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Binance Faced Heavy Enforcement for Challenging Financial Establishment, Says Arthur Hayes

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November 29, 2023
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Binance Faced Heavy Enforcement for Challenging Financial Establishment, Says Arthur Hayes
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Arthur Hayes, Former BitMEX CEO, Analyzes Binance’s $4.3 Billion Settlement

Former BitMEX CEO Arthur Hayes delves into the recent $4.3 billion settlement paid by Binance, stating that the exchange’s global success challenged the financial and political status quo, leading to one of the largest corporate fines in history.

Binance’s Explosive Growth Draws Regulatory Scrutiny

Hayes highlights Binance’s rapid growth, making it the largest cryptocurrency exchange globally within six years. The exchange’s success outside traditional financial structures led to regulatory actions against its founder, Changpeng “CZ” Zhao.

Binance’s Role in Disrupting the Financial Landscape

Binance disrupted the traditional financial landscape by enabling everyday people to own intermediaries and cryptocurrency assets without relying on traditional players. Hayes emphasizes Binance’s challenge to the status quo, allowing global users to participate in the industrial revolution of blockchain.

Arbitrary Nature of Punishment

Hayes criticizes the treatment of CZ and Binance by the U.S. Department of Justice, considering it arbitrary and reflecting the state’s discretion in punishing those challenging established norms. He contrasts this with the limited accountability of mainstream banking institutions in past financial scandals.

Chinese Capital Inflows to Bitcoin

Hayes explores the potential for significant capital inflows to Bitcoin from China, driven by state-owned enterprises, manufacturers, and investors seeking better returns offshore. He discusses China’s economic dynamics, the fungibility of global fiat credit, and the role of Bitcoin as a store of value.



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