The famous economist Nouriel Roubini strongly criticized the cryptocurrency industry and its key players, saying that it is a “totally corrupt ecosystem”.
In particular, speaking on a CNBC panel in Abu Dhabi, the New York University professor referred to the seven “C’s” of cryptocurrencies. These are, as he said,
- concealed
- corrupt
- crooks
- criminals
- con men
- carnival barkers
- and the head of the largest exchange in person, Binance, Chanping Zhao aka CZ (who had spoken before Rubinyi on the same panel).
In fact, as N. Roubini said, “the lesson of the last few weeks (with the FTX collapse) is that these people need to get out of here.”
“I cannot believe that CZ and Binance are licensed to operate in the UAE. They have been banned from operating in the UK and are under investigation by the US Department of Justice for money laundering,” said Rubini, known by the nickname “Dr. Doom” for the pessimistic predictions he is accustomed to make, including of course the one he confirmed about the 2007-2008 housing market crash leading to the global financial crisis.
Rubini went on to strongly criticize the CEO of Binance, expressing his amazement that “he was here on this panel and he resides in this country” (United Arab Emirates).
“Regulators should think carefully about it,” he said. “It’s a walking time bomb.”
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