SEC suing #Binance

Recorded: June 6, 2023 Duration: 0:42:39

Player

Snippets

Great everyone.
We should be here. We should be live on Twitter. Okay, guys, can you me? Sorry, we had to set up a new space. Somehow the other space didn't launch. Quite interesting. It's been a couple of times I've been having issues with spaces. Also, yes.
today one of Mario's novels places kind of cut out right away a lot of issues so I hope that's because it's so popular not because there's some issues there. Good let's go live on YouTube as well.
Go go go!
We should be live. Happy, use everyone. It's 6/6/23/6/off June 23. It's a day after some crazy news with the SEC showing Binance. So obviously we're going to be
discussing that part, we're going to talk about how is crypto summer doing? Are we going to see a crypto summer? Are we going to see another crypto winter during summer? We're going to discuss a bit of what's happening in all this and then what's happening on the company's side on our side tomorrow?
fourth cake of our series our fourth year anniversary it's gonna be quite exciting we're gonna have quite some cool announcements all through the month with this good promotion going
on. So lots to discuss. With that, let's dive in Fabio, how are you doing? How is the Binance News hitting the community? Carabit.
Yeah, maybe if you can run it on for another 30 seconds or so or 45 seconds because I need to replace the link in all the announcements because the link changed and then I'm all yours No problem. Thanks. Okay, then maybe at the same time let me kind of set up it
this happened around, I think 1 a.m.ish, maybe 12 p.o. or 12 a.m.ish, I'm not sure, but like pretty much after midnight, I'm on Europe time right now because I'm flying to Italy over the weekend and I so that's why I didn't want to change. So it's a bit of a weird rhythm that I have going on.
I was up quite long and I nothing was happening like all through the day and then suddenly I keep getting messages from friends they're like sending you screenshots of like Bitcoin down 5% and I'm like that's weird I mean it's been relatively quiet over the past couple of days so
why it's crypto-gropping by so much, is there any news? So I go on to our company's Slack first, just because I want to check in there, already the compliance team and legal team posted the news that the SEC is suing
finance. We have to, when I used the word two, we actually have to, like, maybe clarify a couple of things. So the CFDC did that, I think, two and a half months ago. It's a civil case, and the SEC is doing this right now. This basically means
It's like you and a good friend, and it's the same thing here, right? So the SEC is one party, the Binance is another party. So far, there is nothing at court. This is just what the SEC is alleging. The same with the CFEC, two and a half months ago.
And before we dive a bit into the specifics, I just wanted to set the stage so you understand this a bit. If Binance were to just ignore this, then this would go actually in front of a court, and then the court would have to decide based on the merits of the case. Now, what is important in that is, and I actually
discuss this with a lawyer friend. There's actually interesting outcomes out of this. If Binance just ignored this, it could be that Binance simply shuts down all the companies, sets up new companies, transfers all the funds over, says, hey, I'm in Dubai, I'm in China, China's opening up right now. What do I care?
to all you want, there's nothing to get anymore. I'm already moved on. So I just thought this was a really, really interesting piece that I just wanted to drop here that it's actually not as clear-cut that finance actually cares about this. Maybe finance really just simply doesn't care and just says, "Hey, it doesn't matter. I'm in Dubai."
I'm in China, keep going and we'll keep going. So I just want to do kind of stories out there. So it's not clear cut that finance actually responds to either the CFTC or the SEC, even though I really think they will, but it's not as guarantee as I was expecting it.
So that's kind of a bit the stage here before we go into what was alleged How do I see this how does the community see this what's going on forward and so on Fabio first why don't you go first share a bit community sentiment house is going right now is the perception right now. Let's kind of have this first
Yes, sure. So it's definitely the biggest hit or the biggest news in quite a while. And we also, as you pointed out, we saw quite a correction, 5% in Bitcoin. Some offcoins moved even more. For example, if you look at Solana, we saw a little bit of
a bigger move and there is I would say some three different kinds of reactions to that at least what I encountered. On the one hand there is the people that practically yawn a bit and say okay nothing new in the West we already saw
a lot of lawsuits that we already know how they feel, we already know what they said so nothing new. And they kind of think it's boring and don't really attach a lot of meaning or a lot of significance to the lawsuit. Then you definitely have
the people that are kind of scared, that think, "Oh my god, okay, maybe an investment that they personally made is mentioned within the lawsuit because the difference between the one that they pushed out this time and the last one is they actually named the
few coins specifically within the lawsuit. I have two handful and a few bigger ones like for example, Medic and Cardano and File Coins, Solana, Bynons Coin of course. And they specifically named them as a security which also
kind of got us a few reactions for Bill, for example, Charles Foskinson made a really video reply and a few others kind of pushed out a statement. And then of course, you also have, let's say that the Bitcoin hardliners that are kind of
We told you so reaction that they were kind of pushing or a lot of Bitcoin hardlines, Bitcoin maximalists were already pushing that this is, that in their mind, very obvious that this is classified as a security.
