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 crypto influencer is currently serving a four-month prison sentence after pleading guilty to violating the US Bank Secrecy Act (BSA) in November 2023.
Zhao admitted to failing to prevent money laundering on Binance, resulting in a $4.3 billion civil penalty against the cryptocurrency exchange and a $50 million fine for the Chinese businessman, along with a prison sentence that began in June 2024.
CZ’s Achievements Outweigh Mistakes – CryptoQuant CEO
With Changpeng Zhao’s release date set for September 29, Young Joo He went out To take a stand with the former Binance CEO.
Young Ju admits that while CZ has made some mistakes, his contributions to the crypto ecosystem are far more significant than those mistakes. The CryptoQuant founder highlights the presence of Binance, which he says is primarily responsible for the massive liquidity we see in the crypto space.
Furthermore, Ki Young-joo argues that CZ should be treated as a respected businessman whose imprisonment is part of the pain and struggles of the emerging crypto industry. The CryptoQuant chief describes CZ’s plight as part of a broader societal tendency to blame influential figures when the industry fails to grow as expected.
He explains that the crypto industry has absorbed a lot of capital since its inception, but its intrinsic value has not been commensurate with crimes such as hacking, fraud, etc. Therefore, the industry is seen as bearing many “sins” for which CZ now bears much of the blame, being a key figure.
What’s next for CZ?
Changpeng Zhao is expected to remain on Binance’s board of directors after his release from Lompoc II Correctional Center next week, however, he is prohibited from participating in the day-to-day operations of the cryptocurrency exchange as part of a plea deal with the U.S. government.
It’s worth noting that CZ will still retain significant influence over Binance as a shareholder, including the ability to nominate new board members and senior executive positions. Additionally, Bitcoinist reports that some lawyers are claiming that CZ’s plea deal does not permanently bar him from holding a management position at the exchange. However, the crypto major has no plans to return to Binance leadership after expressing interest in blockchain, artificial intelligence, and biotechnology.
At the time of writing, the cryptocurrency market cap is still $2.146 trillion with a 1.08% decline in the last day. Meanwhile, the leading cryptocurrency, Bitcoin, is valued at $62,840 with a market dominance of 53.18%.
Featured image from Forbes, chart from Tradingview
Comments are closed, but trackbacks and pingbacks are open.