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

Rabby Wallet integrates XRPL EVM chain with peersyst

September 15, 2025

Skale Labs fairly publishes a technical white paper and introduces the industry’s first “encryption proof” consensus protocol.

September 10, 2025

Coindesk July 2025 Report: Stablecoins and CBDC

September 5, 2025
Add A Comment

Comments are closed.

Recent Posts

Bringing 1R0R To R0AR Chain Unlocks New Incentives

September 16, 2025

As the Air drop recipient is sold, the infinite price is 46% conflict after Binance listing.

September 16, 2025

Vulnerability or orbit again? BTC has a line at $ 115K

September 16, 2025

Bitcoin Treasury Firm Strive adds an industry veterans and starts a new $ 950 million capital initiative.

September 16, 2025

France can break the EU password market with ‘atomic weapons’.

September 15, 2025

Cardano (ADA) Signal Recovery -Is there a strong rise?

September 15, 2025

BitMine Immersion (BMNR) Announces Crypto And Cash Holdings Of $10.8 Billion, ETH Holdings Exceeding 2.151 Million

September 15, 2025

How SWLMiner Could Help You Get The IPhone 17 Air

September 15, 2025

Metabuses are increasing again -Records in August +13k NFT users

September 15, 2025

Rabby Wallet integrates XRPL EVM chain with peersyst

September 15, 2025

Stop Dreaming About The Lottery. Join H Mining And Start Earning!

September 14, 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

Bringing 1R0R To R0AR Chain Unlocks New Incentives

September 16, 2025

As the Air drop recipient is sold, the infinite price is 46% conflict after Binance listing.

September 16, 2025

Vulnerability or orbit again? BTC has a line at $ 115K

September 16, 2025
Most Popular

Falconx completes the first main Solana Future Trade of CME.

March 18, 2025

The Argentine opposition party threatens Milei due to impeachment of Libra token tweets: Reuters

February 18, 2025

O.XYZ Launches OSOL100 AI Index, S&P 100 of Solana AI Ecosystem

December 20, 2024
  • 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.