Binance Case Response, JPMorgan Analyst Calls Crypto Industry More Regulated

JPMorgan analyst commented on the impact of the Binance case. (Photo; Doc. Mundocripto)

JAKARTA The Binance case and former CEO Changpeng Zhao, which occurred last week, has attracted the attention of some observers. An analyst from JPMorgan expressed his views regarding Changpeng Zhao's impact on the crypto industry.

World leading investment bank analyst JPMorgan, Nikolaus Panigirtzoglou also shared his analysis of the impact of Binance's settlement of the crypto industry on the US Department of Justice (DOJ), the Treasury, and other federal agencies.

Binance, one of the largest crypto exchanges in the world, has settled a legal case with US authorities accusing it of violating anti-money laundering laws (AML) and sanctions. Binance and its former CEO, Changpeng Zhao, have pleaded guilty and paid a fine of US$4.3 billion (Rp66 trillion), including US$150 million (Rp2.3 trillion) from Zhao's personal funds.

"Binance's settlement amplifies the ongoing shift towards regulated crypto entities and instruments that have been the goal of US authorities after the collapse of FTX," said Panigirtzoglou, JPMorgan's analyst.

He considered that legal action against crypto industry players should have a positive impact on the digital asset ecosystem and market. This is because enforcement of regulations can increase public interest in crypto assets.

"The shift towards regulated crypto entities and instruments should be positive for the crypto ecosystem because more regulations will help attract traditional market players and investors," the analyst said.