Weiss Crypto Ratings bashes Cardano’s team-up with Coinfirm, Charles Hoskinson responds

Cardano (ADA/USD), which recently found itself making numerous headlines for price growth, advanced upgrades roll-outs, and the upcoming introduction of smart contracts, also recently saw a bit of criticism. The criticism came from Weiss Crypto Ratings, a well-known analytics agency, which criticized the Cardano Foundation after its announcement of a partnership with Coinfirm.

1/ So. #Cardano curators decided to advance regulatory compliance of $ADA token, partnering with #Coinfirm, provider of (#AML)anti-money-laundering analytics.

Bad move all around, disappointing. Here's why: (THREAD)

— Weiss Crypto (@WeissCrypto) August 25, 2021

Now, Cardano founder and CEO, Charles Hoskinson, responded to the criticism in a form of a short video.

What happened?

As mentioned, Cardano Foundation recently teamed up with a well-known provider of AML data, Coinfirm. The goal of the partnership was to ensure and advance ADA’s FATF compliance, where Coinfirm will provide AML and CFT data to make sure Cardano and its coin are fully compliant with the Financial Action Task Force’s regulations.

However, Weiss Crypto slammed Cardano for it, calling it an overall bad move. Not only that, but it added that the move was very disappointing, explaining that this move will push the project to ‘choking to death.’ Apparently, Weiss Crypto Ratings believes that the regulations are extremely excessive and that they will break Cardano before long. Furthermore, it expects that the move will make Cardano’s blockchain prone to censorship, manipulation and that it will be heavily politicized.

If Cardano truly becomes such a project, then there would be no point in using it, as Facebook’s Diem and CBDCs would be the same, but work much better, claims the Tweet. Weiss Crypto Ratings added that the financial elite, or the ‘high priests of finance,’ as it called them, will never accept the crypto industry in its true, decentralized form. As such, playing by their rules will only ensure the death of the project.

Before long, Charles Hoskinson himself addressed these concerns. He said that partnerships such as the one with Coinfirm will provide clarity, business, and the technical requirement to the blockchain company. In the end, he believes that this will make the software better for everyone everywhere. But, most importantly, it will ensure that Cardano sees more adoption in both, regulated and non-regulated industries across the globe.