350 Banks in Russia But Everyone's Focused on Crypto: Changpeng Zhao

Everyone's Focused on Crypto Instead of Banks: Changpeng Zhao

In the latest tweet posted today, the CEO of Binance, Changpeng Zhao pointed out that there are about 350 Russian banks and only about a dozen or so are on the sanctions lists.

In comparison, there is only a minuscule portion of crypto firms but the entire focus has been put on the nascent asset class. His comments come from the fact that the media and politicians have repeatedly highlighted in recent times that cryptocurrencies are used to evade sanctions.

In a blog published last weekend on Russian sanctions and crypto, Changpeng Zhao had said that even if crypto helped Russia evade sanctions, it had a negligible presence.

He clarified in the recent post that banks, which hold 99.7% of the money, the media and politicians are instead focusing on only 0.3% of the money. He concluded his note by saying that instead of focusing on bitcoin, it may be far more effective to focus on banks, oil/gas, or other means.