Arthur Hayes: US Attitude Towards Changpeng Zhao and Binance is Absurd

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According to former BitMEX CEO Arthur Hayes, Binance’s large fines are indicative of a bias against the revolutionary potential of cryptocurrencies and blockchain technology.

He believes that the hefty penalties and pursuit of the company’s former leader are baseless and reflect a fear of the threat these innovative technologies pose to the traditional global financial system, predominantly led by the United States.

Hayes sees the scrutiny on Binance as resistance to decentralization and the disruption of the financial and political establishment, as these blockchain-based intermediaries are not under their control.

This sentiment was echoed by Columbia Business School associate professor Omid Malekan, who stated that the US government’s actions towards Binance highlight a double standard for crypto firms and traditional financial institutions facing similar issues with anti-money laundering regulations.