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 <p class="is-style-lead">Claiming that the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> game is now ‘more fair,’ Kraken founder Jesse Powell adds that there are new threats to the industry’s reputation that continue to emerge.</p>
 <p>As Binance reached a $4.3 billion settlement agreement with the U.S. Department of Justice and the exchange’s founder Changpeng Zhao agreed to step down as the firm’s CEO, the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> game feels a “bit more fair <a rel="noopener noreferrer nofollow" title="today" href="https://thebittimes.com/tag/today.html">today</a>,” said Kraken Founder Jesse Powell.</p>
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    <p lang="en" dir="ltr">The game feels a bit more fair <a rel="noopener noreferrer nofollow" title="today" href="https://thebittimes.com/tag/today.html">today</a>. The last 12 months have answered 2 nagging questions from shareholders:<br><br>1. How are they going so fast?<br>2. How are they getting away with it?<br><br>"Trust me, any day now…" is only believable for so many years. It's hard to keep faith while…</p>— Jesse Powell (@jespow) November 23, 2023
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 <p>Powell, who also stepped down as CEO of Kraken in September 2021, says the industry now has to “self-police,” adding that the market “cannot count on timely protection.”</p>
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  <p>“New threats to the industry’s reputation continue to emerge. Each dodgy operation represents an opportunity for governments to scapegoat <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> and tighten the noose.”</p>
  <p>Jesse Powell</p>
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 <p>Commenting on Binance’s fast expansion on the international level, Powell said it is “hard to keep faith while your market share dwindles and the only enforcement that’s happening is against the good guys.”</p>
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 <p>Kraken — just like Binance and Coinbase — is facing a lawsuit from the U.S. Securities and Exchange Commission (SEC), which said that the San Francisco-headquartered crypto firm has been operating as an unregistered securities exchange, broker, dealer and clearing agency.</p>
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 <p>Kraken has also been accused of co-mingling customer assets with company funds. Powell criticized the SEC following the new charges, saying “the masochists haven’t been happy with the beatings they’ve been taking in New York.”</p>
 <p>For Binance, the road ahead also seems to be full of uncertainties even despite assurances by Binance’s new CEO Richard Teng, who reiterated his confidence in the exchange’s financial health even after agreeing to a massive $4.3 billion penalty from U.S. authorities. According to analysts at Matrixport, Binance now has time until 2026 before competition in the market starts affecting the company’s position.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Crypto analyst blasts Kraken lawsuit as SEC’s money grab, criticizes attacks on ADA
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/kraken-s-powell-says-crypto-game-more-fair-today-as-binance-s-dominance-under-threat-tbt71337.html">https://thebittimes.com/kraken-s-powell-says-crypto-game-more-fair-today-as-binance-s-dominance-under-threat-tbt71337.html</a></p>

Kraken’s Powell says crypto game ‘more fair today’ as Binance’s dominance under threat

TheBitTimes

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