“Can’t Believe Binance Got License In UAE”: Economist Nouriel Roubini

Crypto critic and American-Turkish economist Nouriel Roubini at the Abu Dhabi Finance Week on Wednesday labeled cryptocurrency as an “ecosystem that is totally corrupt”.

Nouriel Roubini clears his stance on Crypto ecosystem

On a CNBC panel discussion Nouriel Roubini also known as Dr. Doom defines cryptocurrency in seven Cs: “concealed, corrupt, crooks, criminals, con men, carnival barkers.” In addition to this, the top economist Roubini urged the crypto investors to take lessons from the FTX crash. In a discussion, he said,  “The lesson of the last few weeks is these people should be out of here.”

Roubine also targets Binance and its CEO on the panel discussion he said, “I can’t believe that CZ and Binance have a license to operate in the UAE. Moreover, he said CZ is banned in the U.K., He’s under investigation by the US Justice Department for money laundering.” Notably, Binance CEO Changpeng Zhao, known as CZ, spoke earlier at the same conference.

Before Roubini’s comments in Abu Dhabi, CZ stated on a separate panel that the crypto business required an association to create best practices and to communicate with regulators worldwide.

Binance CEO clears his stance on current Crypto situation

CZ in his statement added he had seen “quite strong interest” on proposal to establish a recovery fund to assist crypto companies experiencing a liquidity crisis.

Binance CEO also said, “Originally, I would’ve said we could’ve pushed a little faster, but given what happened last week, that would not have been a good idea.” It is actually more necessary to take things slowly.”

In response to a question about whether cryptocurrency should be saved, CZ stated, “Crypto has actually demonstrated extreme resilience… “I believe the industry will survive.”