Binance CEO Disputes JPMorgan Chief’s Critique Of Crypto

Richard Teng, the Chief Government Officer (CEO) of the world’s largest crypto trade Binance challenged JPMorgan Chase’s CEO Jamie Dimon’s stance on cryptocurrencies.

Binance CEO Disagrees With Jamie Dimon

The Binance CEO just lately defended cryptocurrencies by opposing the anti-crypto narrative promoted by the JPMorgan CEO in a listening to held on Wednesday. Teng took to X (previously Twitter) to share his displeasure with Dimon’s narrative towards crypto.

The JPMorgan CEO’s critics have been set on the legitimacy and regulation of cryptocurrencies. Based on Dimon, he has “by no means supported cryptocurrencies” and believes the “solely actual use case for crypto is criminals.”  He additional added that he would shut down crypto if he had the ability to take action. The CEO acknowledged:

I’ve all the time been deeply against crypto, the one true use case for it’s criminals. If I have been the federal government I’d shut it down. 

Teng underscored the necessity to evaluate the scope of criminal activity in cryptocurrency to that of conventional fiat cash. He additional highlighted the info compiled by Dr. Andrzei Gwizdalki from sources just like the UN and the World Financial Discussion board.

The info reveals that unlawful actions related to fiat currencies are over 100 occasions greater than crypto. Based on the info, cryptocurrencies are linked to an estimated $20 billion in unlawful actions. 

In the meantime, fiat currencies similar to the US greenback are implicated in roughly $3.2 trillion in unlawful actions yearly. Nonetheless, as a result of secret nature of cash laundering, it’s troublesome to find out the whole quantity that has been misplaced. 

Up to now, Dr. Andrzei Gwizdalki believes the corruption and cash laundering in reference to fiat “casts a darkish shadow.” He additionally added that it is a status that the crypto area mustn’t mirror.

Moreover, Gwizdalki has urged policymakers to be well-informed and deal with actual points inside their conventional methods. He believes utilizing crypto for unlawful causes is “silly and harmful” since each transaction is transparently recorded.

The Crypto Agency Faces Potential Collapse

Former United States Securities and Alternate Fee (SEC) official John Reed Stark has highlighted a possible collapse for Binance. Stark’s perception is as a result of Binance plea settlement by the previous CEO of the crypto trade Changpeng CZ Zhao. Stark acknowledged:

The Binance Plea Settlement is Already Blowing Up. Extra Proof of the Risk of a Binance Collapse (And a 10-Yr Sentence for CZ).

He additionally highlighted Teng’s failure to supply solutions to easy questions throughout an interview as one other potential motive. Within the interview, journalist Scott Chipolina requested Teng the place Binance is headquartered, however the CEO refused to supply particular solutions.

Up to now, Stark has voiced doubts concerning the trade’s capability to adjust to the stringent DOJ/FinCEN monitoring and cooperation necessities. He believes that whereas investigations are nonetheless ongoing, the federal government will convey extra accusations towards Binance and Changpeng Zhao.

Featured picture from Shutterstock, chart from Tradingview.com