Ki Young Ju, the CEO of blockchain analytics firm CryptoQuant, has expressed strong support for Binance founder Changpeng Zhao (CZ) as he approaches the end of his detention. The former Binance CEO, a pivotal figure in the cryptocurrency world, is currently serving a four-month sentence after pleading guilty to violating the US Bank Secrecy Act (BSA) in November 2023.
Zhao admitted to failing to prevent money laundering on the Binance platform, resulting in a $4.3 billion civil penalty for the crypto exchange and a $50 million fine for the Chinese businessman. His incarceration began in June 2024.
CZ’s Achievements Overshadow Mistakes — CryptoQuant CEO’s Perspective
With Changpeng Zhao set for release on September 29, Ki Young Ju has publicly expressed his support for the embattled former Binance boss. Young Ju acknowledges that while CZ has made some errors, his overall contributions to the cryptocurrency ecosystem are far more significant.
The CryptoQuant founder emphasizes the role of Binance in providing substantial liquidity to the crypto market. He argues that CZ should be seen as a respected entrepreneur whose imprisonment symbolizes the growing pains of a nascent industry. Ki Young Ju describes CZ’s struggles as indicative of a broader societal tendency to hold influential figures accountable when an industry fails to meet expectations.
He elaborates that the cryptocurrency industry has attracted significant capital since its inception. However, its intrinsic value has often been undermined by criminal activities such as hacks and frauds. As a key figure in the industry, CZ has borne much of the blame for these issues.
Future Prospects for Changpeng Zhao
Following his release from the Lompoc II Correctional Center next week, Changpeng Zhao is expected to remain a board member of Binance. However, as part of his plea deal with the US government, he is prohibited from participating in the daily operations of the crypto exchange.
Despite these restrictions, CZ will continue to wield significant influence at Binance as a major shareholder. This includes the ability to nominate new board members and key executive positions. Additionally, some legal experts suggest that CZ’s plea deal does not permanently bar him from assuming a management role at Binance in the future.
Nevertheless, CZ has expressed no intention of returning to Binance’s leadership. Instead, he has shown interest in exploring other areas such as blockchain technology, artificial intelligence, and biotechnology.
As of now, the cryptocurrency market is valued at $2.146 trillion, experiencing a slight decline of 1.08% in the last 24 hours. Bitcoin, the leading cryptocurrency, is currently valued at $62,840, holding a market dominance of 53.18%.
