Comment on Binance was slapped with a $4.3 billion fine because it let groups like Hamas and ISIS receive funds: Treasury Department

redcalcium@lemmy.institute ⁨1⁩ ⁨year⁩ ago

• stifle867@programming.dev ⁨1⁩ ⁨year⁩ ago

  The balance is kept at a bank and the banks have ledgers with the reserve bank who in turn adds $40B to the asset column and negates $40B from the liabilities column. That’s the basic version. Nothing changes hands per se. It’s just 1s and 0s on a computer.

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  • pillars_in_the_trees@lemmy.world ⁨1⁩ ⁨year⁩ ago

    In cobal nonetheless.

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    • 0x0@programming.dev ⁨1⁩ ⁨year⁩ ago

      You mean COBOL.

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      • cheese_greater@lemmy.world ⁨1⁩ ⁨year⁩ ago

        Fraudsters HATE this one old-timey computer language

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    • stifle867@programming.dev ⁨1⁩ ⁨year⁩ ago

      Either that or a literal Excel spreadsheet.

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  • redcalcium@lemmy.institute ⁨1⁩ ⁨year⁩ ago

    My bank only allows like $2 million dollars online wire transfer per day on their corporate account. Transferring billions would probably requires you to meet with your bank’s account manager?

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    • stifle867@programming.dev ⁨1⁩ ⁨year⁩ ago

      I’m unsure if the details of that process are public but presumably it is possible. What I could find publicly was that CZ’s personal fine of $70m is payable either by ETF, cashier’s check or money order.

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    • veroxii@lemmy.world ⁨1⁩ ⁨year⁩ ago

      I’m guessing if you have to pay the government, you can get government approval.

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• oce@jlai.lu ⁨1⁩ ⁨year⁩ ago

  They hand over their chest full of gold coins and jewels.

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  • RizzRustbolt@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Or a sack of cash with dollar signs on it.

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• dhork@lemmy.world ⁨1⁩ ⁨year⁩ ago

  They probably just use crypto

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• Madison420@lemmy.world ⁨1⁩ ⁨year⁩ ago

  They don’t, they’ll settle for like 20% of the total.

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