And then I would say with all of these, there's also a bit of the nuanced version of that. People just discussing that without bringing a lot of emotions to the table. But it's definitely the number one topic on Twitter at least.
Also, if you follow a few telegram groups where cryptocurrencies specific topics are discussed, there's a lot of discussion about that. Maybe you want to pass the bell back to you for some more insights.
doesn't surprise me. I think this is, yeah, I think quite straightforward. Maybe to kind of pick it apart, I mean, it's a relatively long kind of document. I didn't read the document myself for when I'd be dead honest. I did a couple of things. Yesterday I only saw some of the highlight pieces. Today I
I actually sent a document through ChatGPT to summarize a few of the highlights. Obviously ChatGPT doesn't really know what are the things that I really want to see in there. So sometimes the summaries are a bit useless. So I have a bit of a mix now of ChatGPT kind of summarizing very factually and then obviously some of the chat
I've seen on social media and shared also in our compliance. I don't know if you have anything to add there, but I just want to give you a couple of the juicy things that I have seen. Obviously the first thing you mentioned this, they mentioned a couple of coins and tokens that are supposedly securities.
Yeah, these securities no surprise sold off harder than the others. I also want to mention maybe a few things. People always see this as such a dangerous thing. They're like, "Oh my goodness, that's a security." First of all, there's nothing illegal about being a security. Just want to be very clear. Being a security just means that you can only be traded on special trading platforms.
right that have a license for that. So in the unlikely scenario that these things are truly securities, it's not the end of the world, right? Okay, some exchanges in the US may not offer them, but they're going to be offered in all the other jurisdictions and then exchanges in the US that have a security license, they could still offer them. So just want to be very clear and
Second, obviously there's an upside for everyone that's an ETH investor. ETH has not been named in there. I want to mention one thing though. This doesn't mean it doesn't also get mentioned. Second also, it's unlikely that ETH gets mentioned just also how decentralized Ethereum has become. I think some of the other
points that are being mentioned, I do agree. There's just way more of a security-like character. Having done an ICO, there's a very small group of people that build everything there. So this is just security-like. I'm not saying it is, it's just more security-like. So these are the
the security kind of concerns. The third thing I'd mention is at the beginning, um,
It's a civil lawsuit at the moment. It's not criminal. This means a couple of things and I just want to highlight that because that's interesting. This means that
the SEC or the CFDC because both are civil. Don't know everything enough. They're not sure enough.
Or they think it's not grave enough in order to really push this into a criminal. Now a lot of people are saying the Department of Justice is still outstanding could follow and then this would be criminal.
would be quite dramatic then. So because then the entire case is way more hardcore. I think that's a key one. I think all those so far, if it finished at that point,
First of all, I would agree with finances reaction to it, which was this very non-saying anything statement, calling it an attack on the community. I understand CC coming out with a four and saying this is stressful, but I understand a lot of the outcry that
I don't know a lot of community has about the SEC being wrong and buying and being right and so on. So until at this point, I would really be aligned. The issue though is, and there's a huge part in the entire kind of allegations in there is around insider trading is around mishandling of funds is about
co-mingling of funds is about pumping certain coins. It's about a lot of the trading allegations. It's about private payouts. It's about moving funds around. It's about obviously causing fear that coins are not like one for one. Backed is about finance, profiting,
the loss of the customers and it seems a very clear tendency also in the CFTC kind of allegations and we see them again here in the SEC and I would say that this is probably the one that worries me the most because this is the one where if these kind of affirm
I just don't see how the community is going to stand behind buying and selling this. When we compare this to Coinbase, let's compare this with Coinbase. A Coinbase that was not a single time, a mention of funds and a fact, you have been trading against customers, you are privately enriching yourself at the loss of the customers.
Absolutely zero of that. There's absolutely nothing in the Coinbase allegations from the S&C against Coinbase. And I think that is why everyone sits there and says, "Okay, we on Coinbase aside, whether we like Coinbase or not, but we on Coinbase aside because this is truly an attack on crypto."
