Bitrabo Editorial
Ki Young Ju, the CEO of CryptoQuant, a blockchain analytics company, has shown strong support for Changpeng Zhao (CZ), the founder of Binance, as he approaches the conclusion of his four-month detention. CZ is currently serving time after admitting guilt for breaching the US Bank Secrecy Act (BSA) in November 2023.
His admission of failing to prevent money laundering on Binance resulted in a hefty $4.3 billion civil penalty against the exchange and a $50 million fine for Zhao himself, alongside his jail sentence that began in June 2024.
CryptoQuant CEO Highlights CZ’s Contributions
As Changpeng Zhao’s release date of September 29 approaches, Ki Young Ju has publicly voiced his support for the former Binance leader.
While acknowledging that Zhao has made mistakes, Young Ju asserts that his positive impact on the cryptocurrency sector outweighs these errors. He points out that Binance has played a crucial role in providing significant liquidity in the cryptocurrency market.
Moreover, Ki Young Ju advocates for recognizing CZ as a respected business figure, arguing that his imprisonment symbolizes the challenges faced within the emerging crypto landscape. He suggests that influential leaders are often held accountable when an industry struggles to flourish.
Young Ju elaborates that while the crypto sector has drawn a lot of investment since it began, its true value hasn’t commensurately increased, due to various crimes like hacks and frauds. He believes CZ has become a scapegoat for the industry’s collective failures.
Future Prospects for CZ
Upon his release from the Lompoc II Correctional Center next week, Changpeng Zhao is anticipated to stay on as a board member of Binance, but he will be unable to engage in the exchange’s daily operations due to the terms of his plea agreement with US authorities.
Nevertheless, CZ will continue to wield considerable influence as a shareholder in the company, which allows him to propose new board members and executive roles. Some legal experts suggest that his plea deal might not permanently restrict him from managerial roles at the exchange. Despite this, Zhao has indicated no intention of returning to a leadership position at Binance, expressing an interest in areas like blockchain technology, artificial intelligence, and biotechnology.
As of now, the cryptocurrency market is valued at $2.146 trillion, reflecting a 1.08% drop over the past day. Bitcoin, the leading cryptocurrency, is currently priced at $62,840, with a market dominance of 53.18%.