Binance is a “hotbed”

of illegal activity, so asserts a bipartisan group of US Senators, multiple sources are reporting this evening — Yahoo! news coverage here, Bloomberg has more indepth coverage but is paywalled. About a two minute read.

Comment: BZ plays fast and loose with US Regulators, what a surprise his behaviour attracts attention post FTX. Three possible outcomes here: 1) BZ, et al cooperate with regulators going forward — whatever they seem to have done might well be forgotten. 2) BZ pulls out of the US totally, in which case their sins might come back to haunt them. 3) BZ continues with business as usual, in which case we’re going to see aggressive action, globally, driven by The US. Get the popcorn, this is gonna be entertaining no matter what. And note our view — regulation is inevitable, necessary and A Good Thing.