Sign Up on MEXC
In a bold move, Binance CEO Richard Teng takes on bankers advocating for the shutdown of the cryptocurrency industry, countering their claims with data-backed analysis.
Teng shares insights from Dr. Andrzei Gwizdalki, who compiles data from reputable sources such as the UN, WEF, and Chainalysis. According to Dr. Gwizdalki, perspectives are crucial in addressing illicit financial activities.
Richard Teng Lauds Dr. Gwizdalki’s Analysis
Dr. Gwizdalki, a University of Western Australia lecturer, unveils a significant contrast in illicit financial activities through comprehensive data compilation.
In her analysis, she mentioned that United Nations reports reveal an annual global money laundering estimate of 2-5% of the world’s GDP. The money included ranges from $800 billion to $2 trillion. This clandestine activity poses challenges in accurately estimating the total funds involved and the failure of anti-money laundering policies.
Moving further, the analysis covers the huge impact of global corruption and the amount included. The World Economic Forum’s partnering against corruption initiative exposes the staggering cost of corruption, bribery, theft, and tax evasion, amounting to $1.26 trillion annually.
This sum is equivalent to the combined economies of Switzerland, South Africa, and Belgium. The report also notes that despite the significant economic impact, a concerning number of individuals in the EMEA region consider such corruption acceptable.
Also Read: Court Accepts Former Binance CEO CZ’s Guilty Plea; What Next?
Crypto Frauds Vs Traditional Fiat Frauds
Coming to crypto frauds, Chainalysis data indicates a record $20.1 billion in crypto-related crimes in 2022, with a 7% increase in stolen funds. Interestingly, other illicit crypto transactions, including scams and terrorism financing, experienced a decline during this period. However, the reported figure only includes on-chain activities, excluding off-chain crimes like fraudulent accounting by crypto exchanges.
UN Secretary-General António Guterres emphasizes how corruption underpins political dysfunction and societal division, underscoring the severe consequences of illicit financial activities.
Dr. Gwizdalki adds a crucial perspective, emphasizing that traditional fiat currencies, particularly the USD, are implicated in an estimated $3.2 trillion in illegal activities annually. This figure starkly contrasts with the $20 billion linked to cryptocurrencies, as the UN, WEF, and Chainalysis reported.
At last, praising the analysis, Richard Teng asked everyone to reconsider the perspective on cryptocurrency. The revelation sparks discussions on the wider implications of financial misconduct and challenges prevailing narratives on the role of cryptocurrencies in illicit activities.
Also Read: EU To Announce Landmark Act On Regulating ChatGPT and AI Tech
- SOL Rises as Nasdaq-listed Forward Completes $1.65B Raise For Solana Treasury
- Breaking: U.S. CPI Inflation Rises To 2.9% YoY, Bitcoin Reacts
- Over $4 Billion in Bitcoin and Ethereum Options Expiring After US CPI
- South Korea Ends 2018 Ban on VC Investments in Crypto Firms
- Wall Street’s CPI Forecast: Expert Examines if Bitcoin Price Can Sustain Triangle Breakout?
- Pi Network Price Wyckoff Theory Signals a Surge as One Whale Keeps Buying
- ETH Price Prediction As Bitmine and SharpLink Continue ETH Buying Spree- Analyst Predicts $7K Next
- AVAX Price Prediction as Avalanche $1B Treasury Gains Momentum – Is $55 in Sight?
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
