350 Banks in Russia But Everyone’s Focused on Crypto: Changpeng Zhao

In a sarcastic jibe thrown at the increased attention given to the crypto industry over the traditional financial system, the CEO of the world’s largest cryptocurrency exchange, Binance has pointed out the hypocrisy of mainstream media and politicians and their aversion towards the crypto industry. Everyone’s Focused on Crypto Instead of Banks: Changpeng Zhao In the latest tweet posted today, the CEO of Binance, Changpeng Zhao pointed out that there are about 350 Russian banks and only about a dozen or so are on the sanctions lists. In comparison, there is only a minuscule portion of crypto firms but the entire focus has been put on the nascent asset class. His comments come from the fact that the media and politicians have repeatedly highlighted in recent times that cryptocurrencies are used to evade sanctions. In a blog published last weekend on Russian sanctions and crypto, Changpeng Zhao had said that even if crypto helped Russia evade sanctions, it had a negligible presence. He clarified in the recent post that banks, which hold 99.7% of the money, the media and politicians are instead focusing on only 0.3% of the money. He concluded his note by saying that instead of focusing on bitcoin, it may be far more effective to focus on banks, oil/gas, or other means.The post 350 Banks in Russia But Everyone’s Focused on Crypto: Changpeng Zhao appeared first on Cryptoknowmics-Crypto News and Media Platform.