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Not Tiger Global Profile picture
@NotChaseColeman
Apr 28 • 5 tweets • 4 min read Twitter logo Read on Twitter
IMHO, the FDIC’s Supervision Report on $SBNY doesn’t justifiably outline the excessive number of money laundering transactions that occurred via Signet. #Tether and #Binance were some of the largest transactors of the “blockchain” and violated BSA/AML/KYC laws in the process.
Despite the lack of detail relating to money laundering transactions made via Signet, the FDIC did recognize that $SBNY had poor internal controls and insufficient BSA/AML/KYC processes in place. ImageImage
We believe the FDIC is leaving more extensive investigations to the DOJ as the kimono is cracked open on the biggest money laundering network in history. CZ will be in handcuffs for trafficking illicit funds through the US banking system. Image
Shout out to @AlderLaneEggs for the unofficial mention in the FDIC report. Major credits to @Cryptadamist @ParrotCapital @AureliusValue @vidar_research @crypto1nfern0 as well. Image
How could I forget! Shit! @MikeBurgersburg @Bitfinexed

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More from @NotChaseColeman

Not Tiger Global Profile picture
Apr 29
How much were you paid to write this? Ignoring so many realities: (1) $COIN went public as a money transmitter and illegally operates an exchange, broker dealer, and clearinghouse. They also run a hedge fund now post-One River acquisition. Smell any conflicts of interest?
(2) ~50% of trading volume is attributed to securities coins/tokens that are either unregistered securities and/or frauds. (3) you have a tone deaf CEO who publicly taunts the SEC and sues them. Suing a regulator never ends well, so good luck with that.
(4) “regulatory clarity” EXISTS in relation to “investment contracts.” Digital assets fall into this category. (5) the Q1 pump was a low quality, thin liquidity rally fueled by CZ/#Binance . Most of the volume was in futures, perps, and options, which $COIN doesn’t provide.
Read 10 tweets
Not Tiger Global Profile picture
Mar 5
$SBNY is violating major AML/KYC laws. Signet has the same dirty laundry as $SI 's SEN. As everyone, should know, the SEC (suck everyone's cock) are reactive, not proactive. They're the coroners, not the detectives. We need the DOJ and DA's office in here for some carnage...
So, don't count on an immediate repricing in $SBNY 's shares. However, what could accelerate the bloodshed is if non-crypto customers used their fucking brains and pulled deposits, forcing a bank run. This is important because ~90% of $SBNY 's DEPOSITS ARE NON-FDIC INSURED
Knowing when this will implode is impossible to ascertain. The SEC and other government entities are cracking down on bad actors in crypto and $SBNY definitely falls into these crosshairs, which is likely to result in severe regulatory action and billions in fines.
Read 7 tweets

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