Kraken CEO: Binance’s Situation Will Benefit the Crypto Industry
Kraken co-founder Jesse Powell has stated that despite the growing concerns about the industry’s reputation, Kraken is committed for the long term.
According to Powell, the recent settlement agreement between the US Department of Justice and Binance, in which Binance agreed to pay a $4.3 billion fine, has made the game fairer in the industry.
However, Kraken’s parent company is currently facing a lawsuit from the SEC for not registering as a trading platform.
Powell acknowledges that the past year has raised doubts among shareholders about the industry’s integrity and the rapid movements within it.
He also points out that the continuous discovery of suspicious transactions gives the government a reason to target the crypto industry.
Therefore, he emphasizes the importance of self-regulation within the industry as there may not be timely protection from authorities.
