Economist Nouriel Roubini said that Binance receiving a license in the Middle East was a “walking time bomb.” He lambasted the industry as being corrupt and full of conmen.
Economist Nouriel Roubini, often referred to as ‘Dr. Doom,’ had harsh words for Binance CEO Changpeng ‘CZ’ Zhao. He criticized Binance after the exchange recently received a license in Abu Dhabi, allowing it to act as custodian. Roubini was speaking at the Abu Dhabi Finance Week.
Referring to CZ, he said,
“…he should be kicked out of the country.”
Roubini, who has never held back when it comes to criticizing the crypto space, lambasted Binance and CZ. He called the crypto ecosystem totally corrupt and those in it “carnival barkers.” With respect to Binance and its CEO, Roubini stated,
“I can’t believe that CZ and Binance have a license to operate in the UAE. He’s banned in the U.K., he’s under investigation by U.S. Justice Department for money laundering,”
He went on to say that regulators that the license was a “walking time bomb.” He also referred to the collapse of FTX and that it was a sign that investors should get out of the market.
Binance can act as a custodian for professional investors
Binance announced that it had secured the license from monetary authorities on Nov. 16. The Financial Services Regulatory Authority (FSRA) granted Binance the Financial Services Permission, allowing it to operate its custody services. This is limited to professional clients for the moment.
The FSRA introduced a regulatory framework for crypto in 2018. Binance Senior Executive Officer Dominic Longman said that the license was a critical step towards growth in the region. The Middle East is a lucrative region for cryptocurrencies, and Dubai has been a crypto hub with its welcoming regulation.
Binance takes aggressive approach in MENA expansion
Binance has been working towards cementing its presence globally. The Middle East, in particular, has been a strong target, with the exchange taking steps to comply with regulations. Before Abu Dhabi, it had received a license in Dubai. The central bank of Bahrain has also given it the green light.
The exchange is also looking to boost web3 adoption in the region. It stated that it had seen a 49% increase in user sign-ups in the Middle East and Northern Africa.
Binance’s aggressive moves in the Middle East are in stark contrast to what has been happening in regions like the United Kingdom. The country asked Binance to stop its operations there and warned citizens that it was operating without a license.
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