This part with Binance, if these things turn out to be true, I see this entirely different. And I just want to mention this and really highlight that, that it's the same as on the CFTC side. This is what's probably the most worrying to me. Not. I want to be very clear. I have absolutely
Zero reason to believe that Coinbase is not backed one for one. Zero reason to believe. I want to be very clear on this. I don't have any funds on Coinbase. Our company has non-material funds on Coinbase. Our company has non-material funds on Coinbase. So all these things.
non-material. But I want to be very very clear. While I don't have any funds, I still don't believe that there's any issues there. Also we have seen withdrawals over the last 24 hours coinbase has had zero issues with that, looking at the treasury, zero issues with all that. But that to me is the most
worry. And I think that is what right now is a bit swept under the rock on purpose by finance and by CC because they're focusing so much on that allegations with the security allegations. And I agree. I think this is a nothing burger. It's an absolutely nothing burger. We know that the big, big, big issue is really all
all these allegations around combating of funds, pumping coins, and so on and so on. So I don't know, Fabio, how much gets discussed there in the community, but that to me is the thing that me personally is most worried about. The security allegations, I agree. It's as much of a nothingberg as it can be.
Yeah, so that the first thing that I would like to point out is I really liked that you that you brought up so just to be Nguon's and down to earth a little bit is I'm not saying that The list of tokens that the SEC listed that all of them are security, but just if you look at the
top 200 on CoinMarketCap and here we just need to be honest with each other. Most of these projects are a security. They had an ICO, they have a centralized team and so on, they check all of the boxes. And this is not to point at any particular and the important thing that you pointed out is this is not the end of the world.
Most thing, Apple stock is a security. A lot of things in this world are security and this is a good thing that they are. And eventually things need to fall into a category. They need to fall into either it's a commodity or security. There might be a new bracket, but eventually
they need to fall into a basket. They need to be a regulatory framework on how to treat them and how to text them. I think it's funny because Janet Gellin and the IRS came out and they have the mandate to really be specific on how these assets
and how these things are taxed. And it's logical because from a government perspective and the government and the regulator is kind of intertwined with each other, they want to know how much tax they can have, both from a company perspective, they want to tax finance, finance US, and they want to tax the people that actually hold
the assets. So there is definitely some development and some things that are needed and a few of those things they might end up being categorized as a security. But as you also pointed out is it is more about the fine print, the things that are actually a criminal activity like
For example, betting or working against your customers and washtrading and laundering money and these things where the lawsuit or the allegations are actually concerning. And I also think that here comes maybe a bit dubious speculation in the conspiracy part
in, it might be so Binance is 10 times bigger than FDX just to put a comparison on to that. And in my opinion, it's very logical that they go against Binance because from a new S perspective, you have Coinbase, they are regulated and I think
almost 50% of the salaries that Coinbase pays are salaries for legal stuff. They have an army of lawyers and army of compliance officers and so on and they try to play everything by the book and they're all under a lot of scrutiny so it's not largely
you don't go against Coinbase first. You go against an actor that is not paying a lot of taxes and does not really have a standing or a seat in the US. And one of the biggest companies in the space, so Binance is kind of the logical first step. And if they are able to
establish a precedent so if they might win one or the other thing within this lawsuit because there are several different points that they're accusing Binance of if they're able to win one or two of these battles they have an easier lack to stand on approaching other entities. So I think it's
If I would be a regulator, I would probably also move against Binance first and not against established organizations and publicly traded companies. So I wouldn't approach them first. We touched on that
a few weeks ago when the CFCC lawsuit came out. They want to have their fair share and as you pointed out back then these lawsuits or a part of these lawsuits are very likely to get settled at one point. 99% yeah. Yeah.
but yeah, this is what probably the US government is so you want to push out actors that don't conform with your regulatory framework or the things that you and finance does not really conform that try to find a way around so this is probably good for established
companies like Coinbase and banks are very likely to take most of their business overseas and also very likely to pay a lot. But as you said, very likely nothing bad. This is by the way not what the community thinks or what is discussed on social media.
