by Brian Shilhavy
Editor, Health Impact News

It is looking more and more each passing day that the U.S. financial system is speeding into a consolidation of the Big Banks, as their war against cryptocurrencies appears to be now accelerating.

It was announced today that Binance, the world’s largest cryptocurrency exchange, along with their Chief Executive Officer Changpeng Zhao, are being sued by the US Government.

The lawsuit was filed by the US Commodity Futures Trading Commission for “Willful Evasion of Federal Law and Operating an Illegal Digital Asset Derivatives Exchange.”

This follows a report last week, that Coinbase, the largest cryptocurrency exchange in the U.S., is also being threatened with a lawsuit by the Securities and Exchange Commission. (Source.)

Operation Choke Point 2.0 is escalating.

“Operation Choke Point 2.0” is a term coined by Coin Metrics co-founder Nic Carter to refer to an apparently coordinated effort to discourage banks from holding crypto deposits or providing banking services to crypto firms on the basis of “safety and soundness” for the banking system.

In a time when millions of Americans are pulling billions in deposits from failing banks and allocating them to gold and bitcoin, US regulators were scrambling to come up a means to hammer cryptos and punish those who fled the fiat realm and run toward bitcoin. They may have just come up with one solution.

Just days after Coinbase was served a Wells Notice from the SEC, Bitcoin and cryptos are in freefall following a Bloomberg report that Binance, the world’s largest cryptocurrency exchange, and Chief Executive Officer Changpeng Zhao, are being sued by the US Commodity Futures Trading Commission for allegedly breaking trading and derivatives rules and with violating laws around offering futures transactions, “illegal off-exchange commodity options,” failing to register as a futures commissions merchant, designated contract market or swap execution facility, poorly supervising its business, not implementing know-your-customer or anti-money laundering processes and having a poor anti-evasion program.

The complaint alleges that Binance “actively facilitated violations of U.S. law” by assisting U.S. clients in evading compliance controls and instructing customers to obscure their location using virtual private networks, or VPNs.

The CFTC filed the lawsuit Monday in federal court in Chicago.  The derivatives regulator said Binance shirked its obligations by not properly registering with it. (Source.)

Since this was filed in federal court today, it brought to light several details about how the cryptocurrency giant Binance works.

The lawsuit alleges that Binance breached multiple laws by encouraging U.S.-based customers to use the trading platform despite the fact that it hadn’t registered with U.S. regulators.

It provides the most detailed look yet at Binance’s inner workings, including how much money it generates from derivative trading, how the company urged U.S. customers to use virtual private networks and shell companies to access the international exchange, and how Binance trades on its own exchange.

Here’s a rundown of the most notable claims the derivatives regulator made about Binance.

1) Binance instructed U.S. customers to use VPNs and told “VIP customers” how to skirt compliance controls.

2) Binance tapped U.S. residents to recruit U.S. customers.

3) Binance has traded on its own exchange with lax controls.

4) Binance tried to shield compliance shortcomings from business partners.

5) At one point in 2021, Binance was making more than $1 billion per month in revenue from derivatives trading.

6) Binance mislabeled accounts to conceal the presence of its U.S. customers.

7) Binance consists of more than 120 entities around the world.

(Source: The Information. Subscription required.)

With the Davos Crowd’s financial system on the brink of ruin, they are doing everything they can to stop of the flow of bank runs and the exit of cash from their banks, such as into cryptocurrencies.

How much longer can the Davos Crowd keep propping up their failing banks?

Swiss Banks were once considered the safest place to stash wealth by the “elites” of Western Culture. But now some are calling Switzerland a “Banana Republic” after the raid on pension funds and the collapse of Switzerland’s second largest bank.

Switzerland “Looking More Like A Banana Republic” After CS ‘Rescue’

Germany’s Deutsche Bank could be the next one to fall.

Scholz: ‘No Reason To Worry’ As Deutsche Bank Bloodbath Reignites Global Bank Crisis Fears


A New World Order is Emerging as the Davos Banking System Collapses

See Also:

Understand the Times We are Currently Living Through

Who are the Children of Abraham?

The Brain Myth: Your Intellect and Thoughts Originate in Your Heart, Not Your Brain

God Will Not be Made a Fool – A Person Reaps What he Sows

An Invitation to the Technologists to Join the Winning Side

“Dataism” is the New Religion of AI and Transhumanism: Those Who Own and Control the Data Control Life

The God of All Comfort

Fact Check: “Christianity” and the Christian Religion is NOT Found in the Bible – The Person Jesus Christ Is

How to Determine if you are a Disciple of Jesus Christ or Not

Synagogue of Satan: Why It’s Time to Leave the Corporate Christian Church

What Happens When a Holy and Righteous God Gets Angry? Lessons from History and the Prophet Jeremiah

Insider Exposes Freemasonry as the World’s Oldest Secret Religion and the Luciferian Plans for The New World Order