Former BitMex CEO Slams US Government For 'Absurd' Treatment Of Binance Founder

Former BitMEX CEO Arthur Hayes lambasted the U.S. government's treatment of Changpeng Zhao, the former CEO of Binance BNB/USD, as "absurd."

The punitive measures taken against Binance, including a record $4.3 billion fine, highlight an arbitrary and disproportionate response from the state compared to traditional financial institutions and their involvement in larger scandals, he said in a Substack essay.

Hayes also reflected on centralization, which he viewed as antithetical to the ethos of cryptocurrency's founding principles, as envisioned by Satoshi Nakamoto — the pseudonymous developer or developers of Bitcoin.

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Binance, which grew to become one of the world's largest cryptocurrency trading platforms, challenges the traditional financial and political establishments, he adds, citing Zhao's rise from relative obscurity to becoming one of the wealthiest individuals globally.

According to Hayes, it's a testament to the revolutionary potential of cryptocurrency.

Binance enables its customers worldwide to access and trade in crypto markets, democratizing participation in what Hayes terms an "industrial revolution."

Hayes concluded with a forward-looking perspective on the relationship between China and the U.S., hinting at the potential impact of this dynamic on the cryptocurrency market.

He encouraged crypto holders to maintain control over their private keys, emphasizing self-sovereignty in the digital age.

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