CZ Enraged on Powell's ‘Offshore’ Remark, Shared a Thread on Twitter
Jesse Powel, the founder, and CEO of Kraken Exchange retweeted Catlin Long’s tweet in which she shared her revelations about crypto scams
In this tweet, Jesse inexplicitly targeted exchanges that are operating in the U.S. but are based out of the states
CZ said that even though he appreciates what Jesse has done for the industry, it is important to embrace diversity and openness to ideas
The rivalry between centralized exchanges is known to all.
This became more evident last year when Binance excitedly put the last nail into FTX’s coffin.
The rivalry is not surprising for the users as billion-dollar companies with strong personal brands are competing for the same market.
This Sunday, Jesse Powel, the founder, and CEO of Kraken Exchange, retweeted Catlin Long’s tweet in which shared her revelations about crypto scams to regulators. Catlin Long is the founder and CEO of Custodia Bank Retweeting Long’s tweet, Jesse wrote,
“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.”
In this tweet, Jesse inexplicitly targeted exchanges that are operating in the U.S. but are based out of the states. Binance’s CZ took no time in comprehending the underline target and replied to the tweet saying that Powell has been using the term ‘offshore’ quite often.
CZ shared a six-tweet-long thread in which he repeatedly termed the word ‘offshore’ as harmful for the blockchain industry as it goes against its core value. In the tweets, he mentioned FTX saying that being onshore and continuously lobbying in Washington could not save it from conducting fraud.
CZ said that drawing a distinction between onshore and offshore exchanges is ‘self-centered and arrogant’. According to Zhao, the industry is full of both good and bad projects, and over-generalization of anything can lead to counter-productivity.
At the end of the thread, CZ said that even though he appreciates what Jesse has done for the industry, it is important to embrace diversity and openness to ideas. CZ continued to reply to some of the early comments, further clarifying his stance on the issue.
The most important part of this conversation is that Binance is advocating a global consensus beyond state boundaries. If this becomes the reality, it would be a great push for the industry’s currently capped growth.
Also, Read - China Takes a Softer Stand on Hong Kong's Crypto Aspirations
