BitMEX Founder Arthur Hayes Criticizes Arbitrary Punishments in the US
Arthur Hayes, the founder of BitMEX, has expressed 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), highlights the unfairness of the system.
Binance’s Rapid Rise and Threat to Traditional Institutions
Hayes pointed out Binance’s rapid ascent to become the largest centralized trading venue for cryptocurrencies. He noted that CZ went from being relatively unknown to becoming one of the wealthiest individuals globally within a decade. Binance provided a platform for millions of people worldwide to trade cryptocurrencies, offering them opportunities for financial freedom and participation in the crypto revolution.
Unequal Treatment Compared to Major Banks
Hayes argued that intermediaries like Binance, which allowed individuals to bypass traditional institutions, posed a threat to the establishment’s financial and political powers. Despite major banks’ involvement in significant financial crises and money laundering scandals, they faced no criminal charges. Binance, on the other hand, faced severe consequences.
“Obviously, the treatment of CZ and Binance is absurd and only highlights the arbitrary nature of punishment at the hands of the state.”
Binance Pleads Guilty and Faces Substantial Fine
Last week, Binance and its CEO Changpeng Zhao pleaded guilty to criminal charges related to anti-money laundering and violations of US sanctions. As part of a comprehensive agreement with the US Department of Justice, Binance will continue its operations but pay a substantial $4.3 billion fine. Changpeng Zhao will personally pay $200 million in fines.
Hayes Encourages Crypto Investment
Hayes encouraged readers to consider investing in cryptocurrencies, especially Bitcoin (BTC), after witnessing the significant energy directed towards 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 into 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.”
China’s Monetary Policies and the Crypto Bull Market
Hayes predicted that China’s monetary policies, including increased money printing, will contribute to the growth of the crypto bull market. He emphasized the improving relations between China and the United States as a factor in this prediction.
Hot Take: The Arbitrary Nature of Punishments in the US
BitMEX founder Arthur Hayes has criticized the arbitrary nature of punishments in the United States, using the recent Binance fine as an example. Hayes argued that the treatment of Binance and its former CEO highlights the unfairness of the system. Despite major banks avoiding criminal charges for their involvement in financial crises and money laundering scandals, Binance faced severe consequences. Hayes encourages readers to consider investing in cryptocurrencies like Bitcoin, emphasizing the energy directed towards penalizing CZ and Binance. He also predicts that China’s monetary policies will contribute to the growth of the crypto bull market.
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