Binance CEO claims it is a'myth' that crypto is used to evade sanctions

The CEO of Binance, which has been chastised for its compliance issues, now claims that cryptos are not being used to circumvent Russian elite sanctions.

"Crypto is too traceable," says Changpeng Zhao, who adds that "governments around the world are increasingly very good at tracking crypto transactions."

Following recent criticism of Binance and Coinbase for refusing to accept an immediate ban on Russian users, Mr Zhao stated that Binance "strictly" adheres to all sanctions rules.

"We cannot freeze other normal Russian users’ assets," he admitted.

"We are against war," Mr Zhao stated, "we are not against the people."

When asked if he believes there are too many people on the fence about FinTech, he said, "If you include traditional finance into FinTech, that is true."

He does believe, however, that too many people are "focusing on crypto."

"Only 0.15 percent of crypto transactions may be potentially related to illicit activities," according to Chainalysis data from last year, and "the data shows, crypto is much safer," he added.

"Everybody is focused on crypto transactions, nobody is talking about banks, cash and oil," Mr Zhao emphasized.

By fLEXI tEAM