Binance CEO CZ made statements targeting rival companies amid the intense Fud news flow surrounding his stock market. In his remarks to correct some of the terms, he specifically targeted Kraken CEO Jesse Powell.
Binance CEO CZ criticizes these cryptocurrency exchanges
Binance CEO made statements to people and exchanges using “offShore” on Monday. CZ criticized Kraken Co-Founder Jesse Powell for using the term offShore amid growing regulatory scrutiny.
CZ says Jesse Powell uses the word “offShore” quite often. He notes that the term seems too narrow-minded and selfish. However, this also misses the broader picture and seems useless for the development of the crypto market.
The Binance CEO added that it’s hard to say how frustrating it can be for regulators when they point to major red flags in the industry and when they detect illegal activity and choose to ignore them. He underlined that the regulators ignored the complaints.
CZ later brought up the FTX crash on this issue. He stated that FTX US is a US crypto exchange. Sam Bankman-Fried (SBF) and FTX’s directors were American. However, they spent most of their time and effort lobbying. Despite this, CZ claimed that regulators did not prevent the fraud from being committed.
Does the Kraken CEO need to be audited?
CZ also added that it is somewhat selfish and arrogant to distinguish between on-shore and other exchanges. He pointed out to Binance founder Jesse Powell that the fact that we are better than everyone else is not a motivation to build a better industry.
Binance CEO has advised that overgeneralizing will not benefit anyone and is negative. But he did mention that he respects Jesse for what he’s done for the industry thus far.
cryptocoin.com We have reported that Kraken has made an agreement with the SEC. The crypto exchange had to shut down its crypto staking service as a result of the lawsuit.
What does the SEC agreement mean for crypto staking?
The SEC has confirmed that as part of the deal, Kraken will shut down staking services for US customers. Kraken was offering a number of services, including a crypto loan product with up to 24% returns on staking pools. The industry official said that this is also expected to be closed under the agreement.
SEC Chairman Gary Gensler has previously said that he believes staking through brokers like Kraken can meet the requirements of the Howey Test, a decades-old U.S. Supreme Court case widely used as a measure of whether something can be defined as a security under U.S. law.
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