Binance CEO Disputes JPMorgan Chief’s Critique Of Crypto
December 07 2023 - 9:00AM
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Richard Teng, the Chief Executive Officer (CEO) of the world’s
largest crypto exchange Binance challenged JPMorgan Chase’s CEO
Jamie Dimon’s stance on cryptocurrencies. Binance CEO Disagrees
With Jamie Dimon The Binance CEO recently defended cryptocurrencies
by opposing the anti-crypto narrative promoted by the JPMorgan CEO
in a hearing held on Wednesday. Teng took to X (formerly Twitter)
to share his displeasure with Dimon’s narrative against crypto.
Related Reading: Banking Giant CEO Trashes Crypto – Again – And
Warns Of Ban: Here’s Why The JPMorgan CEO’s critics were set on the
legitimacy and regulation of cryptocurrencies. According to Dimon,
he has “never supported cryptocurrencies” and believes the “only
real use case for crypto is criminals.” He further added that
he would close down crypto if he had the power to do so. The CEO
stated: I’ve always been deeply opposed to crypto, the only true
use case for it is criminals. If I were the government I’d close it
down. Teng underscored the need to compare the scope of
illegal activity in cryptocurrency to that of traditional fiat
money. He further highlighted the data compiled by Dr. Andrzei
Gwizdalki from sources like the UN and the World Economic Forum.
The data shows that illegal activities connected to fiat currencies
are over 100 times bigger than crypto. According to the data,
cryptocurrencies are linked to an estimated $20 billion in illegal
activities. Meanwhile, fiat currencies such as the United
States dollar are implicated in approximately $3.2 trillion in
illegal activities yearly. However, due to the secret nature of
money laundering, it is difficult to determine the total amount
that has been lost. So far, Dr. Andrzei Gwizdalki believes
the corruption and money laundering in connection with fiat “casts
a dark shadow.” He also added that this is a reputation that the
crypto space should not mirror. Furthermore, Gwizdalki has urged
policymakers to be well-informed and handle real issues within
their traditional systems. He believes using crypto for illegal
reasons is “stupid and dangerous” since every transaction is
transparently recorded. The Crypto Firm Faces Potential Collapse
Former United States Securities and Exchange Commission (SEC)
official John Reed Stark has highlighted a potential collapse for
Binance. Stark’s belief is due to the Binance plea agreement by the
former CEO of the crypto exchange Changpeng CZ Zhao. Stark stated:
The Binance Plea Agreement is Already Blowing Up. More Evidence of
the Possibility of a Binance Collapse (And a 10-Year Sentence for
CZ). He also highlighted Teng’s failure to provide answers to
simple questions during an interview as another potential reason.
In the interview, journalist Scott Chipolina asked Teng where
Binance is headquartered, but the CEO refused to provide specific
answers. Related Reading: Binance New CEO Affirms Strength In
Company’s Fundamentals So far, Stark has voiced doubts about the
exchange’s capacity to comply with the stringent DOJ/FinCEN
monitoring and cooperation requirements. He believes that while
investigations are still ongoing, the government will bring more
accusations against Binance and Changpeng Zhao. Featured image from
Shutterstock, chart from Tradingview.com
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