Charles Hoskinson shared his opinion on the Binance exchange development and said that more regulatory scrutiny will come for this sector.
Charles Hoskinson is a co-founder of Ethereum & founder of the Cardano blockchain. He is currently CEO of Input Output Hong Kong Global (IOG), a blockchain developer firm behind Cardano blockchain.
On 22 Nov 2023, Charles Hoskinson appeared in a new video session on his personal YouTube channel Charles Hoskinson and shared his thoughts on the impact on this innovative sector after the resignation of Binance co-founder Changpeng Zhao (CZ) from the Binance CEO role following the settlement agreement with US authorities.
Hoskinson said that the era of the crypto sector in which he grew up has now ended as one by one many people fall through.
The Cardano founder dragged attention toward those people who compared CZ with FTX co-founder Sam Bankman-Fried (SBF), who is currently in jail for the crypto fraud that he did with the help of now-bankrupt crypto exchange FTX.
Hoskinson said that CZ is not a criminal and he faced the charges because he allowed the Binance crypto services for American customers without legal authority.
Furthermore, the Cardano founder noted that Binance exchange will grow similarly but all the development in Binance’s empire will remain directly or indirectly under the supervision of the US Treasury Department.
According to Hoskinson, the whole incident that happened with Binance in the US jurisdiction will only act as a catalyst to boost more regulatory action against the crypto companies. So indirectly, Hoskinson suggested people remain ready to see more legal battles between crypto companies & US authorities.
IOG CEO said that the next crypto platforms or crypto service providers which will probably be hit by the US regulators are non-custodial crypto wallets, Defi liquidity providers, etc.
On Cardano’s Blockchain development from the point of cooperation with the regulators, Hoskinson said that Cardano is evolving according to the situation, maintaining the decentralised nature & better relationships with the regulators.
Read also: KyberSwap exchange hacked for $50 million
Ethereum co-founder says CZ’s resignation is the end of an era
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