• Bybit CEO Ben Zhou has joined the regulations talk, telling crypto.news that harsh crackdowns on crypto exchanges won’t benefit anyone.
• Ben Zhou is one of the many people who have reacted to the continued and harsh crypto regulation, with Coinbase’s Brian Armstrong calling out the SEC for too harsh crackdowns on crypto.
• Kraken was recently charged $30 million by the SEC plus a ban from offering crypto staking in the U.S., while Binance may settle charges by taking a fine from the regulator.

Bybit CEO Bashes Harsh SEC Crypto Stance

Bybit CEO Ben Zhou has joined the conversation around cryptocurrency regulations, telling crypto.news that harsh crackdowns on crypto exchanges won’t benefit anyone.

Ben Zhou Doubles Down on Crypto Crackdowns

At the Blockchain Life summit Dubai, Bybit CEO Ben Zhou told crypto.news that he believes current regulatory approaches to cryptocurrencies are going too far and will not be beneficial for any party involved.

He further commented that more scams take place in regulated spaces than in those without regulation, citing an example of large non-crypto companies being unable to answer questions about their reserves with certainty.

SEC Receiving Backlash for Harsh Crypto Regulation

Ben Zhou is not alone in his opinion; Coinbase’s Brian Armstrong has also been criticizing the SEC for using too much enforcement power when it comes to regulating cryptocurrencies.

Kraken Fined $30 Million Plus Ban

Earlier this month, Kraken received a hefty fine from the SEC of $30 million plus a ban from offering crypto staking services within U.S borders—a move which was heavily criticized by Kraken CEO Jesse Powell who argued he should have done better.

Binance May Settle Charges With Fine

The news came shortly after reports surfaced claiming that Binance may follow suit and settle its own charges with a fine imposed by the regulator.