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Home BREAKING NEWS

BitMEX Founder Criticizes Injustice of Crypto Firms by U.S. Authorities

by BlockNews.com Team
November 28, 2023
in BREAKING NEWS, BUSINESS, CRYPTO
Reading Time: 3 mins read
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  • The Binance case highlights the arbitrary nature of the US justice system, as traditional financial institutions avoid accountability for wrongdoing while crypto innovators enabling financial freedom face harsh consequences.
  • Arthur Hayes argues the establishment feels threatened by intermediaries like Binance that allow individuals to bypass institutions and directly participate in the crypto revolution.
  • Hayes encourages investing in crypto like Bitcoin and taking control with private wallets after witnessing the immense resources directed at penalizing CZ and Binance.

Arthur Hayes, founder of crypto exchange BitMEX, recently discussed the “absurd” and arbitrary nature of punishments in the US, using the Binance case as an example. He argues that the establishment feels threatened by intermediaries like Binance that allow individuals to bypass traditional institutions and participate directly in the crypto revolution.

🚨 NEWS: BitMEX Founder Arthur Hayes criticizes the 🇺🇸 treatment of #Binance.

Contrasting lenient actions shown towards central banks during financial scandals.

— BlockNews.com (@blocknewsdotcom) November 28, 2023

The Rapid Rise of Binance and CZ

Within just a decade, Binance and its CEO Changpeng Zhao (CZ) rose rapidly from obscurity to become the largest centralized crypto trading platform globally. Binance provided a platform for millions worldwide to trade crypto, offering opportunities for financial freedom and speculation.

Lack of Accountability for Traditional Financial Institutions

Despite the lack of criminal charges against major banks involved in financial crises or money laundering, Binance faced severe consequences. Hayes argues that no CEOs of “Too Big to Fail” banks were prosecuted for their role in precipitating the 2008 financial crisis. Yet CZ and Binance are facing harsh punishments.

The Binance Settlement

Last week, Binance and CZ pleaded guilty to charges related to anti-money laundering and sanctions violations. As part of the $1 billion settlement with the Department of Justice, CZ stepped down as CEO. Hayes argues this treatment is unfair and arbitrary.

A Call to Action

Hayes encourages readers to invest in crypto, particularly Bitcoin, after witnessing the immense resources directed at penalizing CZ and Binance. He also advises taking control of cryptocurrencies using private wallets.

Geopolitical Implications

Hayes predicts growing US-China relations could contribute to the crypto bull market, as China’s increased money printing fuels adoption.

Conclusion

The Binance case underscores the inequitable and arbitrary nature of punishments in the US system. Traditional financial institutions avoid accountability while crypto innovators enabling financial freedom face harsh consequences.

Tags: BitcoinBlockchainBusinesscryptoWeb3
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