Binance onboarded millions into finance but forgot the paperwork — Columbia professor By Cointelegraph

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Recent events surrounding the crypto exchange Binance sparked significant debate about the United States’ crackdown on crypto firms. According to Omid Malekan, author and adjunct professor at Columbia Business School, the U.S. Department of Justice’s approach in the case differs significantly from what is seen in traditional finance.

“People who sincerely believe that crypto is some unique enabler of bad people doing bad things don’t understand how the rest of the financial system actually works,” Malekan wrote on X (formerly Twitter), adding that companies that follow Anti-Money Laundering best practices still process large sums of illicit funds. “But that’s all considered OK because somebody did the paperwork.”

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