- September 22, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Ki Young Ju, CEO of blockchain analytics firm CryptoQuant has expressed strong support for Binance founder Changpeng Zhao (CZ) as he nears the end of his detention. The former Binance CEO and influential crypto figure is currently serving a four-month sentence after pleading guilty to violating the US Bank Secrecy Act (BSA) in November 2023.
Zhao had admitted to not preventing money laundering on Binance resulting in a $4.3 billion civil penalty for the crypto exchange and a $50 million fine for the Chinese businessman alongside his incarceration which began in June 2024.
CZ’s Achievement Outweighs Mistakes — CryptoQuant CEO
With Changpeng Zhao set for release on September 29, Young Ju has come out to take a stand with the former Binance boss.
Young Ju acknowledges that while CZ has made some errors, his contributions to the crypto ecosystem are largely more significant than these mistakes. The CryptoQuant founder highlights the existence of Binance which he states is mainly responsible for the massive liquidity seen in the crypto space.
Furthermore, Ki Young Ju argues that CZ should be treated as a respected businessman whose imprisonment represents parts of the pains and struggles of a nascent crypto industry. The CryptoQuant Boss describes CZ’s travails as part of a broader societal tendency to label influential figures as responsible when an industry fails to grow as expected.
He explains that the crypto industry has absorbed significant capital since its inception, but its intrinsic value has not matched up due to crimes such as hacks, frauds, etc. Therefore, the industry is viewed to bear many “sins” for which CZ, being a key figure, has now borne much of the blame for.
What’s Next For CZ?
Following his release from the Lompoc II Correctional Center next week, Changpeng Zhao is expected to remain a board member of Binance, however, he is prohibited from participating in the daily operations of the crypto exchange as part of his plea deal with the US government.
It is worth stating that CZ will still retain much influence on Binance as a company shareholder which includes the ability to nominate new board members and top executive positions. In addition, Bitcoinist reports that some lawyers argue that CZ’s plea deal does not permanently prevent him from taking a management position in the exchange. However, the key crypto figure has no plans to return to Binance leadership having expressed interest in blockchain, artificial intelligence, and biotechnology.
At the time of writing, the crypto market remains valued at $2.146 trillion with a 1.08% decline in the last day. Meanwhile, the premier cryptocurrency, Bitcoin stands valued at $62,840 with a market dominance of 53.18%.
