Binance settlement is actually good for crypto, explains the billionaire

Most recently, the agreement between Binance, the world’s largest crypto exchange, and the US authorities caused a stir in the market

Mike Novogratz, CEO of crypto service provider Galaxy Digital, also commented on the agreement. According to the well-known billionaire, this comparison is actually a positive development for the crypto industry

🎁 This week: Trade your first €10,000 in crypto completely free

Market optimism has not disappeared in the crypto space

Novogratz emphasizes the importance of collaboration between crypto companies and regulators to promote healthy and sustainable growth of the industry. He sees the agreement as a sign of maturity in the crypto sector and a step in the right direction to restore confidence among investors and regulators.

Novogratz is referring to the $4.3 billion settlement between Binance and the US Department of Justice. An agreement that led to much controversy over the treatment of superiors.

According to Novogratz, the agreement between Binance and regulators will have an overall positive impact on the entire crypto world. In an interview with Bloomberg he emphasizes:

“I think they are less at risk in many ways. People were worried about the handling of Binance. There is much less reason to worry now,” said Novogratz.

He further points out that a sensible approach to companies that “take their responsibilities seriously” remains crucial:

“If you go through the list of TradFi banks (traditional finance banks) that have been sanctioned or fined by various regulators in the last 24 months, it is a shocking list.” So you don’t aim for zero defects, otherwise there would be no one , with whom you can do business.”

Binance does not steal cryptocurrencies from its customers

Galaxy Digital CEO does not believe Binance’s settlement can be compared to FTX’s case. For example, in this case, customer assets were neither stolen nor traded:

“These were pretty serious breaches of the Know Your Customer (KYC) protocols and they have been working to correct those, they have paid their fines and are moving forward,” the CEO said.

Finally, Novogratz is convinced that the price of Bitcoin (BTC) will “go significantly higher”:

“There are many good developments for Bitcoin. We’re going to get an ETF. The anticipation is great and part of it is already reflected in the price.”

Post views: 0

Read Also:  Shiba Inu (SHIB) reaches the green zone and can rise quickly from here

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here