Crypto Safer than Traditional Banking? Not According to the Data
Crypto transactions are not definitively safer than their traditional forebears. In fact, they are often the preferred route for people who want to transact in the shadows.
One of the crypto industry’s most prominent leaders, Changpeng Zhao, the former chief executive officer of Binance, has claimed that crypto is safer than fiat currency. He made a powerful comparison: a mere 0.15 per cent of crypto volume involves illicit activity, which is 30 times less than the 5 per cent rate found in the traditional banking system. The reality is quite different, and underscores the need for stricter regulation of crypto assets.
Based on Mr. Zhao’s claim, he argued that law enforcement authorities around the world should encourage people…
