The collapse of the FTX cryptocurrency exchange has given a lot of grit to the crypto critics’ factory. American economist Nouriel Roubini is one of them. In recent years, he has been very critical of the industry, stating that it is mostly about Ponzi schemes. Recently, he had some harsh statements about Abu Dhabi authorities allowing Binance to operate as a custodial service provider in the region.
Binance and CZ Spotlight!
During the just-concluded Abu Dhabi Financial Week, American economist Nouriel Roubini once again criticized cryptocurrencies. This time, the criticism was of particular concern to the Binance exchange and its chairman, Changpeng Zhao (CZ). Rubini has cross Its disapproval of the mandate granted by the UAE government to Binance to operate in the country. For him, the local financial services regulator should have thought carefully about this issue. This is because Binance is banned in some countries and in the crosshairs of some other jurisdictions.
“I can’t believe that Binance has a license to operate in the UAE. Unfortunately, it’s a completely rotten ecosystem. What happened recently is a lesson that these people should be out of here (…) Binance is banned in the UK. Czechoslovakia is under investigation by the US Department of Justice for money laundering. It’s $8 billion coming from Iran, but he’s here, and he has residency in this country (…) We have to deport him. I’m sorry to say, but it’s a ticking time bomb.”, He said. And to follow up: “CZ is dirtier than Sam Bankman-Fried”.
Rubini puts the context into context
The economist’s remarks were widely commented on social networks, sparking a much-swelled debate. Many within the crypto community felt that these were personal attacks. For others, the economist has pushed the plug too far in his hatred of cryptocurrency. For all this he has answered On Twitter it is not.
“I did not attack Czechoslovakia. I was telling the UAE authorities that Binance should not have a license to operate in the country. This is while they are banned in the UK and under investigation by the US Department of Justice.”he wrote.
Nouriel Roubini famously predicted the 2008 crisis. He is adamantly against cryptocurrency and believes that CBDC He will take them off.
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Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only fueled my enthusiasm. So I resolved to study and understand the blockchain and its many uses and pass on my pen information related to this ecosystem.