Richard

Narrative

Time

Binance chief executive officer Richard Teng said there is a need for shift in narrative around illicit activities in the crypto ecosystem. His comments came in the light of the criticism on crypto by Jamie Dimon, the CEO of financial giant JPMorgan Chase during a Wall Street oversight hearing by the U.S. Senate Banking, Housing, and Urban Affairs committee. 
Also Read: <a href="https://coingape.com/bitcoin-btc-price-to-reach-all-time-high/" target="_blank" rel="noopener">Experts Weigh In Scenario For Bitcoin (BTC) Price New All Time High</a> 
<h2 id="jp-morgan-ceo-bitcoin-should-be-closed-down">JP Morgan CEO: Bitcoin Should Be “Closed Down”</h2> 
During the hearing on Wednesday, December 6, 2023, Dimon said bad actors are using crypto to engage in money laundering and tax evasion, when he was asked about concerns around anti-money laundering. He <a href="https://coingape.com/jpmorgan-ceo-comes-hard-for-bitcoin-calls-it-tool-for-criminals/" target="_blank" rel="noopener">added</a> that if he were in the government, he would “close down” Bitcoin. The JP Morgan CEO has long been known for his anti-Bitcoin stance. However, crypto industry insiders believe the narrative around illicit activities in crypto is projecting a false perception, when compared with the financial irregularities through the fiat currency. 
<h2 id="binance-ceo-throws-facts-on-fiat-vs-crypto-crimes">Binance CEO Throws Facts On Fiat Vs Crypto Crimes</h2> 
Richard Teng said the narrative around crypto based financial crimes need a major shift, owing to the massive difference in scale of activities between both ecosystems. He <a rel="nofollow" href="https://twitter.com/_RichardTeng/status/1732637107699487015" target="_blank">remarked</a>, 
<blockquote>
 “You have seen bankers advocating shutting down crypto industry because of illicit activities. But let’s look at facts.”
</blockquote> 
Quoting Dr Andrzei Gwizdalki, Teng said illicit financial activities in fiat currencies heavily outnumber those in crypto transactions. “Traditional fiat, like the USD, is implicated in an estimated $3.2 trillion in illegal activities annually – over 100 times the $20 billion linked to cryptocurrencies,” the Binance CEO mentioned Dr Gwizdalki’s statement. Fiat’s involvement in corruption and money laundering casts a dark shadow—a reputation we mustn’t let extend to crypto, Dr Gwizdalki <a rel="nofollow" href="https://www.oodaloop.com/archive/2023/10/08/crypto-fraud-is-less-than-1-of-the-annual-3-2-trillion-in-illegal-activity-in-the-traditional-fiat-monetary-system/" target="_blank">explained</a>. 
Also Read: <a href="https://coingape.com/will-bitcoin-etfs-join-the-potential-500-etfs-launched-this-year" target="_blank" rel="noopener">Will Bitcoin ETFs Join the Potential 500 ETFs Launched This Year?</a> 
The post <a rel="nofollow" href="https://coingape.com/binance-ceo-thrashes-jamie-dimons-anti-crypto-narrative-during-senate-hearing/">Binance CEO Thrashes Jamie Dimon’s Anti-Crypto Narrative During Senate Hearing</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Binance CEO Thrashes Jamie Dimon’s Anti-Crypto Narrative During Senate Hearing

Table of Contents

Coingape News Media

Other articles published on Dec 7, 2023

ORDI Token Soars Past $1 Billion Market Cap, Setting New Milestone for BRC-20 Tokens

Sea Summit has 6000+ Enthusiasts for a Luxurious Voyage of Crypto Victory

Lugano Pioneers Bitcoin and USDT Payments for Municipal Services

Io.net Transforms AI Ecosystem with Filecoin Storage Provider Integration

Crypto market mix amid ETF & jobs data

Crypto: Spot and Derivatives trading volumes on the rise. Binance down, CME Group up

Join our free newsletter for daily crypto updates!