Nouriel Roubini, an economics professor speaking during the Abu Dhabi finance week spoke out against the crypto industry and CZ, calling him a walking time bomb.
Just now: Economics Professor Nouriel Roubini says @cz_binance is a walking time bomb. @Binance is banned in the UK and is under investigation by the US Justice Department for $8 billion money laundering. He should be kicked out of this country (UAE). pic.twitter.com/PZ8qKucKPb
— Kim Dotcom (@KimDotcom) November 16, 2022
This was shared as a tweet by kim Dotcom on the 16th of November 2022. In a discussion with CNBC during the Abu Dhabi finance week, Nouriel described the crypto industry and a lot of its major players as an ecosystem that’s corrupt. But he didn’t stop there.
He called out CZ, the CEO of Binance, saying that he was a ticking time bomb for a couple of reasons. One, he is being investigated for an $8 billion money laundering scheme. And he has fallen foul of regulators in the United Kingdom. Thus, he has been banned from undertaking any regulated activities in the UK. He’s not even allowed to advertise in the country space.
After investigation, the FCA found some issues they were not comfortable with. Things surrounding the riskiness of the crypto trading market, the volatility of crypto derivatives, and the possibility of money laundering through the Binance platform.
And since Binance was expected to register with the FCA and comply with AML requirements, they withdrew their request in 2021.
Nouriel also lamented the fact that Binance is allowed to operate in the UAE advising the country to kick out Binance and revoke its license to operate. Here’s what kim Dotcom had to say about it.
Taking your crypto out of @Binance for now seems like the safe play. There is no question that @cz_binance kicked the 2nd biggest financial donor to the Democratic Party off a cliff. It’s a given that they will retaliate in a big way.
— Kim Dotcom (@KimDotcom) November 16, 2022
Since the widespread belief is still that CZ is responsible for the fall of FTX, Kim believes that there will be repercussions.
FTX what’s the second biggest financial donor for Joe Biden’s campaign, so it’s natural to believe that the democratic party would react, coming after CZ and by extension Binance.
Thus, he advised Binance users to pull out their funds from the platform, to avoid experiencing the same losses FTX users experienced a couple of days ago.
There’s little evidence to back this claim as Binance is known to comply fully with regulators. Yet, FTX has shown that no giant is too big to fail.
