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Irina Heaver, a crypto lawyer at NeosLegal, said that banks have incurred over "$400 billion" in fines for compliance breaches and "caused the 2008 financial crisis," yet cryptocurrency is often labeled as a "scam." Heaver made this statement during her talk at Binance Blockchain Week.
"I have a little bit of beef with traditional financial institutions," said Heaver. "Banks have been breaching compliance rules and regulations for years. Just in the last 20 years, more than $400 billion of fines were imposed on banks throughout every jurisdiction. Banks caused the 2008 global financial crisis, right? And people are calling crypto projects scams or trying to give us a bad name."
According to data collected from Chainalysis and the United Nations, traditional finance accounts for over 99.97% of global money laundering activities, while cryptocurrency makes up only 0.03%.
