Is Binance a Strolling Time Bomb?

The collapse of the FTX cryptocurrency exchange has given a lot of traction to the mill of cryptocurrency detractors. The American economist Nouriel Roubini is one of them. In recent years, he has been very critical of the industry, indicating that most of it is Ponzi schemes. He recently made some harsh comments about Abu Dhabi authorities allowing Binance to operate as an escrow provider in the region.

Highlight for Binance and CZ!

During the just concluded Abu Dhabi Finance Week, American economist Nouriel Roubini once again criticized cryptos. This time, the criticism particularly concerns the Binance exchange and its boss, Changpeng Zhao (CZ). Roubini has Express his disagreement with the authorization given by the UAE government to Binance to operate in the country. In his opinion, the local financial services regulatory authority should have thought more carefully about the matter. This is because Binance is being banned in some countries and in the crosshairs of justice in some other jurisdictions.

“I don’t believe Binance has a license to operate in the UAE. Unfortunately, it’s a totally corrupt ecosystem. What happened recently is the lesson that these people should get out of here (…) Binance is being banned in the UK. CZ is under investigation by the US Department of Justice for money laundering. It’s 8 billion dollars coming from Iran, but he’s here, and he has residence in this country (…) We should deport him. Sorry to say, but it’s a walking time bomb”, he said. And to continue: “CZ is even more despicable than Sam Bankman-Fried”🇧🇷

Roubini’s comments reverberated on social media

Roubini contextualizes

The economist’s speech was widely commented on on social networks, generating a controversy that grew a lot. Many within the crypto community felt these were personal attacks. For others, the economist has gone too far in his hatred of cryptocurrencies. For all this he has answered on Twitter it is not.

“I wasn’t attacking CZ. I was telling the UAE authorities that Binance should not have a license to operate in the country. This, while they are banned in the UK and under investigation by the US Department of Justice.”He wrote.

Nouriel Roubini is famous for predicting the 2008 crisis. He is fiercely opposed to cryptocurrencies and believes that CBDCs will dethrone them.

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Luc José Adjinacou avatar
Luc José Adjinacou

Far from dampening my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its various uses and relay with my pen the information relating to this ecosystem.

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