Just in: CZ Takes on Kraken Boss over “Offshore Exchanges”
Changpeng Zhao (CZ), Binance CEO, launched a tirade against people who have used “offShore”, Monday. CZ reprimanded Jesse Powell, co-founder of Kraken crypto exchange, for using the term in the face of increasing regulatory scrutiny.
CZ stated that Jesse Powell uses the term “offShore” quite a lot. He said that the term “offShore” seems narrow-minded and self-centered. This misses the bigger picture and is unhelpful for the development of the cryptocurrency industry.
Binance Chief said that it was difficult to judge how frustrating it can be for them to point out huge red flags in the industry, spot illicit activities for regulators, and then choose to ignore them. He emphasized that Watchdog advises against ignoring complaints because they are offshore and complicated. You can read more Crypto News here…
In this regard, he brought up the FTX crash. CZ stated that FTX US is an offshore crypto exchange. Sam Bankman-Fried and FTX’s executive are both Americans. They have also spent a lot of their time and effort lobbying. He claimed that they didn’t stop fraud being committed.
CZ also stated that the distinction between on-shore rest exchanges and on-shore is arrogant and self-centered. Binance boss said that being better than everyone else is not a motivator for building a better industry.
The Binance boss said that generalization is a negative and won’t help anyone. He did mention that he respects Jesse for all he has done for the industry. It is important to mention it in this matter.
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