There's a lot of thought, fear uncertainty and doubt going on. And you can also see that reflecting the price, there's definitely one or the other entity or person that thinks that thought, okay, maybe I need to sell this asset. But here as well, and probably one of the most important things that you pointed out,
a few minutes ago is people should actually look into what it means to be a security because it's not the end of the world. It's not that bad to be a security. All of us or most of us in this Twitter space own a few securities. If you own an Apple stock or a Google stock, it's not the end of the world. You can still make money with that and you can still
invest in it, it's just that a few things need to be disclosed under security law. That's probably the thing I would like to add. I love that. I mean, 100%. There is a question here from Muhammad who asks, so how much
percentage to give finances a life and what's the likelihood that finance will go bankrupt? I personally don't see finance going bankrupt. I don't think they're insolvent. From what I see, and this is really only what I see, I see that the SEC is intentionally not interested in
settling this behind the scenes because that was an allegation or a feedback that Binance wrote in their blog post that they were interacting with the SEC until last week and then everything seemed to be going okay that they felt like they were going into the right direction with like some kind of settlement and now the SEC goes public with all this right so it seems
the FCC is very, very clear on their intentions, which is CryptoChoke.2.0. We want to stifle, we want to set the precedent here. And look, if you want to go for one here, if you want to strike at someone, Binance is an easier one to strike than any of the other US exchanges, because the odds of you finding anything
with Crocken Coinbase, Gemini or Bitrix that they misappropriated funds, humming gold, pumped. It's just so unlikely that you find anything there, right? Whereas with finance, that you have some kind of compliance stuff, if you have any kind of humane stuff. I mean, I don't think anyone is really doubting that to
a big degree. I mean, all these things are alleged right now. None of that is proven. I want to be very clear. But I don't think any user sits here and says, oh no, this is like an absolute. I can never believe this, right? I think this would be way more shocking around Coinbase, for example. So it's me. It's very clear that the SEC has very clear intentions here. Nevertheless, it's unlikely
and so on, they probably have like $20, 30 million in net cash right now in crypto and so on. So I think 20, 30 million in liquid, right? So they're probably going to have a lot in B&B, but it's not liquid. So that's kind of the, that's kind of the kind of cash. So I wouldn't be surprised if that's kind of the
Do you really want to drag this out for the next three or four years? You want to have your quick win for the government and for like for this legislation and so on, right? And so and they're going to settle and I don't know they're going to settle that probably a couple billion maybe they're going to settle a 10 billion I don't know, but I think that's
That's going to be a kind of the settlement as long as it doesn't go criminal. As soon as it goes criminal, the entire thing changes because then it's really about CC fighting for a prison sentence, compliance officer fighting for prison sentence, then the entire thing changes.
I just don't see them going bankrupt. The question more is how relevant are they going to be by the end of the year? And look, you look over the last three months, just three months. Finance three months ago, their dominance was at around 80% of all the exchanges, 80% of all trading volume, 80% of that went over
finance. Now it's down to 40%. So that's just in three months, 40%. So it dropped by half. So how's this going to keep going? So what happens if I know, but the end of the year, finances has become irrelevant because no one goes there anymore. Everyone goes to the alternatives. I don't know. That's a bit of what I see here.
I posted into the YouTube chat by the way all the tokens that were mentioned in the lawsuit on the allegations again, these are trusted were mentioned. Yeah, probably from your side. So with a lot of things like it doesn't matter if it's on a business or on a government level.
or on a personal level, I personally like to simplify and follow the incentives and what is the incentive of a regulator or of a government and why do they do things they do and usually you can
It makes things simpler by just looking at the incentive. So what do they want? They want to have companies that comply with their regulatory framework and they want to have tax money or settlement money in that case. And if you just look from this perspective, then things are a bit clearer.
But if you of course we kind of have these blindfolds because we are moving in this space we have assets and we have our own personal biases because some of you might own one of the tokens that got listed in that lawsuit and you kind of feel uncertain or hurt by what
But if you just take a step back and look from an outside perspective, just put the shoes on or try to put the head on and say to yourself, "Okay, what would I do or how would the world look like if I would be part of the US government or part of the regulatory body?"
There is this new industry that has had 5 years or 6 years to do whatever they want. Now this industry has grown quite a bit. There is a few billion dollar companies in there and there is a lot of money in this industry.
it is kind of up to the regulatory body to move in there and take what is yours. Because we are living in a world where there is government in there is Texas and it's just part of the game that you need to comply with the rules of the jurisdiction.
that you're in and you need to pay a tax money in the jurisdictions that you're in. And there is a lot of players that might have not done that to a certain, yeah. So I guess we might see a bit more of what we already have seen.
And but it's not the end of the world. It's not that you when you go on Twitter and look what certain influencers are saying, then you kind of get the feeling that the whole room is on fire, which is not the case. Of course, you can really see the direction in which regulators are moving.
moving, but it's not the end of the world, it's not the end of this space, not at all. But it's definitely something to keep an eye on. And probably, and this is just me talking, this is good for everybody that is overseas. This is good for Hong Kong, this is good for Switzerland, this is good
for Singapore, it's good for jurisdictions that take a little bit more of a hands-off approach. And the US is driving away a lot of business and it might backfire one day. That's maybe the other side of the story.
