Arthur Hayes calls US stance toward CZ and Binance ‘absurd’.

Binance’s record penalties are a reflection of bias against the transformative impact of cryptocurrencies and blockchain. This, stated the former BitMEX chief executive Arthur Hayes.

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The expert is convinced that multi-billion-dollar penalties against the platform and the pursuit of its former head Changpeng Zhao are of an ‘unfounded’ nature. They speak of a threat to the traditional global financial system led by the United States, the expert added.

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The expert saw in the pressure on Binance a resistance to decentralisation and DLT-revolution, challenging authorities.

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The problem for the financial and political establishment is that blockchain intermediaries are not controlled by members of their class, Hayes said.

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Earlier, Columbia Business School adjunct professor Omid Malekan noted that Binance deal with US authorities underscores the ambiguous attitude toward crypto firms. In TradFi there are similar problems in AML compliance, he explained.

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Back in November 2023, Hayes saw a threat in institutional interest in bitcoin.