BitMEX's former CEO Arthur Hayes criticized the US government's treatment of Binance and its founder Changpeng “CZ” Zhao, calling it absurd and indicative of institutional bias against the transformative impact of cryptocurrency and blockchain technology.
Support for Binance and its founder Changpeng Zhao from Arthur Hayes
In an article published on his Substack account, Hayes argued that Binance and CZ were treated unfairly because they posed a threat to the traditional American-led global financial system.
Last week, Binance and its founder agreed to pay a $4.3 billion fine for violating sanctions and money transfer laws, prompting Zhao to resign as CEO.
On the other hand, CZ was asked to stay in the USA until the decision was finalized.
Hayes compared the penalties imposed on Binance and CZ to those imposed on large traditional financial institutions and noted the arbitrary nature of the penalties imposed by the state.
Hayes also questioned the lack of accountability of major banks' CEOs during the 2008 financial crisis and the Malaysia Development scandal uncovered in 2015.
He argued that the treatment of CZ and Binance was indicative of resistance to the decentralization and blockchain revolution that directly challenges state power.
*This is not investment advice.
