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JPMorgan’s CEO feels threatened by disruption in payment systems, says Kevin O’Leary

JPMorgan’s CEO Jamie Dimon has attacked Bitcoin and the broader cryptocurrency market over the…

The post JPMorgan’s CEO feels threatened by disruption in payment systems, says Kevin O’Leary appeared first on CoinJournal.

JPMorgan’s CEO Jamie Dimon has attacked Bitcoin and the broader cryptocurrency market over the past few years.

Shark Tank host Kevin O’Leary believes that JPMorgan’s CEO feels threatened by disruption in payment systems. He mentioned this while speaking at this year’s Converge22. Kevin O’Leary stated that cryptocurrencies have changed how payment systems work globally, and Jamie Dimon isn’t happy with the situation. 

Kevin O’Leary made this statement after Dimon called himself a major sceptic on crypto tokens, which you call currency, like Bitcoin. The JPMorgan boss called cryptocurrencies decentralised Ponzi schemes. Kevin O’Leary said;

“This isn’t about speculation on asset price. This is about reducing the fees of how the world’s economies work. More transparent, more productive, completely auditable, regulated, but less expensive. So, does Jamie Dimon feel threatened? You are damn right he does. That is a big part of how he makes money.”

The Shark Tank host explained that friction is one of the major problems in the traditional financial system and banks and other financial institutions make a profit on transaction fees. 

Kevin O’Leary added that the introduction of stablecoins into the financial ecosystem could lead to a reduction in fees throughout the world.

The crypto market remains largely unregulated in various parts of the world. The venture capitalist said sovereign wealth and pension funds are waiting for regulation before including cryptocurrencies in their portfolio. He said;

“If you are a sovereign wealth fund or a country that is oil-rich, perhaps you are generating a quarter of $1,000,000 in the 12 hours. The only place on earth you can plot that is in the S&P. The only way you can do that is to be compliant with the SEC rules. They are never going to make a move against the SEC in any way until these rules are determined.”

He believes that a regulatory shift in the United States’ approach to cryptocurrencies could see cryptos surge by more than 10% overnight. 

Lawmakers in the United States are currently working on a bill to regulate stablecoins, and it is expected to be approved before the end of the year.

The post JPMorgan’s CEO feels threatened by disruption in payment systems, says Kevin O’Leary appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Binance re-enters the Japanese market with purchase of SEBC exchange

Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan. KEY TAKEAWAYS SEBC is a Japan Financial Services Agency (JFSA) regulated entity. By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange. At the time of the Binance acquisition, […]

The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.

Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan.

KEY TAKEAWAYS

  • SEBC is a Japan Financial Services Agency (JFSA) regulated entity.
  • By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange.
  • At the time of the Binance acquisition, the Tokyo-based exchange supported 11 trading pairs; mainly cryptocurrency-Japanese Yuan pairs.

Despite the tense situation in the crypto market following the collapse of FTX which seems to be taking other crypto entities like BlockFi down with it, Binance seems to be spreading its wing further and further. The SEBC acquisition comes weeks after Binance pulled out of its planned FTX rescue plan citing issues with FTX’s financial book.

Expanding into Japan

In the past few years, Binance has been expanding its business across various countries as it stamps its authority within the crypto space. So far, the crypto exchange has secured regulatory approvals in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus.

The acquisition of Sakura Exchange BitCoin marks the exchange’s first entry into East Asia. Most importantly, SEBC is already a regulated entity which means Binance will be able to offer regulated services in Japan, which is a major economy in East Asia.

In a press release announcing the acquisition of the Japanese exchange, the general manager of Binance Japan, Takeshi Chino, said:

“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.” 

At the time of the acquisition, SEBC offered customer consultation services and crypto brokerage services supporting 11 crypto-Japanese Yuan trading pairs. The trading pairs include BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.

The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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