New Binance CEO Takes On Jamie Dimon After JPMorgan Chief Says Government Should Shutter Crypto Industry

Updated: 07 December 2023

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New Binance CEO Richard Teng challenged Jamie Dimon to consider ”facts” after the JPMorgan CEO said he would close down crypto if he was in government.

“Perspective is crucial when addressing illicit financial activities,” Teng said in a tweet on X, referring to analysis by Dr Andrzei Gwizdalki. “Let’s look at the facts. Traditional fiat, like the USD, is implicated in an estimated $3.2 trillion in illegal activities annually – over 100 times the $20bn linked to cryptocurrencies.”

You have seen bankers advocating shutting down crypto industry because of illicit activities. But let’s look at facts. Loved this analysis from Dr Andrzei Gwizdalki who complied data from UN, WEF and Cryptoanalysis. As Dr Gwizdalki states “Perspectives is crucial when addressing…

— Richard Teng (@_RichardTeng) December 7, 2023

Jamie Dimon Says Crypto Only Good For ”Criminal Activities”

Teng came to crypto’s defense after yet another anti-crypto tirade from Dimon before the US Senate Banking, Housing, and Urban Affairs committee on Dec. 6.

Dimon said that the only use cases for crypto is money laundering, criminal activities, drug trafficking, and tax avoidance.

“If I was the government, I’d close it down,” he said. “I’ve always been opposed to crypto, Bitcoin, etcetera.”

Despite being opposed to cryptocurrencies, JPMorgan has adopted blockchain technology for projects like JPM Coin.

Some crypto users on X also pointed out that JPMorgan has been fined for violating banking rules.

J.P. Morgan CEO, Jamie Dimon: "The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance."

The Data: Since 2000, regulators fined banks 7,400+ times totaling to fines of $380+ Billion.

Banks should stay silent.

pic.twitter.com/gdxBCN9ZR5

— Gabor Gurbacs (@gaborgurbacs) December 6, 2023