Binance CEO Thrashes Jamie Dimon’s Anti-Crypto Narrative During Senate Hearing
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.
Also Read: Experts Weigh In Scenario For Bitcoin (BTC) Price New All Time High
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.
Also Read: Will Bitcoin ETFs Join the Potential 500 ETFs Launched This Year?
Play 10,000+ Casino Games at BC Game with Ease
- Instant Deposits And Withdrawals
- Crypto Casino And Sports Betting
- Exclusive Bonuses And Rewards
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Is US Losing the War As Odds for US-Iran Conflict Lasting Until May Spike to 70%
- Crypto Stocks to Watch Today As Iran-US War Escalates- CRCL, MSTR, COIN, HOOD, MARA
- What US SEC-CFTC Harmonization Means for the Crypto Market & Regulation?
- Breaking: Trump Declares Victory in Iran War, Vows to ‘Finish the Job’
- Ripple’s Valuation Tops $50B As Firm Begins $750M Share Buyback
- Will XRP Price Rally After Ripple’s Strategic Acquisition in Australia?
- Bitcoin Price At Risk of Losing $65k as Iran Warns of “Continuous Strikes” That May Push Oil to $200
- XRP Price Prediction as Goldman Sachs Becomes Biggest Holder of Ripple ETFs
- Circle (CRCL) Stock Price Prediction Ahead of CPI Data Release-Is 120 Next?
- Bitcoin Price Today: President Trump Signals Iran Conflict May End Soon As BTC Eyes $72k
- Top Analyst Explains Why Pi Network Price May Soar to $0.50 This Week
