TL;DR
- Changpeng Zhao (CZ), founder of Binance, will soon be released after serving a four-month sentence for violating the U.S. Bank Secrecy Act.
- Ki Young Ju, CEO of CryptoQuant, has defended Zhao, highlighting his key contributions to the growth and liquidity of the cryptocurrency market.
- After his release, Zhao will remain linked to Binance but will not participate in daily operations, focusing instead on blockchain, artificial intelligence, and biotechnology projects.
CryptoQuant CEO Ki Young Ju has expressed strong support for Changpeng Zhao (CZ), founder of Binance, who is about to be released after serving a four-month prison sentence. Zhao is registered under the number 88087-510, in just 6 days, he will experience freedom once again.
Zhao was incarcerated in June 2024 after pleading guilty to violations of the U.S. Bank Secrecy Act, specifically for failing to implement adequate measures to prevent money laundering at Binance. The company, along with Zhao, faced hefty penalties, including a $4.3 billion fine for Binance and a personal $50 million fine for Zhao.
Don't underestimate CZ. He deserves respect.
When the intrinsic value of an industry falls short of the capital it has absorbed, society tends to view this as a "sin." In such cases, the ones labeled as sinners are those who built and participated in the industry. Society… pic.twitter.com/wgiTWlf0kO
— Ki Young Ju (@ki_young_ju) September 22, 2024
Ki Young Ju highlighted CZ’s achievements in developing the crypto industry, stating that his contributions have been fundamental in creating the significant liquidity that currently defines the market. While acknowledging Zhao’s mistakes, Ju argued that his contributions have been crucial to the growth of cryptocurrencies, emphasizing that Binance’s existence has facilitated capital inflows.
Changpeng Zhao (CZ) Has No Interest in Leading Binance
Throughout his career, Zhao has faced various criticisms, both for the lack of control over money laundering at Binance and for broader issues within the crypto ecosystem, such as fraud and hacks that have undermined trust in the sector. However, according to the CryptoQuant CEO, Zhao has been unfairly turned into a scapegoat for many of these problems, something that should not overshadow his role in the market’s expansion.
Once Zhao is released from Lompoc II Correctional Facility, he is expected to remain linked to Binance, though his involvement in day-to-day operations will be limited by the terms of his guilty plea. While he will stay on the board of directors and maintain influence over the company’s strategic decisions, he will not take on executive roles in the short term. However, some legal experts suggest that his agreement does not permanently exclude him from managing the exchange, and he could potentially return to a leadership position in the future.
Despite the speculation, Zhao has stated that he has no interest in returning to Binance’s leadership, preferring to focus his attention on projects related to blockchain, artificial intelligence, and biotechnology.
