Binance CEO Richard Teng has strongly criticized Jamie Dimon, CEO of financial giant JPMorgan Chase, after he said he was against any cryptocurrencies.
"Cryptocurrency, Bitcoin, whatever – I have always been adamantly opposed to these investments," Dimon said.
In a speech before the Senate Banking Committee on December 6, Dimon said that criminals and various criminal organizations are using cryptocurrencies for money laundering and tax evasion.
In addition, as a supporter of the anti-BTC stance, he added that if it were up to him, he would "close down" Bitcoin, CoinGape reported.
At the same time, many supporters of the crypto industry believe that the data on illegal activity in cryptocurrency is not comparable to the financial irregularities associated with fiat money.
In response to such statements, Richard Teng pointed out that bankers only see crimes related to cryptocurrency, but the facts indicate that illegal financial activity in fiat currencies far exceeds the number of transactions with digital assets.
As evidence, the head of Binance presented data from Dr. Andrzej Gwizdalski, a lecturer at the University of Western Australia. "Traditional fiat money, such as the U.S. dollar, is involved in $3.2 trillion worth of illicit activity annually, which is more than 100 times the $20 billion associated with cryptocurrencies," Richard Teng quoted Gwizdalski as saying.
In addition, Teng stressed that the World Economic Forum's Anti-Corruption Initiative has revealed that the financial losses associated with corruption, bribery, theft, and tax evasion amount to $1.26 trillion per year.
The Binance CEO pointed out that this amount is equivalent to the combined economies of Switzerland, South Africa, and Belgium.
Along with that, Richard Teng supported Gwizdalsky's view that the involvement of fiat currencies in corruption and money laundering casts a dark shadow on the reputation that cryptocurrencies should not have.
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