Arthur Hayes, the founder of the BitMEX crypto exchange network, issued a statement expressing his perspective on the unfair treatment of Changpeng Zhao (CZ), the co-founder and former CEO of Binance, by American authorities.
Hayes criticized the treatment, deeming it absurd and inconsistent, emphasizing that it only highlights the arbitrary nature of punishment.
BitMEX Founder Slams CZ Treatment
In his statement, the BitMEX founder opens with a playful reference to a Biblical verse, followed by a straightforward statement: “Changpeng Zhao (CZ), the former CEO of Binance, is a sinner, but not for the reason you might expect, considering recent events.”
Hayes proceeds to recount the story of CZ, a Canadian of Chinese descent, who swiftly ascended to billionaire status by providing crypto trading services through the renowned exchange Binance.
Hayes highlights that the exchange was widely regarded as a symbol of financial freedom and an effective means to speculate on a new political, economic, and traditional system.
However, as Hayes points out, the issue lies in the fact that these platforms driving the financial revolution are not backed by political or financial establishments but are run by ordinary individuals.
Furthermore, Hayes argues that these individuals enable others to own a stake in the Industrial Revolution within 10 minutes, using either mobile trading apps or desktop platforms – an unprecedented phenomenon.
Emphasizing the severe treatment experienced by both CZ and Binance, Hayes draws attention to the substantial $4.3 billion fine imposed on the exchange, marking it as the most significant corporate penalty in the history of Pax Americana.
Hayes observes that the treatment of this financial giant differs significantly from the consequences faced by traditional institutions such as Goldman Sachs and HSBC in the aftermath of scandals.
Those who oversee such expansive platforms often leverage state and legal mechanisms to diminish the influence of institutions governing the “global financial and political system of Pax Americana.”
Testament of Blockchain’s Transformative Power
The BitMEX founder asserts that the recent unjust treatment underscores the transformative potential of the blockchain ecosystem.
He emphasizes that the blockchain space is establishing a parallel to the financial, political, and economic systems. Through voluntary legal participation instead of coercive measures, this new system has the potential to enable individuals to amass substantial wealth within a decade.
Hayes highlights that CZ’s and Binance’s treatment should serve as compelling evidence for the necessity of long-term investments in Bitcoin and other cryptocurrencies. Given the ongoing fluctuations, Hayes urges crypto holders to store their assets in wallets controlled by themselves, ensuring financial independence.
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