{"id":564392,"date":"2023-12-07T15:00:01","date_gmt":"2023-12-07T15:00:01","guid":{"rendered":"https:\/\/ktsl888.com\/?p=564392"},"modified":"2024-06-11T07:59:17","modified_gmt":"2024-06-11T07:59:17","slug":"binance-ceo-disputes-jpmorgan-chiefs-critique-of-crypto","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/binance-coin\/binance-ceo-disputes-jpmorgan-chiefs-critique-of-crypto\/","title":{"rendered":"Binance CEO Disputes JPMorgan Chief&#8217;s Critique Of Crypto"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Richard Teng, the Chief Executive Officer (CEO) of the world&#8217;s largest crypto exchange <\/span><a href=\"https:\/\/ktsl888.com\/binance\/binance-compliance-officer-under-scrutiny-for-ftx-gemini-and-sex-trafficker-associations\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Binance<\/span><\/a><span style=\"font-weight: 400\"> challenged JPMorgan Chase\u2019s CEO Jamie Dimon&#8217;s stance on cryptocurrencies.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Binance CEO Disagrees With Jamie Dimon<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The Binance CEO recently defended cryptocurrencies by opposing the anti-crypto narrative promoted by the JPMorgan CEO in a hearing held on Wednesday. Teng took to X (formerly Twitter) to <\/span><a href=\"https:\/\/x.com\/_RichardTeng\/status\/99487015?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">share<\/span><\/a><span style=\"font-weight: 400\"> his displeasure with Dimon&#8217;s narrative against crypto.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/banking-giant-ceo-trashes-crypto-again-and-warns-of-ban-heres-why\/\" target=\"_blank\" rel=\"noopener \">Banking Giant CEO Trashes Crypto \u2013 Again \u2013 And Warns Of Ban: Here\u2019s Why<\/a><\/div>\n<p><span style=\"font-weight: 400\">The JPMorgan CEO&#8217;s critics were set on the legitimacy and regulation of cryptocurrencies. According to Dimon, he has &#8220;never supported cryptocurrencies&#8221; and believes the &#8220;only real use case for crypto is criminals.&#8221;\u00a0 <\/span><span style=\"font-weight: 400\">He further added that he would close down crypto if he had the power to do so. The CEO <a href=\"https:\/\/x.com\/YahooFinance\/status\/77271268?s=20\" target=\"_blank\" rel=\"noopener nofollow\">stated:<\/a><\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">I&#8217;ve always been deeply opposed to crypto, the only true use case for it is criminals. If I were the government I&#8217;d close it down.\u00a0<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Teng underscored the need to compare the scope of illegal activity in cryptocurrency to that of traditional fiat money. He further highlighted the data compiled by Dr. Andrzei Gwizdalki from sources like the UN and the World Economic Forum.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The data shows that illegal activities connected to fiat currencies are over 100 times bigger than <\/span><a href=\"https:\/\/ktsl888.com\/bitcoin-news\/crypto-market-cap-soars-1-5-trillion-milestone-achieved-bitcoin-sets-new-record\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">crypto<\/span><\/a><span style=\"font-weight: 400\">. According to the data, cryptocurrencies are linked to an estimated $20 billion in illegal activities.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, fiat currencies such as the United States dollar are implicated in approximately $3.2 trillion in illegal activities yearly. However, due to the secret nature of money laundering, it is difficult to determine the total amount that has been lost.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">So far, Dr. Andrzei Gwizdalki believes the corruption and money laundering in connection with fiat &#8220;casts a dark shadow.&#8221; He also added that this is a reputation that the crypto space should not mirror.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Furthermore, Gwizdalki has urged policymakers to be well-informed and handle real issues within their traditional systems. He believes using crypto for illegal reasons is &#8220;stupid and dangerous&#8221; since every transaction is transparently recorded.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">The Crypto Firm Faces Potential Collapse<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Former United States Securities and Exchange Commission (SEC) official John Reed Stark has <\/span><a href=\"https:\/\/x.com\/JohnReedStark\/status\/81160814?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">highlighted<\/span><\/a><span style=\"font-weight: 400\"> a potential collapse for Binance. Stark&#8217;s belief is due to the Binance plea agreement by the former CEO of the crypto exchange Changpeng CZ Zhao. Stark stated:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">The Binance Plea Agreement is Already Blowing Up. More Evidence of the Possibility of a Binance Collapse (And a 10-Year Sentence for CZ).<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">He also highlighted Teng&#8217;s failure to provide answers to simple questions during an interview as another potential reason. In the interview, journalist Scott Chipolina asked Teng where Binance is headquartered, but the CEO refused to provide specific answers.