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Kraken’s Powell says crypto game ‘more fair today’ as Binance’s dominance under threat

krakens-powell-says-crypto-game-more-fair-today-as-binances-dominance-under-threat
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Kraken’s Powell says crypto game ‘more fair today’ as Binance’s dominance under threat

Claiming that the crypto game is now ‘more fair,’ Kraken founder Jesse Powell adds that there are new threats to the industry’s reputation that continue to emerge.

As Binance reached a $4.3 billion settlement agreement with the U.S. Department of Justice and the exchange’s founder Changpeng Zhao agreed to step down as the firm’s CEO, the crypto game feels a “bit more fair today,” said Kraken Founder Jesse Powell.

Powell, who also stepped down as CEO of Kraken in September 2021, says the industry now has to “self-police,” adding that the market “cannot count on timely protection.”

“New threats to the industry’s reputation continue to emerge. Each dodgy operation represents an opportunity for governments to scapegoat crypto and tighten the noose.”

Jesse Powell

Commenting on Binance’s fast expansion on the international level, Powell said it is “hard to keep faith while your market share dwindles and the only enforcement that’s happening is against the good guys.”

Kraken — just like Binance and Coinbase — is facing a lawsuit from the U.S. Securities and Exchange Commission (SEC), which said that the San Francisco-headquartered crypto firm has been operating as an unregistered securities exchange, broker, dealer and clearing agency.

Kraken has also been accused of co-mingling customer assets with company funds. Powell criticized the SEC following the new charges, saying “the masochists haven’t been happy with the beatings they’ve been taking in New York.”

For Binance, the road ahead also seems to be full of uncertainties even despite assurances by Binance’s new CEO Richard Teng, who reiterated his confidence in the exchange’s financial health even after agreeing to a massive $4.3 billion penalty from U.S. authorities. According to analysts at Matrixport, Binance now has time until 2026 before competition in the market starts affecting the company’s position.