I've been talking about how Binance encourages users to use

VPNs to get around the US regulations, but at stake here is really what you're

able to do in terms of crypto trading here in the US and what you're able to do offshore.

We know that regulators have made it more difficult

to do certain things like trade crypto derivatives in the US. So coin base is not really

positioned to let its users do that, but Binance certainly certainly is that is the world's largest

exchange it is located offshore so it's subject to different regulations

than US exchanges a coin base for example so the CFTC is basically saying

that Binance is allowing and encouraging its users to use things like

VPNs to get outside of US jurisdiction and that Binance hasn't properly registered.

Carl mentioned the filing, let me read you a portion of it because it is very fascinating.

They say that Binance's reliance on a maze of corporate entities to operate the

Binance platform is deliberate. It is designed to obscure the ownership. of that CZ, the CEO of Binance, answers to no one but himself.

Certainly doesn't answer to the US regulators because Binance isn't located here.

The US operations makes up a very small portion of its business.

shares a coin base are down almost 10% on this right now.

I'm a little surprised given the fact that it sounds like from what you're saying,

that is a name that could actually potentially and

I realize it's a broader crackdown happening but could potentially benefit in

this scenario. I'm with you on that you would think that coin and that coin base

would benefit if finance's business here in the US, even if it's operating

through VPNs, would be hit.

...