{"id":13426,"date":"2023-11-28T18:01:49","date_gmt":"2023-11-28T18:01:49","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/crypto-billionaire-arthur-hayes-says-binance-fine-highlites-the-arbitrary-nature-of-punishments-in-the-us\/"},"modified":"2023-11-28T18:01:49","modified_gmt":"2023-11-28T18:01:49","slug":"crypto-billionaire-arthur-hayes-says-binance-fine-highlites-the-arbitrary-nature-of-punishments-in-the-us","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=13426","title":{"rendered":"Crypto Billionaire Arthur Hayes Says Binance Fine Highlites the &#8220;Arbitrary&#8221; Nature of Punishments in the US"},"content":{"rendered":"<div>\n<figure id=\"attachment_137280\" aria-describedby=\"caption-attachment-137280\" style=\"width: 900px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-137280\" class=\"wp-caption-text\">Source: a video screenshot, Youtube<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">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.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a\u00a0<\/span><span data-preserver-spaces=\"true\">recent blog post<\/span><span data-preserver-spaces=\"true\">, Hayes argued that the treatment of Binance and its former CEO, Changpeng Zhao (CZ), underscores the unfairness of the system.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Highlighting Binance\u2019s 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.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Hayes argued that the establishment\u2019s financial and political powers felt threatened by intermediaries like Binance, which enabled individuals to bypass traditional institutions and participate directly in the crypto revolution.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Despite the lack of criminal charges against major banks involved in significant financial crises or money laundering scandals, Binance faced severe consequences.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cDid 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,\u201d he wrote.\u00a0<\/span><\/p>\n<blockquote>\n<p><span data-preserver-spaces=\"true\">\u201cObviously, the treatment of CZ and Binance is absurd, and only highlights the arbitrary nature of punishment at the hands of the state.\u201d<\/span><\/p>\n<\/blockquote>\n<p><span data-preserver-spaces=\"true\">Last week, Binance, along with its CEO Changpeng Zhao, pleaded guilty to criminal charges related to anti-money laundering and violations of US sanctions.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The plea was made as part of a comprehensive agreement reached with the US Department of Justice, allowing the company to continue its operations.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, Zhao stepped down as CEO, and Binance will be required to pay a\u00a0<\/span><span data-preserver-spaces=\"true\">substantial $4.3 billion fine<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Under the terms of the settlement, Changpeng Zhao will also personally pay $200 million in fines.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Hayes Asks Users to Purchase Crypto<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">Hayes even encouraged readers to consider investing in cryptocurrencies, particularly Bitcoin (BTC), after witnessing the immense energy directed toward penalizing CZ and Binance.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He also urged individuals to take control of their cryptocurrencies by using wallets where they hold the private keys.\u00a0<\/span><\/p>\n<blockquote>\n<p><span data-preserver-spaces=\"true\">\u201cIf you don\u2019t 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\u2019t know what else you need to see.\u201d<\/span><\/p>\n<\/blockquote>\n<p><span data-preserver-spaces=\"true\">Turning his attention to broader geopolitical dynamics, Hayes noted the recent improvement in relations between China and the United States.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He predicted that China\u2019s monetary policies, including increased money printing, will contribute to the growth of the crypto bull market.<\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/crypto-billionaire-arthur-hayes-says-binance-fine-highlites-the-arbitrary-nature-of-punishments-in-the-us.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: a video screenshot, Youtube BitMEX founder Arthur Hayes has voiced concerns about the arbitrary nature of punishments in the United States,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":13427,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-13426","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto Billionaire Arthur Hayes Says Binance Fine Highlites the &quot;Arbitrary&quot; 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