Just In: CZ Takes On Kraken Boss Over “Offshore Exchanges”

Ashish Kumar
February 20, 2023
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.

Changpeng Zhao (CZ), Binance CEO on Monday launched an attack on people using “offShore” recently. CZ took on Jesse Powell, Co founder of Kraken crypto exchange for using the term amid increasing regulatory scrutiny.

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Binance CEO Defends Offshore Exchanges

CZ stated that Jesse Powell is using the word “offShore” quite often. He stated that this term appears to be overly narrow minded and self centered. However, this also misses the broader picture and looks unhelpful to the development of the crypto industry.

Binance Chief added that it is difficult to tell how infuriating can be when they point out massive red flags in the industry and spot the illicit activities for the regulators, and they choose to ignore them. He highlighted what Watchdog says to ignore the complaints, They are offshore and it’s complicated. Read More Crypto News Here…

He brought up FTX collapse in this matter. CZ stated taking an “on-shore” perspective, FTX US is an onshore crypto exchange. Sam Bankman-Fried (SBF) and FTX’s executives are Americans. However, they have spent a huge amount of their time and efforts in lobbying. He alleged that they did not stop fraud from being committed.

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Kraken CEO Needs To Be Corrected?

CZ further added that differentiating between on-shore and rest exchanges is somewhat self-centered and arrogant. Taking a jibe at Jesse Powell, Binance boss stated that we are better than everyone else is not a motivation for building a better industry.

Binance boss advised that over generalization won’t help anyone and is negative. However, he mentioned that he does respect Jesse for what he has done till now for the industry. But in this matter, it is important to point it out.

Earlier, Coingape reported that Kraken did a settlement with U.S. Securities and Exchange Commission (SEC). The crypto exchange went on to close down its crypto staking service.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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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.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.