In a recent conversation with CNBC's Joumanna Bercetche, Coinbase (NASDAQ:COIN) CEO Brian Armstrong discussed the significance of the U.S. Department of Justice's settlement with Binance. Armstrong pointed to this development as a key moment for the cryptocurrency industry, suggesting it could mark the beginning of a new era with a cleaner reputation. He highlighted the settlement as an opportunity for the industry to move past its scandal-plagued history.
Armstrong also addressed common misconceptions about the use of cryptocurrencies for illicit activities. He underscored the fact that illegal transactions in the crypto space account for less than 1% of total activity, which is notably lower than the rate of illicit transactions conducted with cash. This comparison serves to counter the narrative that cryptocurrencies are predominantly used for illegal purposes.
The Coinbase CEO's remarks come at a time when the industry is under intense scrutiny, with regulators and the public alike calling for greater transparency and accountability. Armstrong's optimistic outlook on the Binance settlement reflects a broader hope within the crypto community for a more regulated and respected market moving forward.
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