of processes internally that make doing the right thing the easiest/fastest. Unfortunately, the other side of this coin is that it's slow, grinding work to unfuck even a small bank that isn't breaking laws but has deficiencies. If you're a crypto exchange and/or you're dumb enough to think boiler room is a documentary then, well,
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Nov 23, 2023 18:20
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I imagine anyone doing compliance for crypto has to be worried about their own liability for whatever crimes are committed afterwards right? Like you basically have to be constantly telling them they shouldn't be doing something and then make sure you're documenting every objection which sounds stressful
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Nov 23, 2023 18:32
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lmao SBF trading fish for a haircut https://www.businessinsider.com/ftx-ftx-trading-fish-in-prison-for-services-crypto-2023-11
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Nov 23, 2023 18:48
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he’s going to get shanked when his elaborate preserved fish futures scheme blows up
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Nov 23, 2023 18:56
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All in on
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Nov 23, 2023 19:06
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quote:The other part is: anyone with "compliance" in their linkedin has been getting dumb and bad job offers from crypto exchanges for the past two years. The crypto guys are desperate to hire on compliance, but nobody who's any good wants to work for these bozos. I don't know how Binance is going to find someone to do this job who will pass FinCEN review. oh god biiiig confirm, there's been some funny ones.
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Nov 23, 2023 19:06
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FAUXTON posted:crackping lmao
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Nov 23, 2023 19:09
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qirex posted:he’s going to get shanked when his elaborate preserved fish futures scheme blows up in other words he's gonna BE a preserved fish soon
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Nov 23, 2023 19:42
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Sam Fried-Bacalhau
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Nov 23, 2023 19:43
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i suppose crypto exchanges do have one advantage when it comes to bringing them into compliance compared to other financial institutions: normally you'd probably have to audit all the processes in place and figure out what needs to be fixed, but with crypto there just aren't any so you can skip that step
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Nov 23, 2023 19:49
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JAnon posted:in other words he's gonna BE a preserved fish soon Chub Mackerel-Fried
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Nov 23, 2023 19:51
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salmon bassman-fry
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Nov 23, 2023 19:52
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shackleford posted:lmao SBF trading fish for a haircut charlie shrem's mackerelcoin is back, baby
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Nov 23, 2023 20:02
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mackerelmore's griftshopping
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Nov 23, 2023 20:04
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what is it with all these bitcoinmen and prison fish
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Nov 23, 2023 20:37
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Deep Dish Fuckfest posted:i suppose crypto exchanges do have one advantage when it comes to bringing them into compliance compared to other financial institutions: normally you'd probably have to audit all the processes in place and figure out what needs to be fixed, but with crypto there just aren't any so you can skip that step right so you have to look at their records and piece together how hosed they are from the mountains of evidence on hand, then develop remediation to a) screen the existing stuff looking backwards for anything you missed *under the new systems you have developed* and then also have demonstrable success in implementing and operating those controls (meaning rules and procedures, not GUI/buttons) Remediation is painful if you're in that situation because you're building a system of controls from scratch and have to implement it while the examiners know everything you're doing. In binance's case they're not just having examiners over to take a look, but instead having someone there full time going through everything and taking notes. Reading the indictment/enforcement doc it seems like CZ's big saving grace is that the company was pretty comprehensively loving around, unlike FTX where it's Sam and his polycule looting the coffers and imploding the company. Binance might have ultimately ended up there but they got caught early and CZ gets to kinda skate off because for now there's no pile of shrimp and meth with his name on it, but plenty of chatlogs/emails saying "oh yeah we're busting sanctions don't tell anyone, if an SDN needs a new account help them avoid sanctions using this approach" which is substantially more diffuse in terms of responsibility. It's not only individual actors, but the whole-rear end company. FTX might have made it to this stage had they not taken all the money, but Sam is a special boy. That's *just* my reading on the aml/sanctions stuff, I didn't delve into how much embezzlement/misuse binance has going on because those broader cap risk controls are not my side of things, I stick to the loud crimes side of compliance. FAUXTON fucked around with this message at 20:43 on Nov 23, 2023 |
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Nov 23, 2023 20:39
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my coworkers believe the CZ thing happened because the US want to bring forth an american monopoly over the whole crypto ecosystem by seizing a major player. the dollar isn't a thing and america needs control over a fake economy I suppose vOv. yes we touch computer at a bank
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Nov 23, 2023 20:54
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rowkey bilbao posted:my coworkers believe the CZ thing happened because the US want to bring forth an american monopoly over the whole crypto ecosystem by seizing a major player. the dollar isn't a thing and america needs control over a fake economy I suppose vOv. your coworkers fuckin need seroquel and a chaperone
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Nov 23, 2023 20:59
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the developers at the banks I worked at had pretty much no interest in how the whole money/finance thing worked, they mostly just wanted jobs not at startups and to be left alone to work on their story queue
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Nov 23, 2023 21:03
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we need to find out why the us would be interested in arresting someone who has committed 1.6 million crimes
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Nov 23, 2023 21:03
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  lol the fine alone is more than the profits taken over more than 5 years, and then they're forfeiting an extra two and a half billion.
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Nov 23, 2023 21:16
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good.
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Nov 23, 2023 21:33
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qirex posted:the developers at the banks I worked at had pretty much no interest in how the whole money/finance thing worked, they mostly just wanted jobs not at startups and to be left alone to work on their story queue Not caring about the money is also very good when something goes wrong, because it means it's just a bunch of incorrect numbers, not more money missing than you are ever going to see in your entire life. Less stress that way.