Yeah, interesting. Yep, good points. How do you see from a bigger picture like Wes is gonna lead to? I mean, I think you have voiced several times that you're a bit more cautious over the summer.
I mean, is this gonna kind of rain in a bit of a red kind of summer? How do you see this? How do you see it's just the beginning? Is this the end? How do you see all that?
So somewhere of the mid section, I would say off the bear market. We are in a bear market. Everybody that tells you otherwise, I don't know where they have been the last few months. And usually it takes a little bit. Every time we spend in a bear market, we can't have this first capitulation event, which we had the end of.
the last year, then we had a bit of a recovery as sideways movement and then eventually we kind of went back and tested the vicinity of the lows again. And I would make the case that this time is no different that eventually if it is during the course of the summer or maybe more towards
the end of the year, I don't know that it's so hard to put a specific timeframe on to these things, but eventually we are or I would make the case that we are going into the direction of 20k and just test a little bit how well these price level hold and I would make the case that the
price level hold. And then we have, you know, in 2024 towards the end of the year is probably the phase where the sentiment is really going to turn and things are going to look much better than they are right now. But usually the bad market takes longer to play out than most people
like to admit. We always want to have another alt season and another rally and another bull market and every time the price moves up just a bit you see everybody comes out of the closet again okay this is it we're going and usually it just takes a bit longer than 10 people act to admit and right now during the
summer, I just both on a macro scale and on in the crypto, I just don't see where the bullishness is coming from. The data does not support it like if you look at Google search turns, if you look at Coinbase app downloads, if you look at any kind of data where you can see new money coming in.
then there isn't really anything. Anything look on a macro side of things. We have very, very high rates and still like there is some exuberance and some
things I can really like if you look at Nvidia I don't know if you have followed what is happening there and I by the love of God I cannot understand how you can buy a company that is trading at 200 times earnings and It's in a clear like of course, it's interesting what they're doing AI and all of these things and
But also, if I look at Google and at Microsoft, are these current prices a reflection of how well the economy or the markets or those specific companies are doing, probably not. We have really high rates, growth is very challenging to have sustaining growth
with high rates, even if you're a tech company. And if it's more difficult to get money with inflation, are people really going to buy consumer products and spend more money on services? I'm not sure. So I have a bit of a conservative outlook, not that we're going to crash, but that's
We might see a little bit of downside in both crypto and macro, which is also not that unhealthy. I'm still very, very bullish in the long run, but for the summer months, I don't know, I just don't see where the bullishness should come from. Maybe you have another viewer or some insights that I don't have Julian.
No, I see this similar. It's not that I feel like we're gonna go down. It's just I feel like why should we go up right that's I think over the summer a bit of the yeah, this is probably a bit of my concern so I share those concerns a bit I see
what is coming from. I think though, if you have a long-term horizon right now, and you're not so concerned about the next months, but you really care about years and you do dollar cost average anyways, I would always use these opportunities for long-term dollar cost averaging. So what we are talking here is really more on the next kind of three months, but again, don't
get over the next three years, it's probably not going to concern you so much. So never keep that, never forget that, always keep that in mind that on a long term horizon, dollar cost averaging during such drops always makes sense. Just if you want to now suddenly go all in or something, it's probably a bit of a risky kind of move in all that.
I just saw a few comments here on YouTube. I just want to add one thing. I'm not in the bearish camp where like CryptoCop or other people are, that's say we're going to 12k. Like in my opinion we might retest the 20k levels with
I mean the lows were like 16, 17,000 and I don't think we're going there anymore, but I'm 100% agreed with you Julian. If you are, let's say here for the long run, if you are legit and you have a bigger time horizon and you see the future in this space, it couldn't
be any better because it gives us some time to dollar cost average and to add to build our positions. So yeah, I'm actually very happy that we're not instantly going up in price because that just gives me a little bit more time to accumulate.
Yep, I agree.
What else is going on? Do we need to add anything there? What's on your mind? So outside of cake, we can touch on the cake because we have a big birthday tomorrow.
