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ABU DHABI – Binance CEO Changpeng Zhao came out in support of cryptocurrencies at Abu Dhabi Finance Week (ADFW) on Wednesday, assuring a packed hall that cryptocurrencies are the future.
However, not everyone who attended the second day of the Abu Dhabi Global Market (ADGM) event bought it. Shortly after, a spokesman at the event expressed his distrust of Zhao on Twitter.
what happened: Binance’s role in the Bahamas-based cryptocurrency exchange FTX’s filing for bankruptcy last week sparked massive backlash.
Nouriel Roubini, Atlas Capital’s chief economist, took to the event’s main stage after Zhao, where, in addition to tweeting, he berated the CEO.
“As I was on stage today, I called for @cz_binance to be kicked out of the UAE,” wrote Roubini.
“I can not believe it @cz_binance Licensed to operate in the UAE,” he told CNBC’s Dan Murphy on stage.
NYU economics professor emeritus was opposed, and Binance’s groundbreaking work and process was supported by the audience and some around the world.
“In crypto, no one is doing 1/4 of what @cz_binance and @binance Doing things for the crypto industry.They are very transparent in all their transactions and invest heavily in security and adoption of encryption,” the Twitter user wrote Dana Di Matthias from Ghana.
What does it mean: More and more people doubt its reliability Cryptocurrencies and Exchanges Managing them in a volatile market, which caused huge losses among investors and led to a crypto winter.
Why it matters: Binance is the world’s largest infrastructure provider $1 trillion cryptocurrency industry, reaching more than 120 million users.
The entire cryptocurrency market is down about two-thirds from its peak $1.07 trillion.
Before FTX crashed, Zhao raises concerns On Nov. 6, he said in a tweet that Binance would sell its holdings of FTT, the token of the now-defunct FTX exchange.
on Monday, Zhao Xuan Binance previously held $580 million worth of FTT, of which “we only sold a fairly small portion — we still hold a big bag.”
Binance currently under investigation The Justice Department may have violated money laundering rules, Reuters reported last week.
In March, Binance received a license to operate in Dubai, which Zhao says is an ideal location to operate.
“It’s not a saturated market; we don’t need to compete with the 1 percent today,” he said of united arab emirates and region.
In a discussion with Mike Novogratz, chief executive of financial services firm Galaxy Digital Holdings, he continued to discuss his ties to Abu Dhabi and further interest in the Gulf region.
The Binance CEO announced that he invested in a market maker on his platform, but it was for liquidity and registered in Bahrain.
understand more: The launch of the Abu Dhabi International Business Center was announced on Tuesday Blockchain technology and its legal system.
The Abu Dhabi Global Market Court said it will start securing commercial judgments through blockchain technology.
Those judgments will be immediately available through the court’s digital system, meaning entities will no longer have to wait for a judge’s certified copy, according to a release.
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