Binance settlement ‘net positive’ for cryptocurrency industry — Mike Novogratz
Galaxy Digital CEO Mike Novogratz believes Binance has satisfied regulators and users after its $4.3 billion settlement with United States authorities.
Binance’s $4.3 billion settlement with the United States Department of Justice (DOJ) is being hailed as a positive move for the company and the wider cryptocurrency industry, according to Galaxy Digital’s Mike Novogratz.
In an interview with Bloomberg on Nov. 29, the CEO of the cryptocurrency investment firm expressed his belief that the high-profile settlement should assuage concerned investors and users of the global exchange:
“I think they’re de-risked in lots of ways. People were worried about dealing with Binance. There’s a lot less to worry about now.”
Novogratz also weighed in on the considerations for major investment firms dealing with exchanges, as well as traditional finance (TradFi) players, with regulatory oversight continuing to take center stage in the United States.
Binance didn’t steal money
The Galaxy Digital CEO said that a reasonable approach underpinned by investments and relationships with companies that “take their jobs seriously” remains key while stressing that mainstream finance has also found itself on the wrong side of regulators in recent years.
“If you went through the list of TradFi banks who have been sanctioned or fined by different regulators in the last 24 months, it’s a shocking list. So you’re not looking for zero mistakes, otherwise, there’d be no one to deal with,” Novogratz said.
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