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Nov 23, 2023 21:35
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FAUXTON posted:Binance might have ultimately ended up there but they got caught early and CZ gets to kinda skate off because for now there's no pile of shrimp and meth with his name on it, but plenty of chatlogs/emails saying "oh yeah we're busting sanctions don't tell anyone, if an SDN needs a new account help them avoid sanctions using this approach" which is substantially more diffuse in terms of responsibility. so what i'm getting from this is that we should throw everyone who works at binance in jail i'm ok with that
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Nov 23, 2023 21:39
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rowkey bilbao posted:my coworkers believe the CZ thing happened because the US want to bring forth an american monopoly over the whole crypto ecosystem by seizing a major player. the dollar isn't a thing and america needs control over a fake economy I suppose vOv. rather ironic that seraph works at a bank handling filthy fiat
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Nov 23, 2023 21:40
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Deep Dish Fuckfest posted:so what i'm getting from this is that we should throw everyone who works at binance in jail oh don't get me wrong I'd prefer to see them thrown not into jail but into a large cenote. You can turn electricity into crimes with far greater efficiency by tazing a cop but I'd recommend against that as strongly as I'd recommend against crypto because you're doin' crimes both ways.
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Nov 23, 2023 21:46
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divabot posted:The other part is: anyone with "compliance" in their linkedin has been getting dumb and bad job offers from crypto exchanges for the past two years. The crypto guys are desperate to hire on compliance, but nobody who's any good wants to work for these bozos. I don't know how Binance is going to find someone to do this job who will pass FinCEN review. well "working compliance for fraudlords who are 100% gonna disregard everything you say" would suck rear end, but "working compliance for fraudlords who are currently staring down the barrel of a regulator's loaded gun, and who know you can reach the trigger" seems a lot more fun. since the regulators are actually requiring them to hire on compliance it sounds like we're now in the second scenario
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Nov 23, 2023 23:49
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"do what I tell you or you spend the rest of your natural life in federal pen" is a pretty good incentive, yes.
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Nov 24, 2023 00:02
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sam would disagree, but he's currently occupied trying to create a sort of combination shrimp/meth substitute out of canned tuna, nail clippings, and pruno
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Nov 24, 2023 00:07
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why would mackerel be the new currency, that poo poo don't keep hodling sugar buns ftw
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Nov 24, 2023 00:08
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Deep Dish Fuckfest posted:rather ironic that seraph works at a bank handling filthy fiat notwithoutmyanus fucked around with this message at 00:50 on Nov 24, 2023 |
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Nov 24, 2023 00:47
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notwithoutmyanus posted:Oh no he absolutely fits the loud moron type that works there. That's common at tons of banks, little wannabe -king fragile snowflakes who own their own little corner of self perceived importance. And they all buckle under the slightest bit of authority from their supervisors. These folks always come from the sales floor and think they're hot poo poo because they learned something new (excel)
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Nov 24, 2023 00:55
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notwithoutmyanus posted:Oh no he absolutely fits the loud moron type well yes, OP did say "seraph"
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Nov 24, 2023 01:06
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sam's gonna jailbreak
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Nov 24, 2023 01:34
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koolkal posted:I imagine anyone doing compliance for crypto has to be worried about their own liability for whatever crimes are committed afterwards right? RPATDO_LAMD posted:well "working compliance for fraudlords who are 100% gonna disregard everything you say" would suck rear end, yep. FinCEN has to approve the compliance monitor and the monitor reports back to FinCEN. loving around here will not go well for Binance. This is the FinCEN consent order (PDF). Look at "Undertakings", p59 to p71. FinCEN go into some detail about what they expect - though less detail than a bank would get. Read through that and just imagine crypto bozos trying to understand what any of this poo poo is. Also, lol. When HSBC were saddled with a monitor, the "monitor" was a whole department of consultants and HSBC set up a whole department to interact with them. But HSBC (a) have a large non-fraud business (b) know how to do this poo poo. FAUXTON posted:right so you have to look at their records and piece together how hosed they are from the mountains of evidence on hand, then develop remediation to a) screen the existing stuff looking backwards for anything you missed *under the new systems you have developed* and then also have demonstrable success in implementing and operating those controls (meaning rules and procedures, not GUI/buttons) a bit like what John Jay Ray had to do at FTX in reconstructing basic accounts from scratch FAUXTON posted:That's *just* my reading on the aml/sanctions stuff, I didn't delve into how much embezzlement/misuse binance has going on because those broader cap risk controls are not my side of things, I stick to the loud crimes side of compliance. i think binance ripped people off in pieces via market crimes and not by just stealing the customer money this settlement covers the CFTC allegations of market crimes, but not the SEC ones
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Nov 24, 2023 01:48
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I'm pretty sure I saw a linkedin post that was heavily implying that this is good for crypto, actually, because it means it's being treated like a real bank lol
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Nov 24, 2023 02:10
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divabot posted:yep. FinCEN has to approve the compliance monitor and the monitor reports back to FinCEN. loving around here will not go well for Binance. quote:"Giving a strong hint[,] such as Lmao disclosure of a SAR to anyone outside the bank/feds is a crime but they weren't filing any, so...
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Nov 24, 2023 02:14
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