After Binance received a regulatory license to provide crypto custody services in Abu Dhabi, renowned crypto critic Nouriel Roubini criticized the cryptocurrency exchange and its CEO onstage at the Abu Dhabi Finance Week (ADFW) 2022.
Roubini expressed amazement in his November 16 presentation that Changpeng Zhao and his cryptocurrency trading platform were permitted to operate in the United Arab Emirates (UAE), a video of which was posted by Core Finance co-founder Yagiz Sozmen.
“Unfortunately, this ecology is completely tainted, and the lesson of the previous several weeks is that these individuals should go. I cannot imagine CZ Binance has an operating license in the UAE.”
As he said, Binance was “barred in the United Kingdom,” and Zhao is “under investigation by the U.S. Justice Department for money laundering, $8 billion from Iran, and he is here on this stage and has a property in this nation.”
In light of this, Roubini believes: “The regulator should exercise caution. He is a human time bomb. He should be expelled from the country and not be permitted to operate. I regret to announce that he will become worse than Sam Bankman-Fried.”
He was pointing to the Abu Dhabi Global Market’s (ADGM) announcement on November 16 that Binance had received a Financial Services Permission (FSP) from the FSRA to provide “custodial services to professional customers.”
Later, Roubini turned to Twitter to deny he was targeting Binance’s CEO and to insist that even the crypto-friendly audience at the event agreed with his views.
In the meanwhile, Roubini is well-known for his severe position in the cryptocurrency sector, which includes dismissing digital assets as Ponzi schemes and attacking the beliefs of industry advocates who perceive them as the ideal store of wealth.
Midway through 2021, he said that Bitcoin (BTC) would never become “digital gold” because, in his opinion, it lacked usefulness and use cases, and its price volatility prevented it from becoming an ideal store of value.
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