Binance CEO Says Crypto Too Small for Russia, Focus Should Be on Banks

Binance CEO Changpeng Zhao has addressed the recent misconceptions around the idea that cryptocurrencies are used to evade sanctions. Instead, he argued that more focus should be placed on Russia’s traditional banking system. Focus Should be on Banks Not Crypto: Binance CEO In a blog published yesterday, Zhao said the media and politicians should be focusing on the traditional financial system and the oil and gas market, instead of throwing dirt on the crypto industry. “Currently, the media and politicians are spending a lot of effort and focus on crypto and sanctions. The truth is, crypto is too small for Russia. If we look at the crypto adoption today, there is probably about 3% of the global population with some kind of crypto exposure. Of those, most only have a small percentage of their net worth in crypto. Less than 10% on average. So, there is probably only less than 0.3% of the global net worth in crypto today. This percentage applies equally to Russia.” He went on to clarify that banks, which hold 99.7% of the money, the media and politicians are focusing on 0.3% of the money. The Binance boss, hence argued that instead of focusing on bitcoin, it may be far more effective to focus on banks, oil/gas, or other means. Crypto Exchanges Resist Banning Russians With Bitcoin being thrust into the spotlight as a possible way to evade sanctions, political figures, including Ukraine’s Prime Minister, Mykhailo Fedorov called on centralized exchanges to enforce blanket crypto bans on Feb. 27. I’m asking all major crypto exchanges to block addresses of Russian users. It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users. — Mykhailo Fedorov (@FedorovMykhailo) February 27, 2022 But many of the world’s largest crypto exchanges including Binance, Kraken, Coinbase and FTX among others have stopped short of a blanket ban on Russian clients. The operators believe that the ban will be against the ethos of early pioneers who conceived the idea of Bitcoin precisely to circumvent the global banking system.

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