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 <p class="is-style-lead">In a blog post, Hayes condemned the TradFi industry and the <a rel="noopener noreferrer nofollow" title="double" href="https://thebittimes.com/tag/double.html">double</a> <a rel="noopener noreferrer nofollow" title="standards" href="https://thebittimes.com/tag/standards.html">standards</a> he says relate to crypto, CZ and Binance.</p>
 <p class="is-style-default">BitMEX founder Arthur Hayes has argued that the treatment of Changpeng Zhao and Binance highlights a cunning set of <a rel="noopener noreferrer nofollow" title="double" href="https://thebittimes.com/tag/double.html">double</a> <a rel="noopener noreferrer nofollow" title="standards" href="https://thebittimes.com/tag/standards.html">standards</a> that unfairly targets crypto companies.</p>
 <p>Hayes noted the severity of the penalties imposed on Zhao and Binance as evidence of a contradictory stance by the U.S. DOJ and other international regulators. Over the last several years, Hayes notes, regulators around the world have witnessed massive scales of money laundering and mismanagement by TradFi banks like Goldman Sachs, HSBC and Credit Suisse.</p>
 <blockquote class="wp-block-quote">
  <p>Obviously, the treatment of CZ and Binance is absurd, and only highlights the arbitrary nature of punishment at the hands of the state.</p> <cite>Arthur Hayes</cite>
 </blockquote>
 <p>Hayes mentions specifically so-called “too big to fail banks” like HSBC and Goldman Sachs, who have repeatedly been fined and charged with money laundering and other forms of malicious financial activity, evidence of what he sees as a <a rel="noopener noreferrer nofollow" title="double" href="https://thebittimes.com/tag/double.html">double</a> <a rel="noopener noreferrer nofollow" title="standard" href="https://thebittimes.com/tag/standard.html">standard</a>.</p>
 <p>Referencing Binance’s $4.3 billion fine, the largest corporate penalty in U.S. history, Hayes questions the logic behind the seemingly disproportionate treatment of crypto companies.</p>
 <blockquote class="wp-block-quote">
  <p>“It tells me that crypto is one of the most important political, financial, and technological developments in civilized human history.”</p> <cite>Arthur Hayes, BitMEX founder</cite>
 </blockquote>
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 <p>The crypto veteran also hinted at the original ethos of crypto an its ability to exist outside corrupt forces within the state, opining that what is happening behind the scenes has to do with macro conditions also, including what he calls a reset between U.S. and Chinese economic interests.</p>
 <blockquote class="wp-block-quote">
  <p>“We are attempting to create a parallel financial, political, and economic system that is based on voluntary participation rather than violent coercion.”</p> <cite>Arthur Hayes </cite>
 </blockquote>
 <p>Waxing philosophical, Hayes notes that the persecution of Binance and CZ appears timed to coincide with a recent meeting between the leaders of the U.S. and China, suggesting that both countries appear ready and willing to work together in an effort to turn back on the money printer.</p>
 <blockquote class="wp-block-quote">
  <p>I ain’t no Dostoyevsky, and this is not a philosophical discussion of crime and punishment, but what does this absurdity tell us about our beliefs?&nbsp;</p> <cite>Arthur Hayes</cite>
 </blockquote>
 <blockquote class="wp-block-quote">
  <p>Capital, by which I mean digital fiat credit money, is globally fungible. If China is printing yuan, it will make its way into the global markets and support the prices of all types of risk assets.</p> <cite>Arthur Hayes</cite>
 </blockquote>
 <h2 class="wp-block-heading" id="binance-s-meteoric-rise-in-6-years">Binance’s meteoric rise in 6 Years</h2>
 <p>In the post, Hayes acknowledges Zhao’s impressive journey from an unknown individual to one of the world’s wealthiest.</p>
 <p>Under Zhao’s leadership, Binance became the largest centralized trading venue for cryptocurrencies worldwide, ranking among the top 10 exchanges in terms of average daily trading volume across all markets.</p>
 <p>Currently, Binance has more than $66.5 billion in assets, according to data from defi TVL aggregator Defi Llama. The platform has seen more than $1.28 billion in net outflows over the past month on news that the exchange and its founder pled guilty to charges including financing terrorism and money laundering.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/arthur-hayes-slams-tradfi-double-standards-tbt71884.html">https://thebittimes.com/arthur-hayes-slams-tradfi-double-standards-tbt71884.html</a></p>

Arthur Hayes slams TradFi double standards

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