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Binance chief executive officer Richard Teng said there is a need for shift in narrative around illicit activities in the crypto ecosystem. His comments came in the light of the criticism on crypto by Jamie Dimon, the CEO of financial giant JPMorgan Chase during a Wall Street oversight hearing by the U.S. Senate Banking, Housing, and Urban Affairs committee.
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JP Morgan CEO: Bitcoin Should Be “Closed Down”
During the hearing on Wednesday, December 6, 2023, Dimon said bad actors are using crypto to engage in money laundering and tax evasion, when he was asked about concerns around anti-money laundering. He added that if he were in the government, he would “close down” Bitcoin. The JP Morgan CEO has long been known for his anti-Bitcoin stance. However, crypto industry insiders believe the narrative around illicit activities in crypto is projecting a false perception, when compared with the financial irregularities through the fiat currency.
Binance CEO Throws Facts On Fiat Vs Crypto Crimes
Richard Teng said the narrative around crypto based financial crimes need a major shift, owing to the massive difference in scale of activities between both ecosystems. He remarked,
“You have seen bankers advocating shutting down crypto industry because of illicit activities. But let’s look at facts.”
Quoting Dr Andrzei Gwizdalki, Teng said illicit financial activities in fiat currencies heavily outnumber those in crypto transactions. “Traditional fiat, like the USD, is implicated in an estimated $3.2 trillion in illegal activities annually – over 100 times the $20 billion linked to cryptocurrencies,” the Binance CEO mentioned Dr Gwizdalki’s statement. Fiat’s involvement in corruption and money laundering casts a dark shadow—a reputation we mustn’t let extend to crypto, Dr Gwizdalki explained.
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