Binance CEO Richard Teng Replies to Traditional Banking's Crypto Criticism

Contents

• The CEO of Binance responds to conventional banking's criticism of cryptocurrencies with insights supported by statistics.
•  Richard Teng emphasizes the $3.2 trillion in criminal operations using conventional cash over cryptocurrency.
• The ongoing creative destruction in the crypto industry disproves the notion of inherent fraud.

In a daring move, Richard Teng, the new CEO of Binance, challenges the myth that conventional banks are pushing, which holds that cryptocurrencies are full of criminal activity. In a recent article, Teng refutes this claim by citing the research done by Dr. Andrzej Gwizdalski, who compiled information from cryptoanalysis, the World Economic Forum, and the United Nations.

Cryptocurrencies vs. Fiat: Rethinking the Illicit Activity Narrative

Teng claims that conventional fiat currencies like the USD are connected to an estimated $3.2 trillion in illicit operations. This is an astounding amount that is more than 100 times larger than the $20 billion associated with cryptocurrencies. The information highlights the need to reconsider the widely held belief that cryptocurrencies are mostly connected to illegal financial activity.

Context Matters: Less Than 1% of Illicit Actions Linked to Crypto

According to Gwizdalski's estimate, the yearly illicit actions inside the conventional fiat monetary system amount to $3.2 trillion, of which less than 1% are attributable to crypto crime. Teng puts the current litigation between FTX and Sam Bankman-Fried, which often makes headlines, in perspective and stresses the need to take the whole picture into account.

Cryptocurrency vs. Fiat: Teng's Perspective on Money Laundering Scale

The World Economic Forum and the United Nations have reported on the worldwide scope of money laundering and corruption related to conventional fiat money, which offers a convincing context for the relatively low numbers related to crypto criminality. Teng contends that since every transaction is openly documented, utilizing cryptocurrency for illicit activities is dangerous by nature.

Cryptocurrency Evolution: Teng's Call for Legislative Understanding

Teng exhorts legislators to be knowledgeable and deal with legitimate problems in established financial institutions while the cryptocurrency sector navigates a phase of creative destruction. He highlights that despite continuous advancements in cryptocurrency, blockchain technology, and smart contracts, the fundamental benefits of blockchain and Web3 still stand.

Cryptocurrency Realities: Teng Debunks the Dishonesty Myth

Teng comes to the conclusion that the idea that these digital systems are fundamentally dishonest is unfounded by anything in the present cryptographic creative destruction. He urges the use of technology exploration and clear-eyed strategic thinking to dispel myths and unfavorable attitudes about cryptocurrencies.