Kraken co-founder hails ‘more fair’ playing field as DOJ fines Binance

cointelegraph.com:

Kraken co-founder Jesse Powell has welcomed the result of the Binance investigation in an X (formerly Twitter) post and has highlighted the need for long-term-oriented visionaries and shareholders.

Over the last 12 months, leaders of major crypto exchanges, such as FTX and Binance, have come under federal scrutiny by United States government agencies for allegations ranging from misappropriation of investors’ funds to bypassing Anti-Money Laundering (AML) regulations.

According to Powell, the probes provide much-needed answers to How are they going so fast? and How are they getting away with it?

Powell sees Binance and former CEO Changpeng “CZ” Zhao’s legal proceedings as a positive move, as “going after the most egregious offenders offshore would require effort.” He stated that U.S.-based crypto businesses such as “Kraken, Coinbase and Ripple are all easy targets, sitting right in their back yard.”

The game feels a bit more fair today. The last 12 months have answered 2 nagging questions from shareholders:

1. How are they going so fast?
2. How are they getting away with it?

"Trust me, any day now..." is only believable for so many years. It's hard to keep faith while…

Hinting at CZ’s recent admission that Binance violated AML requirements, Powell stressed the need to self-police to improve the industry’s reputation:

He further asked the community to cooperate to restore the image of the crypto ecosystem by recommending reliable services that “are playing the long game.” He also supported the idea of the Know Your Customer (KYC) requirement as long as it helps legally onboard new users to crypto.

Related: Crypto community responds to Kraken lawsuit, Deaton slams ‘dishonorable’ Gensler

Despite Kraken’s long-term approach, the