Changpeng Zhao Responds to Kraken CEO Jesse Powells Comments on Crypto Regulation

Binance CEO Changpeng Zhao is taking issue with Kraken CEO Jesse Powell’s use of the term “offshore” in regard to the crypto space.

On Friday, Powell took aim at US regulators for ignoring crypto space-related issues offshore.

“I can’t tell you how infuriating it is to have pointed out massive red flags and obviously illegal activity to regulators only to have them ignore the issues for years. ‘They’re offshore. It’s complicated. We’re looking at everybody.’ FOR YEARS. Then to be used as their example.”

Earlier this month, the SECforced Kraken to eliminate its staking program and pay a $30 million fine.

Zhao, however, didn’t like Powell’s wording.

“The term ‘offshore’ appears overly narrow-minded, self-centered, misses the broader picture and is unhelpful to the development of our industry.

Taking an ‘on-shore’ perspective, the issue discussed, FTX.US is an ‘on-shore’ exchange. SBF and FTXs key execs are Americans. They spent a considerable amount of their time and efforts lobbying in the US. This did not stop fraud from being committed.

Drawing a distinction between ‘onshore’ and everyone else is self-centered and somewhat arrogant. Everyone is ‘onshore’ from their own perspective. ‘We are better than everyone else’ is not a panacea towards building a better industry.”

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This article was originally reported on The Daily Hodl.