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/binance\/binance-new-ceo-affirms-strength-in-companys-fundamentals\/\" target=\"_blank\" rel=\"noopener \">Binance New CEO Affirms Strength In Company\u2019s Fundamentals<\/a><\/div>\n<p><span style=\"font-weight: 400\">So far, Stark has voiced doubts about the exchange&#8217;s capacity to comply with the stringent DOJ\/FinCEN monitoring and cooperation requirements. He believes that while investigations are still ongoing, the government will bring more accusations against <\/span><a href=\"https:\/\/ktsl888.com\/news\/binance-turmoil-sends-pepe-and-altcoins-tumbling-in-crypto-crunch\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Binance<\/span><\/a><span style=\"font-weight: 400\"> and <\/span><a href=\"https:\/\/ktsl888.com\/binance\/crypto-market-reacts-binance-ceo-changpeng-zhao-steps-down\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Changpeng Zhao<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<figure style=\"width: 2184px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/bw8t5Jz4\/\" alt=\"Binance\" width=\"2184\" height=\"1266\"><figcaption class=\"wp-caption-text\">BNB trading at $230 on the 1D chart | Source: BNBUSDT on <a href=\"https:\/\/www.tradingview.com\/x\/bw8t5Jz4\/\" target=\"_blank\" rel=\"noopener nofollow\">Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from Shutterstock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Richard Teng, the Chief Executive Officer (CEO) of the world&#8217;s largest crypto exchange Binance challenged JPMorgan Chase\u2019s CEO Jamie Dimon&#8217;s stance on cryptocurrencies. Binance CEO Disagrees With Jamie Dimon The Binance CEO recently defended cryptocurrencies by opposing the anti-crypto narrative promoted by the JPMorgan CEO in a hearing held on Wednesday. Teng took to X (formerly Twitter) to share his displeasure with Dimon&#8217;s narrative against crypto. Related Reading: Banking Giant CEO Trashes Crypto \u2013 Again \u2013 And Warns Of Ban: Here\u2019s Why The JPMorgan CEO&#8217;s critics were set on the legitimacy and regulation of cryptocurrencies. According to Dimon, he has &#8220;never supported cryptocurrencies&#8221; and believes the &#8220;only real use case for crypto is criminals.&#8221;\u00a0 He further added that he would close down crypto if he had the power to do so. The CEO stated: I&#8217;ve always been deeply opposed to crypto, the only true use case for it is criminals. If I were the government I&#8217;d close it down.\u00a0 Teng underscored the need to compare the scope of illegal activity in cryptocurrency to that of traditional fiat money. He further highlighted the data compiled by Dr. Andrzei Gwizdalki from sources like the UN and the World Economic Forum. The data shows that illegal activities connected to fiat currencies are over 100 times bigger than crypto. According to the data, cryptocurrencies are linked to an estimated $20 billion in illegal activities.\u00a0 Meanwhile, fiat currencies such as the United States dollar are implicated in approximately $3.2 trillion in illegal activities yearly. However, due to the secret nature of money laundering, it is difficult to determine the total amount that has been lost.\u00a0 So far, Dr. Andrzei Gwizdalki believes the corruption and money laundering in connection with fiat &#8220;casts a dark shadow.&#8221; He also added that this is a reputation that the crypto space should not mirror. Furthermore, Gwizdalki has urged policymakers to be well-informed and handle real issues within their traditional systems. He believes using crypto for illegal reasons is &#8220;stupid and dangerous&#8221; since every transaction is transparently recorded. The Crypto Firm Faces Potential Collapse Former United States Securities and Exchange Commission (SEC) official John Reed Stark has highlighted a potential collapse for Binance. Stark&#8217;s belief is due to the Binance plea agreement by the former CEO of the crypto exchange Changpeng CZ Zhao. Stark stated: The Binance Plea Agreement is Already Blowing Up. More Evidence of the Possibility of a Binance Collapse (And a 10-Year Sentence for CZ). He also highlighted Teng&#8217;s failure to provide answers to simple questions during an interview as another potential reason. In the interview, journalist Scott Chipolina asked Teng where Binance is headquartered, but the CEO refused to provide specific answers. Related Reading: Binance New CEO Affirms Strength In Company\u2019s Fundamentals So far, Stark has voiced doubts about the exchange&#8217;s capacity to comply with the stringent DOJ\/FinCEN monitoring and cooperation requirements. He believes that while investigations are still ongoing, the government will bring more accusations against Binance and Changpeng Zhao. Featured image from Shutterstock, chart from Tradingview.com<\/p>\n","protected":false},"author":608,"featured_media":564395,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83379],"tags":[10768,11427,79611,7106,7335,2054,2628,3799,7549],"class_list":["post-564392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance-coin","tag-binance","tag-bnb","tag-bnbusdt","tag-doj","tag-fiat","tag-fincen","tag-jpmorgan","tag-sec","tag-un"],"acf":[],"yoast_head":"\n<title>Binance CEO Disputes JPMorgan Chief&#039;s Critique Of Crypto<\/title>\n<meta name=\"description\" content=\"Richard Teng, CEO of the largest crypto exchange Binance has challenged JPMorgan Chase\u2019s CEO Jamie Dimon&#039;s stance on cryptocurrencies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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