{"id":564392,"date":"2023-12-07T15:00:01","date_gmt":"2023-12-07T15:00:01","guid":{"rendered":"https:\/\/wncen.com\/?p=564392"},"modified":"2024-06-11T07:59:17","modified_gmt":"2024-06-11T07:59:17","slug":"binance-ceo-disputes-jpmorgan-chiefs-critique-of-crypto","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-coin\/binance-ceo-disputes-jpmorgan-chiefs-critique-of-crypto\/","title":{"rendered":"Binance CEO Disputes JPMorgan Chief’s Critique Of Crypto"},"content":{"rendered":"

Richard Teng, the Chief Executive Officer (CEO) of the world’s largest crypto exchange <\/span>Binance<\/span><\/a> challenged JPMorgan Chase\u2019s CEO Jamie Dimon’s stance on cryptocurrencies.<\/span><\/p>\n

Binance CEO Disagrees With Jamie Dimon<\/span><\/h2>\n

The Binance CEO recently defended cryptocurrencies by opposing the anti-crypto narrative promoted by the JPMorgan CEO in a hearing held on Wednesday. Teng took to X (formerly Twitter) to <\/span>share<\/span><\/a> his displeasure with Dimon’s narrative against crypto.<\/span><\/p>\n

Related Reading: Banking Giant CEO Trashes Crypto \u2013 Again \u2013 And Warns Of Ban: Here\u2019s Why<\/a><\/div>\n

The JPMorgan CEO’s critics were set on the legitimacy and regulation of cryptocurrencies. According to Dimon, he has “never supported cryptocurrencies” and believes the “only real use case for crypto is criminals.”\u00a0 <\/span>He further added that he would close down crypto if he had the power to do so. The CEO stated:<\/a><\/span><\/p>\n

I’ve always been deeply opposed to crypto, the only true use case for it is criminals. If I were the government I’d close it down.\u00a0<\/span><\/p><\/blockquote>\n

Teng underscored the need to compare the scope of illegal activity in cryptocurrency to that of traditional fiat money. He further highlighted the data compiled by Dr. Andrzei Gwizdalki from sources like the UN and the World Economic Forum.<\/span><\/p>\n

The data shows that illegal activities connected to fiat currencies are over 100 times bigger than <\/span>crypto<\/span><\/a>. According to the data, cryptocurrencies are linked to an estimated $20 billion in illegal activities.\u00a0<\/span><\/p>\n

Meanwhile, fiat currencies such as the United States dollar are implicated in approximately $3.2 trillion in illegal activities yearly. However, due to the secret nature of money laundering, it is difficult to determine the total amount that has been lost.\u00a0<\/span><\/p>\n

So far, Dr. Andrzei Gwizdalki believes the corruption and money laundering in connection with fiat “casts a dark shadow.” He also added that this is a reputation that the crypto space should not mirror.<\/span><\/p>\n

Furthermore, Gwizdalki has urged policymakers to be well-informed and handle real issues within their traditional systems. He believes using crypto for illegal reasons is “stupid and dangerous” since every transaction is transparently recorded.<\/span><\/p>\n

The Crypto Firm Faces Potential Collapse<\/span><\/h2>\n

Former United States Securities and Exchange Commission (SEC) official John Reed Stark has <\/span>highlighted<\/span><\/a> a potential collapse for Binance. Stark’s belief is due to the Binance plea agreement by the former CEO of the crypto exchange Changpeng CZ Zhao. Stark stated:<\/span><\/p>\n

The Binance Plea Agreement is Already Blowing Up. More Evidence of the Possibility of a Binance Collapse (And a 10-Year Sentence for CZ).<\/span><\/p><\/blockquote>\n

He also highlighted Teng’s failure to provide answers to simple questions during an interview as another potential reason. In the interview, journalist Scott Chipolina asked Teng where Binance is headquartered, but the CEO refused to provide specific answers.<\/span><\/p>\n

Related Reading: Binance New CEO Affirms Strength In Company\u2019s Fundamentals<\/a><\/div>\n

So far, Stark has voiced doubts about the exchange’s capacity to comply with the stringent DOJ\/FinCEN monitoring and cooperation requirements. He believes that while investigations are still ongoing, the government will bring more accusations against <\/span>Binance<\/span><\/a> and <\/span>Changpeng Zhao<\/span><\/a>.<\/span><\/p>\n

