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In a recent conversation with CNBC’s Joumanna Bercetche, Coinbase (NASDAQ:) CEO Brian Armstrong discussed the significance of the US Department of Justice’s settlement with Binance. Mr Armstrong said the development was a key moment for the cryptocurrency industry, suggesting it could mark the start of a new era with a healthier reputation. He stressed that the settlement was an opportunity for the sector to move beyond its scandal-ridden history.
Mr. Armstrong also addressed misconceptions regarding the use of cryptocurrencies for illicit activities. He highlighted the fact that illegal transactions in the crypto space represent less than 1% of total activity, which is notably lower than the rate of illicit transactions carried out with cash. This comparison helps counter the idea that cryptocurrencies are mainly used for illegal purposes.
The Coinbase CEO’s remarks come at a time when the industry is facing increased scrutiny, with regulators and the public calling for greater transparency and accountability. Armstrong’s optimistic outlook on the Binance settlement reflects a broader hope within the crypto community for a more regulated and respected market in the future.
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