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
Binance’s CEO recently defended cryptocurrencies by opposing the anti-crypto narrative promoted by JPMorgan’s CEO during a hearing held on Wednesday. Teng contacted X (formerly Twitter). part his dissatisfaction with Dimon’s anti-crypto story.
JPMorgan CEO’s critics focused on the legitimacy and regulation of cryptocurrencies. According to Dimon, he has “never supported cryptocurrencies” and believes that “the only real use case for crypto is criminals.” He further added that he would shut down crypto if he had the power to do so. The CEO stated:
I have always been deeply opposed to crypto, its only real use is criminals. If I were the government I would close it down.
Teng underlined the need to compare the scale of illegal activities in cryptocurrency with that of traditional fiat money. He further highlighted the data collected by Dr. Andr said Gwizdalki from sources such as the UN and the World Economic Forum.
The data shows that illegal activities related to fiat currency are more than 100 times greater than illegal activities related to fiat currency cryptocurrency. According to the data, cryptocurrencies are linked to an estimated $20 billion in illegal activity.
Meanwhile, fiat currencies such as the US dollar are involved in approximately $3.2 trillion in illegal activities annually. However, due to the secretive nature of money laundering, it is difficult to determine the total amount lost.
So far, Dr. Andrzei Gwizdalki believes that the corruption and money laundering associated with fiat “casts a dark shadow.” He also added that this is a reputation that the crypto space should not reflect.
Furthermore, Gwizdalki has urged policymakers to be well informed and address real problems within their traditional systems. He believes that using crypto for illegal reasons is “stupid and dangerous” because every transaction is recorded transparently.
The crypto company is facing a possible collapse
Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark has done just that marked a possible collapse of Binance. Stark’s conviction is due to the Binance plea deal of former crypto exchange CEO Changpeng CZ Zhao. Stark stated:
The Binance Plea Agreement is already blowing up. Yet more evidence of the possibility of a Binance collapse (and a 10-year prison sentence for CZ).
He also highlighted Teng’s failure to provide answers to simple questions during an interview as another possible reason. In the interview, journalist Scott Chipolina asked Teng where Binance’s headquarters are located, but the CEO declined to provide specific answers.
To date, Stark has expressed doubts about the exchange’s ability to meet stringent DOJ/FinCEN monitoring and collaboration requirements. He believes that while the investigation is ongoing, the government will make more allegations Binance And Changpeng Zhao.
Featured image from Shutterstock, chart from Tradingview.com