By Crypto Billionaire Arthur Hayes Says Binance Fine Highlites the “Arbitrary” Nature of Punishments in the US
Last updated: November 28, 2023 00:36 EST
. 2 min read
BitMEX founder Arthur Hayes has voiced concerns about the arbitrary nature of punishments in the United States, using the recent Binance fine as an example.
In a recent blog post, Hayes argued that the treatment of Binance and its former CEO, Changpeng Zhao (CZ), underscores the unfairness of the system.
Highlighting Binance’s rapid rise to become the largest centralized trading venue for cryptocurrencies, Hayes noted that CZ, a Canadian of Chinese descent, went from being relatively unknown to becoming one of the richest individuals globally within a decade.
Binance provided a platform for millions of people worldwide to trade cryptocurrencies, offering them opportunities for financial freedom and speculation in a new economic and technological system.
Hayes argued that the establishment’s financial and political powers felt threatened by intermediaries like Binance, which enabled individuals to bypass traditional institutions and participate directly in the crypto revolution.
Despite the lack of criminal charges against major banks involved in significant financial crises or money laundering scandals, Binance faced severe consequences.
“Did any Too Big to Fail bank CEOs get criminally prosecuted for precipitating the worst global financial crisis since the 1930s Great Depression? Nope, they got a free pass because to prosecute them would threaten the banking system,” he wrote.
“Obviously, the treatment of CZ and Binance is absurd, and only highlights the arbitrary nature of punishment at the hands of the state.”
Last week, Binance, along with its CEO Changpeng Zhao, pleaded guilty to criminal charges related to anti-money laundering and violations of US sanctions.
The plea was made as part of a comprehensive agreement reached with the US Department of Justice, allowing the company to continue its operations.
However, Zhao stepped down as CEO, and Binance will be required to pay a substantial $4.3 billion fine.
Under the terms of the settlement, Changpeng Zhao will also personally pay $200 million in fines.
Hayes Asks Users to Purchase Crypto
Hayes even encouraged readers to consider investing in cryptocurrencies, particularly Bitcoin (BTC), after witnessing the immense energy directed toward penalizing CZ and Binance.
He also urged individuals to take control of their cryptocurrencies by using wallets where they hold the private keys.
“If you don’t want to get the fuck long Bitcoin and other cryptos after seeing how much energy the state brought to bear on CZ and Binance, I don’t know what else you need to see.”
Turning his attention to broader geopolitical dynamics, Hayes noted the recent improvement in relations between China and the United States.
He predicted that China’s monetary policies, including increased money printing, will contribute to the growth of the crypto bull market.
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