Given that Binance reached a historic settlement with the U.S. Department of Justice on Monday, Coinbase CEO Brian Armstrong stated that the cryptocurrency industry may now finally put an end to a long list of controversies and issues.
“We are able to end that chapter of history and turn the page on that with the enforcement action against Binance,” Armstrong stated in an interview with Joumanna Bercetche of CNBC.
Numerous cryptocurrency businesses are contributing to the development of the global crypto economy and altering our financial structure. However, many of them are still fledgling businesses.
“It is my belief that increased regulatory certainty would facilitate increased investment, particularly from institutions,” he continued.
Last week, after Binance’s founder and CEO, Changpeng Zhao, stepped down and admitted guilt to accusations of money laundering offences, the U.S. Department of Justice smacked the company with a $4 billion settlement.
Binance was charged by the government for breaking Iranian sanctions and the U.S. Bank Secrecy Act.
Armstrong disputed the notion that cryptocurrency is primarily utilised for illicit activities including money laundering, fraud, and terrorism financing. Financial organisations have refuted this claim on a regular basis, citing fear of regulatory violations.
While it’s true that there has been some illegal activity in the cryptocurrency space, our observations indicate that this activity is actually fewer than 1%. If you look at money being used illegally, it’s frequently more than that, Armstrong said CNBC.
He acknowledged that certain participants had acted like “bad actors,” citing the demise of FTX, the case of Binance, and the imprisonment of its founder Sam Bankman-Fried due to fraud charges.
Armstrong is in the United Kingdom on Monday for the Global Investment Summit, an event that brings together a wide range of corporate executives to promote international investment in the United Kingdom.
The only cryptocurrency company invited to the conference was Coinbase; Armstrong saw this as a “endorsement” for the company, if not necessarily for the industry as a whole.
Armstrong expressed his “impresson” with U.K. Prime Minister Rishi Sunak’s leadership in the realm of digital currencies, stating that Coinbase was increasing its investment in the country as a consequence.
Source (CNBC)
