Nouriel "Doctor Doom" Roubini: "Cryptocurrency industry is full of corruption"

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Speaking at the Abu Dhabi Finance Week conference, a New York University professor again took up arms against the crypto industry.

As Nouriel Roubini puts it,Cryptocurrencies have seven key elements: “concealment, corruption, scammers, criminals, swindlers, carnival barkers and the CEO of the Binance cryptocurrency exchange, Changpeng Zhao.” 

The lesson of recent weeks is that people like Zhao should not attend the Abu Dhabi event, the economist scolded.

“I can't believe Binance haslicense to work in the UAE. This exchange is banned in the UK, and the US Department of Justice suspects that money is being laundered through the trading platform,” said Roubini, who is called “Doctor Doom” in the cryptocurrency community for his pessimistic forecasts.

Each country takes its own approach tosupervision of cryptocurrencies: some regulators prohibit mining and trading of cryptoassets, others are tightening regulation, and still others intend to develop the cryptocurrency industry. The UAE authorities strive to make the state a center of financial innovation, therefore they are open to dialogue with companies working with blockchain and digital assets. In April, Binance received a license to operate as a cryptocurrency broker-dealer, and recently received approval from the Abu Dhabi regulator to provide custody services to its clients.

Not only did Rubini fall under the hot handChangpeng Zhao. Earlier this year, a cryptocurrency skeptic criticized Salvadoran President Nayib Bukele for legalizing Bitcoin, calling on the country's government to impeach him.