Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»BLOCKCHAIN NEWS»Binance CEO Highlights Disproportional Accounting of Illegal Activities in Cryptocurrency and Fiat
BLOCKCHAIN NEWS

Binance CEO Highlights Disproportional Accounting of Illegal Activities in Cryptocurrency and Fiat

By Crypto FlexsDecember 7, 20232 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Binance CEO Highlights Disproportional Accounting of Illegal Activities in Cryptocurrency and Fiat
Share
Facebook Twitter LinkedIn Pinterest Email

The debate surrounding illicit financial activities within the cryptocurrency space has been a contentious issue, with critics often pointing out the potential for misuse. However, recent comments by Binance CEO Richard Teng and analysis by University of Western Australia lecturer Dr. Andrzej Gwizdalski provide a new perspective.

Dr. Gwizdalski compiled data from the United Nations, the World Economic Forum, and blockchain analytics firm Chainalytic to compare illicit activity in cryptocurrencies and traditional fiat currencies. His findings show a stark contrast. Cryptocurrencies are often highlighted as being used for illegal activities, but the amounts are much lower than traditional fiat systems.

The United Nations Office of Drugs and Crime notes that estimates of the amount of money laundered globally in a year range from 2 to 5 percent of global GDP, or $800 billion to $2 trillion. This is mainly done through traditional fiat currencies. Meanwhile, the World Economic Forum reports that corruption costs developing countries around $1.26 trillion every year, highlighting the scale of illicit activity in traditional financial systems.

In contrast, illicit use of cryptocurrencies hit a record $20.1 billion in 2022, according to Chainalytics data. Although these numbers are significant, they pale in comparison to estimates for fiat currencies. Importantly, the nature of blockchain technology ensures that cryptocurrency transactions are transparent and traceable, making cryptocurrencies a less attractive medium for illicit activity.

Binance CEO Richard Teng echoed this sentiment. He emphasized that the narrative about the role of cryptocurrencies in illicit activities needs to change, especially considering such comparisons. Quoting Dr. Gwizdalski, Teng highlighted that traditional fiat currencies such as USD are involved in approximately $3.2 trillion worth of illegal activities each year, which is more than 100 times the amount involved in cryptocurrencies. He suggested a reconsideration of the narrative, arguing that fiat currencies’ involvement in corruption and money laundering should not extend the reputation of cryptocurrencies.

The information compiled by Dr. Gwizdalski and reflected by Binance’s CEO calls for a rethinking of views on cryptocurrencies in the context of illicit financial activities. This suggests that although cryptocurrencies are not free from being used for illegal purposes, their scale and nature of misuse are significantly smaller than those of traditional fiat currencies. These insights are critical for policymakers and the general public to understand and regulate the cryptocurrency space.

Image source: Shutterstock

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

BNB price forecast: Target $ 890- $ 900 in September 2025.

August 31, 2025

What happened in Crypto today

August 26, 2025

2025-26 discussions about which coins will be ranked first in Memecoin Cycle

August 21, 2025
Add A Comment

Comments are closed.

Recent Posts

Cango Inc. Announces August 2025 Bitcoin Production And Mining Operations Update

September 2, 2025

BitMine Immersion (BMNR) Announces Release Of August Investor Presentation And Latest Video Message From Tom Lee, Chairman

September 2, 2025

Pioneering AI Visionary Vincent Boucher & AGI Alpha Announce A Meta‑Agentic AGI Jobs Marketplace Platform

September 2, 2025

Meme Coin Little Pepe Raises Above $24M In Presale With Over 39,000 Holders

September 2, 2025

Bybit WSOT 2025 Attracts Quadruple Squads As $8M Main Competition Commences

September 2, 2025

Duration Of The Process And Important Nuances

September 2, 2025

PrimeXBT Launches “Empowering Traders To Succeed” Campaign, Leading A New Era Of Trading

September 2, 2025

Korean sleeves cut Tesla and pivot with encryption stocks.

September 2, 2025

Are you ready to token everything?

September 1, 2025

Sign Up And Get $500, Ushering In A New Era Of BTC, XRP, And DOGE Cloud Mining

September 1, 2025

Turning Social Hype Into Token Allocation

September 1, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Cango Inc. Announces August 2025 Bitcoin Production And Mining Operations Update

September 2, 2025

BitMine Immersion (BMNR) Announces Release Of August Investor Presentation And Latest Video Message From Tom Lee, Chairman

September 2, 2025

Pioneering AI Visionary Vincent Boucher & AGI Alpha Announce A Meta‑Agentic AGI Jobs Marketplace Platform

September 2, 2025
Most Popular

Solana Optimistic Network Raises Funding in ‘Cobuilder’ Round Without Participation of VC Firms

August 27, 2024

Trump mocks BODEN as presidential-themed coin frenzy returns

May 10, 2024

Password analysts predict Bitcoin’s rapid rally and says that Altcoins has set up to dominate BTC.

March 17, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.