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<ul>
 <li>Binance CEO challenges traditional banking’s crypto criticism with data-backed insights.</li>
 <li>Richard Teng highlights traditional fiat’s $3.2 trillion illicit activities over crypto.</li>
 <li>Ongoing creative destruction in the crypto industry refutes intrinsic fraud narrative.</li>
</ul>
<p>In a bold move, Binance’s new CEO, <a href="https://cryptonewsland.com/changpeng-cz-zhao-steps-down-as-binance-ceo-names-richard-teng-as-successor/" target="_blank" rel="noopener noreferrer nofollow">Richard Teng</a>, sheds light on the narrative propagated by traditional banking institutions, claiming cryptos are rife with illicit activities. Teng, in a recent post, challenges this assertion, highlighting the work of Dr. Andrzej Gwizdalski, who gathered data from the United Nations, <a href="https://www.unodc.org/unodc/en/money-laundering/overview.html" target="_blank" rel="noopener noreferrer nofollow">World Economic Forum</a>, and <a href="https://www.reuters.com/business/finance/crypto-crime-hits-record-20-bln-2022-report-says-2023-01-12/" target="_blank" rel="noopener noreferrer nofollow">Cryptoanalysis</a>.</p>
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   <p lang="en" dir="ltr">You have seen bankers advocating shutting down crypto industry because of illicit activities. But let’s look at facts. Loved this analysis from Dr Andrzei Gwizdalki who complied data from UN, WEF and Cryptoanalysis. As Dr Gwizdalki states “Perspectives is crucial when addressing…</p>— Richard Teng (@_RichardTeng) <a href="https://twitter.com/_RichardTeng/status/1732637107699487015?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 7, 2023</a>
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<p>According to Teng, traditional fiat currencies, such as the USD, are implicated in an estimated $3.2 trillion in illegal activities annually, a staggering figure over 100 times higher than the $20 billion linked to cryptos. The data emphasizes the need to reevaluate the prevailing narrative that cryptocurrencies are primarily associated with illicit financial activities.</p>
<p>Gwizdalski’s analysis reveals that crypto crime constitutes less than 1% of the annual $3.2 trillion in illegal activities within the traditional fiat monetary system. The ongoing trial involving FTX and Sam Bankman-Fried, often dominating headlines, is put into perspective, with Teng emphasizing the importance of considering the larger context.</p>
<p>The global scale of corruption and money laundering associated with traditional fiat money, as reported by the United Nations and World Economic Forum, provides a compelling backdrop to the comparatively lower figures associated with crypto crime. Teng argues that using crypto for illegal purposes is inherently risky, given that every transaction is transparently recorded.</p>
<p>As the crypto industry navigates a period of creative destruction, Teng urges <a href="https://cryptonewsland.com/sec-chair-gensler-faces-tough-questions-from-us-congressman/" target="_blank" rel="noopener noreferrer nofollow">policymakers to be well-informed</a> and address real issues within traditional financial systems. He emphasizes that the core value proposition of blockchain and Web3 remains intact, with ongoing innovations in cryptos, blockchain technologies, and smart contracts.</p>
<p>Teng concludes that nothing in the current crypto creative destruction validates the narrative that these digital systems are inherently fraudulent. He calls for clear-eyed strategic thinking and technological exploration to debunk negative perceptions and narratives surrounding cryptos.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
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 <li><a href="https://cryptonewsland.com/cz-to-pass-binance-torch-to-richard-teng-amid-regulatory-woes/" rel="noopener noreferrer nofollow">CZ to Pass Binance Torch to Richard Teng Amid Regulatory Woes</a></li>
 <li><a href="https://cryptonewsland.com/changpeng-cz-zhao-steps-down-as-binance-ceo-names-richard-teng-as-successor/" rel="noopener noreferrer nofollow">Changpeng ‘CZ’ Zhao Steps Down as Binance CEO, Names Richard Teng as Successor</a></li>
 <li><a href="https://cryptonewsland.com/binance-positions-teng-for-leadership-in-global-crypto-market/" rel="noopener noreferrer nofollow">Binance Positions Teng for Leadership in Global Crypto Market</a></li>
 <li><a href="https://cryptonewsland.com/new-ftx-narrative-leads-to-crypto-leaders-take-on-the-story/" rel="noopener noreferrer nofollow">New FTX Narrative Leads to Crypto Leader’s Take on the Story</a></li>
 <li><a href="https://cryptonewsland.com/richard-heart-disowns-hex-pulsechain-before-getting-sued-by-sec/" rel="noopener noreferrer nofollow">Richard Heart Disowns HEX, PulseChain Before Getting Sued by SEC</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/binance-ceo-richard-teng-challenges-traditional-bankings-crypto-criticism/" rel="noopener noreferrer nofollow">Binance CEO Richard Teng Challenges Traditional Banking’s Crypto Criticism</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Binance CEO Richard Teng Challenges Traditional Banking’s Crypto Criticism

Crypto News Land

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