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Outspoken economist Nouriel Roubini described cryptocurrencies and some of their key players as a totally corrupt ecosystem.
At a panel hosted by CNBC’s Dan Murphy at Wednesday’s Abu Dhabi Finance Week, the New York University professor said there are “the 7 C’s of cryptography”: “Concealment, Corruption, Scammers, Criminals, Scammers, Carnival. And finally, Binance CEO Changpeng Zhao, better known as CZ, spoke on an earlier panel at the same conference.
“The lesson of the last few weeks is that these people should get out of here,” Roubini added. CNBC has reached out to Binance and Changpeng Zhao for comment.
The Recent Turmoil In The Crypto Market Has Seen Collapse of the world’s largest cryptocurrency exchangeFTX, Exposure to highly risky and unsustainable borrowing and lending According to the company and related investment funds.
the price of Bitcoin Contagion below $17,000 for first time since 2020 Beat other major players such as Crypto.comThe company’s CEO denied this.
Binance has repeatedly centered around FTX, with the company initially suggesting it would buy it before buying its failed rival. withdrawal from contract.
I can’t believe CZ and Binance have a license to operate in the UAE. he is banned in the ukHe Under investigation for money laundering by the U.S. Department of Justice“Dr. Doom” responded to his previous pessimistic predictions, including predictions of a 2007-2008 real estate market crash.
Roubini continued to call out the Binance CEO, expressing his embarrassment that “he was on this stage and living in this country”, referring to the United Arab Emirates. “Regulators should think carefully,” he said. “It’s a walking time bomb.”
On the same day, Binance Obtains Financial Services License from Abu Dhabi Financial Services Regulator, Abu Dhabi Global Market. Dubai, the commercial capital of the United Arab Emirates, gave the cryptocurrency exchange the green light earlier this year, upgrading it from a provisional license to a minimum viable product license in September. This has enabled us to offer investors a variety of virtual asset services.
FTX also plans to start operations in Dubai and announced in March that it would receive a partial license from the Gulf Emirates and set up its regional headquarters there. The United Arab Emirates has implemented a number of reforms and frameworks to become a cryptocurrency hub, despite warnings from other countries and governments about risks to the industry.
September, Reuters report US federal prosecutors requested Binance in 2020 for internal records regarding anti-money laundering checks and communications related to CZ.
In recent years, as the size of the cryptocurrency industry has grown, countries have taken different attitudes towards scrutiny of cryptocurrency companies.
After stating in a July 2021 blog that they wanted to increase their engagement with regulators, CZ guided Binance: Approval in Dubai and Abu Dhabiand May Gained regulatory approval in France, its first major European jurisdiction. On Wednesday, it announced it had received additional approval to provide storage services to professional clients in Abu Dhabi.
but it is banned in the UK, Limit activities in Singaporeand works through Binance US, a spin-off company under scrutinyin the United States
other countries, India etc.tried to ban crypto trading entirely.
Before Roubini’s comments in Abu Dhabi, CZ said in a separate panel that the crypto industry needed an association to establish best practices and talk to regulators around the world.
He also said there was a “very big interest” in supporting his proposal to establish a recovery fund to help crypto projects facing liquidity crises.
About his biggest mistake, he said:
When asked if cryptocurrencies require savings, he said:
CNBC’s Hannah Ward-Glenton and Natasha Turak contributed to this report.
Correction: This article has been updated to correct a quote from Nouriel Roubini.