I would say that there is a bit less discussion about Ordinals in BRC 20 than maybe a month or two ago. There is a lot of building happening and a lot of excitement. I follow the future with the space on the topic and what this whole
A wave brought is definitely like a new flame that is burning when it comes to for example stable coins build on bitcoins or all kinds of other tokens all of these discussions are really flaring up more on developing
standpoint, which is kind of interesting. And when it comes to macro, the main discussions when I follow the interviews that I follow is a lot of discussion about inflation because many, many people within the cryptocurrency space
And within the macro space that crypto people like to listen to they they were Everybody was making predictions that inflation is here to stay that we weren't gonna keep elevated inflation and right now inflation is coming down massively and we so
A lot of people kind of feel the need to reiterate what they said, but they're keeping their position. So they still think that we will have maybe a decade of elevated inflation. And I can see a lot of, like if I follow, for example, I follow kid
news where they invite all kind of guests from all kind of different backgrounds like an Luke Gordon or Lin Alden or Jason Lovish or whatever like macro people that are kind of celebrated within the crypto sphere and all of them kind
kind of came on once again to reiterate that we haven't seen the last of inflation yet. This is probably the biggest topic that I can see within a broader group of community. Interesting, interesting, interesting here also, Joe says, thanks for interesting content.
What's happening this week on the on Staking side we're going to be able to allow and staking of Eastern our platform. So I know some of you have been waiting for quite some time on this. Yeah, just remember there's going to be a queue to stake again because of
So much. Uh, each one into steak. So be very careful if you are steak, uh, staking again, I feel I'm steak, uh, staking again may actually take quite a while. So, yeah, be cautious on that. Just want to mention that. Um,
Anything else?
Now from a broader market perspective or crypto markets, I think we touched on everything that we need to touch on. Maybe we can go into a few exciting things on cake.
So as many of you know, tomorrow is our fourth birthday. I've been there for years.
in three weeks.
Yeah, so my cake was three. I joined slightly
after the first birthday. I know my first interview was I think just a day or two before the birthday and back then I had an interview with with your wife. I can remember that very very vividly. Yeah and it has been quite a journey.
I have to say with table on way right now it is so exciting because if you look at a crypto space and you look at what's happening on social media and so on, there is not a lot of excitement or the people
You cannot really see the growth or the exciting development that is happening within the space, but without giving away any secrets, if you were to be part of our company's Slack, our internal systems, it is crazy what is going on there. Last Monday, so yesterday and the Monday
before. We had so many people coming in, starting having their first day. We have so many exciting projects that are getting built in the background. So we have a complete revamp of the app that is in the making for like six months that a bigger part of the team is working on.
And we have so many exciting stuff, development work that our research and development part of the research is working on. Like I can't share all the nidian greedy insights of this, but I get much more excited reading our internal
company select them going out and reading what's happening on Twitter because on Twitter I get this it's a bit the dying hope you like you have these people that still say oh 100k one million and everything but nobody believes it at the moment because it feels so different than the hype and excitement is kind of washed out
But I kind of refill my hype and excitement reading about all the development that are happening internally. What about you, Julian? What are the things that we have in store for maybe the coming months or meant tomorrow?
I think tomorrow we're not going to have even our fourth kick versus we, it's more going to be a symbolic day. The actual announcement is going to come a bit later during the month. For me, the real key thing is really all the stuff that we're working on right now on the retail side
of things, re-vamping the app, we've mentioned a couple of times, adding some really fundamentally different services and products than we have that's going to happen more into Q3, but the team is working on that, really adding massive value for our customers. I think that's what truly excites
I think I mentioned a couple of times now the last year was a lot of firefighting. Yeah, a lot of like months to months kind of changes and yeah, I think yeah long terms is not gonna fly well. So that honestly that's the main thing that excites me the most.
Cool, it's gonna be a good week. I know it didn't start well, but I think it's gonna end well and all things are well that end well. Good. Great, we did everyone. Anything else? Otherwise, we're wishing everyone a nice Tuesday.
Hopefully, yeah. Definitely make sure to follow us on all our different social channels and we have something planned for our birthday as Julian said. We're going to share or celebrate, of course, the date tomorrow because it's a big day for us, but the exciting
So you definitely want to make sure to follow us on Twitter, Telegram, whatever social channel you prefer. If you missed the beginning of the session where we extensively talked about the SEC suing violence, everything is being recorded.
So you can head over to Apple, Spotify, YouTube, and also here on Twitter and make sure to listen to the beginning because we did a quite okay job or a good job in summarizing everything that's happening.
So with this stay safe stay healthy. I have a really fantastic week head over to cake if I calm get cash from your crypto and then see you next week when we're gonna tune in again all the best they say stay healthy. Thanks so much everyone. Bye bye