Crypto
Founder of Cardano Discusses Impacts of Binance CEO’s Exit
courtesy of bitcoinist.com
Shift in Binance's Management Structure
The founder of Cardano, Charles Hoskinson, has provided detailed insights into the impacts of the Binance CEO's exit. He emphasized the shift in Binance's management structure as it falls under the supervision of the US government.
The End of an Era
In a YouTube video titled "The end of an era," Hoskinson describes the resignation of Binance's former CEO, Changpeng Zhao, as the end of an era. He highlights Zhao's role in growing Binance to become one of the world's largest crypto exchanges.
Opening Up Markets for American Criminals
Hoskinson reveals that Zhao's resignation was not due to fraud charges, but because he enabled American criminals to trade and make transactions through his exchange. He states that open permission-less protocols tend to invite such activities, and the US has a financial regime that has been weaponized.
Binance's Future Under US Government's Radar
Hoskinson predicts that Binance will continue to operate, but under the radar of the US government. He states that all decisions made in the exchange will be in consultation with the US Treasury Department. He also reveals that the exchange will undergo restructuring and management changes.
High Level of Regulatory Scrutiny Expected
Hoskinson believes that the present situation with Binance will catalyze a high level of regulatory scrutiny in the crypto industry. He predicts that the US government will take enforcement actions against liquidity providers and non-custodial wallets, such as Metamask.
Cardano's Approach to Regulatory Compliance
Hoskinson states that Cardano foresaw the changes in the crypto ecosystem and ensured its innovative processes were conducted with integrity. He reveals approaches, such as the Midnight protocol, through which Cardano aims to achieve a balance between preserving its decentralized freedom and facilitating regulatory compliance.
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