Nouriel Roubini, Economist, says “It’s hard to believe Binance got license in UAE”
Nouriel Roubini, a crypto critic and American-Turkish economic economist, at the Abu Dhabi Finance Week on Wednesday called cryptocurrency an “ecosystem which is completely corrupt”.
Nouriel Roubini, also known as Dr. Doom, defined cryptocurrency in seven Cs. He said that they were “concealed corrupt, crooks criminals, con men and carnival barkers”. Roubini, a top economist, also urged crypto investors to learn from the FTX crash. He said that the “learnt of the last few week is that these people should be removed from here.”
Roubine also attacked Binance and its CEO during the panel discussion. He stated, “I can’t believe that CZ or Binance have a licence to operate in UAE. He also stated that CZ is prohibited in the U.K. and that he’s being investigated by the US Justice Department for money laundering.” Notably, Changpeng Zhao, Binance CEO, spoke earlier at this conference.
CZ stated that the crypto industry required an association to establish best practices and communicate with regulators around the world, before Roubini’s remarks in Abu Dhabi.
Binance CEO clarifies his position on the current Crypto situation
CZ stated that he had received “very strong interest” in the proposal to create a recovery fund to help crypto companies facing liquidity crises.
Binance CEO also stated, “Originally, we could have pushed a bit faster but given what happened last weekend, that would not be a good idea.” It is actually better to take things slow.
CZ responded to a question regarding whether cryptocurrency should be saved. He stated that “Crypto actually showed extreme resilience… “I believe that the industry will survive.”
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