Binance and ex-CEO are being treated “absurdly” by the US government

Arthur Hayes, the well-known co-founder of BitMEX, criticizes the US government. He describes the recent treatment of Binance and former CEO Changpeng Zhao (CZ) by the US authorities as extremely absurd.

Hayes, who himself has previously been convicted by American authorities, recently expressed dissatisfaction with the “heavy hand” being applied by regulators.

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Unfair treatment in the crypto world

Hayes calls the situation regarding CZ and Binance “absurd.” Binance and ex-CEO Changpeng Zhao (CZ) were recently convicted by the US Department of Justice. Binance paid a $4.3 billion fine and CZ was forced to resign as CEO. The former CEO is currently not allowed to leave the USA.

Hayes expressed concern in a blog post about the treatment of Binance and CZ, the founder of one of the world’s largest crypto exchanges.

Hayes, who was himself at the center of a legal dispute with US authorities, appears to be in solidarity with CZ and Binance. He resigned as CEO of BitMEX in 2020 after the American regulator sued the exchange. According to authorities, BitMEX did not follow the rules and did not implement sufficient AML and KYC procedures.

Threat to the crypto revolution

The BitMEX founder points out that the US approach is unacceptable given the sanctions imposed on CZ. For example, the former CEO of Binance is required to remain in the United States until his sentencing in February next year.

In February 2022, Hayes himself also had to pay a $10 million fine for violating the Bank Secrecy Act. He was also sentenced to six months of house arrest and a suspended sentence of two years.

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Hayes argues that the treatment of CZ and Binance indicates resistance to decentralization and the blockchain revolution, which he says directly challenges state power. “The state encourages centralization and cooperation is enforced through the threat of force,” the blog article said.

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