Binance CEO Changpeng Zhao is taking issue with Kraken CEO Jesse Powell’s use of the term “offshore” in regard to the crypto space.
On Friday, Powell took aim at US regulators for ignoring crypto space-related issues offshore.
“I can’t tell you how infuriating it is to have pointed out massive red flags and obviously illegal activity to regulators only to have them ignore the issues for years. ‘They’re offshore. It’s complicated. We’re looking at everybody.’ FOR YEARS. Then to be used as their example.”
Earlier this month, the SEC forced Kraken to eliminate its staking program and pay a $30 million fine.
Zhao, however, didn’t like Powell’s wording.
“The term ‘offshore’ appears overly narrow-minded, self-centered, misses the broader picture and is unhelpful to the development of our industry.
Taking an ‘on-shore’ perspective, the issue discussed, FTX.US is an ‘on-shore’ exchange. SBF and FTX’s key execs are Americans. They spent a considerable amount of their time and efforts lobbying in the US. This did not stop fraud from being committed.
Drawing a distinction between ‘onshore’ and everyone else is self-centered and somewhat arrogant. Everyone is ‘onshore’ from their own perspective. ‘We are better than everyone else’ is not a panacea towards building a better industry.”
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Source: https://dailyhodl.com/2023/02/21/changpeng-zhao-responds-to-kraken-ceo-jesse-powells-comments-on-crypto-regulation/
Changpeng Zhao Responds to Kraken CEO Jesse Powell’s Comments on Crypto Regulation
Binance CEO Changpeng Zhao is taking issue with Kraken CEO Jesse Powell’s use of the term “offshore” in regard to the crypto space.
On Friday, Powell took aim at US regulators for ignoring crypto space-related issues offshore.
“I can’t tell you how infuriating it is to have pointed out massive red flags and obviously illegal activity to regulators only to have them ignore the issues for years. ‘They’re offshore. It’s complicated. We’re looking at everybody.’ FOR YEARS. Then to be used as their example.”
Earlier this month, the SEC forced Kraken to eliminate its staking program and pay a $30 million fine.
Zhao, however, didn’t like Powell’s wording.
“The term ‘offshore’ appears overly narrow-minded, self-centered, misses the broader picture and is unhelpful to the development of our industry.
Taking an ‘on-shore’ perspective, the issue discussed, FTX.US is an ‘on-shore’ exchange. SBF and FTX’s key execs are Americans. They spent a considerable amount of their time and efforts lobbying in the US. This did not stop fraud from being committed.
Drawing a distinction between ‘onshore’ and everyone else is self-centered and somewhat arrogant. Everyone is ‘onshore’ from their own perspective. ‘We are better than everyone else’ is not a panacea towards building a better industry.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Follow us on Twitter, Facebook and Telegram
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Source: https://dailyhodl.com/2023/02/21/changpeng-zhao-responds-to-kraken-ceo-jesse-powells-comments-on-crypto-regulation/