Co-founder of the Kraken exchange Jesse Powell commented on the US Department of Justice investigation against Binance and the subsequent fines for both it and ex-CEO Changpeng Zhao. According to him, this will have a positive impact on the industry.
The game feels a bit more fair today. The last 12 months have answered 2 nagging questions from shareholders:
1. How are they going so fast?
2. How are they getting away with it?“Trust me, any day now…” is only believable for so many years. It’s hard to keep faith while…
— Jesse Powell (@jespow) November 23, 2023
However, Powell believes that the industry needs self-policing measures to improve its reputation in the eyes of consumers:
In addition, the co-founder of Kraken supported the idea of widespread implementation of KYC and called on the community to give preference to projects that “play for the long haul.”
The US Department of Justice accused Binance and its ex-CEO Changpeng Zhao of violating federal law. The latter admitted his guilt.
The company will pay a fine of $4.3 billion, the largest corporate settlement in US history. Zhao is out on bail, but prosecutors are seeking a ban on leaving the country.
The ex-CEO of Binance received support from the cryptocurrency community. In particular, the owner of the HTX exchange (formerly Huobi) Justin Sun took Zhao’s side.
Source: Cryptocurrency
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