Ki Young Ju, the CEO of blockchain analytics company CryptoQuant, has voiced his strong support for Binance founder Changpeng Zhao (CZ) as he approaches the end of his detention period. The former Binance CEO, a prominent figure in the cryptocurrency space, is currently serving a four-month sentence after admitting guilt to breaching the US Bank Secrecy Act (BSA) in November 2023.
Zhao acknowledged his failure to prevent money laundering on Binance, which led to a $4.3 billion civil penalty against the exchange and a $50 million fine for the Chinese entrepreneur, whose imprisonment began in June 2024.
CZ’s Accomplishments Surpass Errors — CryptoQuant CEO
As Changpeng Zhao prepares for his release on September 29, Young Ju has publicly supported the former Binance leader.
Young Ju recognizes that although CZ has made mistakes, his positive impact on the cryptocurrency ecosystem far outweighs these shortcomings. The CryptoQuant founder emphasizes the role of Binance in creating the significant liquidity that characterizes the crypto market.
Additionally, Ki Young Ju contends that CZ should be regarded as a respected entrepreneur, with his incarceration symbolizing the challenges and pain points within the developing crypto industry. The CryptoQuant CEO interprets CZ’s struggles as symptomatic of a societal trend that holds influential leaders accountable for the industry’s underperformance.
He elaborates that while the crypto industry has attracted considerable investment since its beginnings, its true value has not aligned with this influx largely due to issues such as hacks and frauds. Consequently, the industry has come to be seen as bearing numerous “sins” for which CZ, being a pivotal figure, has had to shoulder a significant amount of blame.
What Lies Ahead for CZ?
Post his release from the Lompoc II Correctional Center next week, Changpeng Zhao is likely to maintain his position as a board member of Binance; however, as part of his plea agreement with the US authorities, he is barred from engaging in the exchange’s daily operations.
It is important to note that CZ will still hold substantial influence over Binance as a company shareholder, including the capability to nominate new board members and top executive roles. Furthermore, some legal experts suggest that CZ’s plea agreement does not indefinitely obstruct him from assuming a management role in the exchange. Nonetheless, the key crypto figure has no intentions of returning to Binance leadership, having expressed interest in areas like blockchain, artificial intelligence, and biotechnology.
At the present time, the cryptocurrency market is valued at $2.146 trillion, reflecting a 1.08% decrease in the past 24 hours. Meanwhile, Bitcoin, the leading cryptocurrency, is valued at $62,840 with a market dominance of 53.18%.
Featured image from Forbes, chart from Tradingview