\"Binance\"
BNB trading at $230 on the 1D chart | Source: BNBUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image from Shutterstock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Richard Teng, the Chief Executive Officer (CEO) of the world’s largest crypto exchange Binance challenged JPMorgan Chase\u2019s CEO Jamie Dimon’s stance on cryptocurrencies. Binance CEO Disagrees With Jamie Dimon The Binance CEO recently defended cryptocurrencies by opposing the anti-crypto narrative promoted by the JPMorgan CEO in a hearing held on Wednesday. Teng took to X (formerly Twitter) to share his displeasure with Dimon’s narrative against crypto. Related Reading: Banking Giant CEO Trashes Crypto \u2013 Again \u2013 And Warns Of Ban: Here\u2019s Why The JPMorgan CEO’s critics were set on the legitimacy and regulation of cryptocurrencies. According to Dimon, he has “never supported cryptocurrencies” and believes the “only real use case for crypto is criminals.”\u00a0 He further added that he would close down crypto if he had the power to do so. The CEO stated: I’ve always been deeply opposed to crypto, the only true use case for it is criminals. If I were the government I’d close it down.\u00a0 Teng underscored the need to compare the scope of illegal activity in cryptocurrency to that of traditional fiat money. He further highlighted the data compiled by Dr. Andrzei Gwizdalki from sources like the UN and the World Economic Forum. The data shows that illegal activities connected to fiat currencies are over 100 times bigger than crypto. According to the data, cryptocurrencies are linked to an estimated $20 billion in illegal activities.\u00a0 Meanwhile, fiat currencies such as the United States dollar are implicated in approximately $3.2 trillion in illegal activities yearly. However, due to the secret nature of money laundering, it is difficult to determine the total amount that has been lost.\u00a0 So far, Dr. Andrzei Gwizdalki believes the corruption and money laundering in connection with fiat “casts a dark shadow.” He also added that this is a reputation that the crypto space should not mirror. Furthermore, Gwizdalki has urged policymakers to be well-informed and handle real issues within their traditional systems. He believes using crypto for illegal reasons is “stupid and dangerous” since every transaction is transparently recorded. The Crypto Firm Faces Potential Collapse Former United States Securities and Exchange Commission (SEC) official John Reed Stark has highlighted a potential collapse for Binance. Stark’s belief is due to the Binance plea agreement by the former CEO of the crypto exchange Changpeng CZ Zhao. Stark stated: The Binance Plea Agreement is Already Blowing Up. More Evidence of the Possibility of a Binance Collapse (And a 10-Year Sentence for CZ). He also highlighted Teng’s failure to provide answers to simple questions during an interview as another potential reason. In the interview, journalist Scott Chipolina asked Teng where Binance is headquartered, but the CEO refused to provide specific answers. Related Reading: Binance New CEO Affirms Strength In Company\u2019s Fundamentals So far, Stark has voiced doubts about the exchange’s capacity to comply with the stringent DOJ\/FinCEN monitoring and cooperation requirements. He believes that while investigations are still ongoing, the government will bring more accusations against Binance and Changpeng Zhao. Featured image from Shutterstock, chart from Tradingview.com<\/p>\n","protected":false},"author":608,"featured_media":564395,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83379],"tags":[10768,11427,79611,7106,7335,2054,2628,3799,7549],"class_list":["post-564392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance-coin","tag-binance","tag-bnb","tag-bnbusdt","tag-doj","tag-fiat","tag-fincen","tag-jpmorgan","tag-sec","tag-un"],"acf":[],"yoast_head":"\nBinance CEO Disputes JPMorgan Chief's Critique Of Crypto<\/title>\n<meta name=\"description\" content=\"Richard Teng, CEO of the largest crypto exchange Binance has challenged JPMorgan Chase\u2019s CEO Jamie Dimon's stance on cryptocurrencies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life. My parents are literally the backbone of my story. They\u2019ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won\u2019t trade them for anything else in this world. I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments. When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency. Trust me, I\u2019ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that\u2019s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies. Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is. One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others. I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams. I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I\u2019m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top. I aspire to be a boss someday, having people work under me just as I\u2019ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.","sameAs":["https:\/\/x.com\/NFTwerey"],"url":"https:\/\/wncen.com\/author\/godspowerowie\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Binance CEO Disputes JPMorgan Chief’s Critique Of Crypto","url":"http:\/\/wncen.com\/news\/binance-coin\/binance-ceo-disputes-jpmorgan-chiefs-critique-of-crypto\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/binance-coin\/binance-ceo-disputes-jpmorgan-chiefs-critique-of-crypto\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Binance-logo-by-Shutterstock.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Binance-logo-by-Shutterstock.jpg?fit=600%2C450"},"articleSection":"Binance Coin","author":[{"@type":"Person","name":"Godspower Owie"}],"creator":["Godspower Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","bnb","bnbusdt","doj","fiat","fincen","jpmorgan","sec","un"],"dateCreated":"2023-12-07T15:00:01Z","datePublished":"2023-12-07T15:00:01Z","dateModified":"2024-06-11T07:59:17Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Binance CEO Disputes JPMorgan Chief’s Critique Of Crypto\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-coin\\\/binance-ceo-disputes-jpmorgan-chiefs-critique-of-crypto\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-coin\\\/binance-ceo-disputes-jpmorgan-chiefs-critique-of-crypto\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Binance-logo-by-Shutterstock.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Binance-logo-by-Shutterstock.jpg?fit=600%2C450\"},\"articleSection\":\"Binance Coin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Godspower Owie\"}],\"creator\":[\"Godspower Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"bnb\",\"bnbusdt\",\"doj\",\"fiat\",\"fincen\",\"jpmorgan\",\"sec\",\"un\"],\"dateCreated\":\"2023-12-07T15:00:01Z\",\"datePublished\":\"2023-12-07T15:00:01Z\",\"dateModified\":\"2024-06-11T07:59:17Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Binance-logo-by-Shutterstock.jpg?fit=600%2C450","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/564392"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/608"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=564392"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/564392\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/564395"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=564392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=564392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=564392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}