CryptoQuant CEO, Ki Young Ju, has come out in strong support of Binance founder Changpeng Zhao (CZ) as he approaches the end of his four-month detention. Zhao, a prominent figure in the crypto industry, pleaded guilty to violating the US Bank Secrecy Act in November 2023, admitting to not preventing money laundering on Binance. This resulted in a hefty civil penalty for the exchange and a fine for Zhao, who began serving his sentence in June 2024.
Despite Zhao’s mistakes, Young Ju believes that his contributions to the crypto ecosystem outweigh them. He praises Binance for its role in providing liquidity to the market and argues that Zhao should be seen as a respected businessman facing the challenges of a growing industry. Young Ju suggests that the blame placed on Zhao is a reflection of the industry’s struggles with crimes like hacks and frauds.
As Zhao’s release date of September 29 approaches, it is expected that he will remain a board member of Binance but will be restricted from participating in its daily operations. However, he will still hold significant influence as a shareholder, with the ability to nominate new board members and executives. Some legal experts suggest that Zhao may eventually be able to take on a management position at the exchange again.
Despite his potential return to Binance, Zhao has expressed interest in exploring other fields such as blockchain, artificial intelligence, and biotechnology. The current state of the crypto market shows a slight decline, with a total valuation of $2.146 trillion and Bitcoin trading at $62,840 with a market dominance of 53.18%.
In conclusion, Young Ju’s support for Zhao highlights the complexities of the crypto industry and the challenges faced by its key figures. As Zhao prepares to re-enter the industry, it remains to be seen how his future endeavors will shape the landscape of cryptocurrency.