Crypto needs a killer app more than a chastened Binance
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Here's a question few of us will ever have to answer. Would you rather have $23 billion living in the United Arab Emirates with no US extradition treaty, or sacrifice a chunk of your wealth and perhaps spend 18 months behind bars to resolve all your issues with the US Department of Justice and Securities and Exchange Commission?Binance Holdings Ltd. CEO Changpeng Zhao appears to have chosen the latter. We don't know all the details of the deal — most importantly the length of time, if any, Zhao must spend in prison — but it appears to clear the way for Binance to continue as the world's largest crypto exchange and for Zhao to keep his top-100 status on the Bloomberg Billionaires Index. I see a major risk that the deal itself, as well as the strengthened controls it will require, ...