Ki Young Ju, CEO of blockchain analytics firm CryptoQuant has voiced strong support for Binance founder Changpeng Zhao (CZ) as he nears the end of his prison sentence. The former CEO of Binance and a powerful crypto figure is currently serving a four-month prison sentence after pleading guilty to violating the US Bank Secrecy Act (BSA) in November 2023.
Zhao admitted that he did not prevent money laundering at Binance that resulted in a $4.3 billion fine for the crypto exchange and a $50 million fine for the Chinese businessman and his arrest that began in June 2024.
CZ Success Outweighs Mistakes – CryptoQuant CEO
As Changpeng Zhao is scheduled to be released on September 29, Young Ju has stepped out to take part with the former Binance boss.
Young Ju admits that although CZ has made some mistakes, his contributions to the crypto ecosystem are more important than these mistakes. The founder of CryptoQuant highlights the presence of Binance which he says is responsible for the huge liquidity shortage seen in the crypto space.
In addition, Ki Young Ju argues that CZ should be treated as a respectable entrepreneur in custody representing parts of the nascent crypto industry’s pains and struggles. CryptoQuant Boss explains CZ’s debacle as part of a wider public tendency to hold influential people responsible when the industry fails to grow as expected.
He explains that the crypto industry has held capital since its inception, but its intrinsic value has not been the same due to crimes such as hacks, fraud, etc. Therefore, the industry is considered to bear many “sins” for which CZ, a key figure, is now largely responsible.
What’s next for CZ?
After his release from Lompoc II Correctional Center next week, Changpeng Zhao is expected to remain a member of the board of Binance, however, he is prohibited from participating in the day-to-day operations of the crypto exchange as part of his plea agreement with the US government.
It is worth mentioning that CZ will still retain significant influence over Binance as a shareholder of the company including the ability to appoint new board members and senior executive positions. In addition, Bitcoinist reports that some lawyers argue that CZ’s agreement does not permanently prevent him from taking an administrative position in the exchange. However, the key crypto figure has no plans to return to Binance’s leadership and has expressed interest in blockchain, artificial intelligence, and biotechnology.
At the time of writing, the crypto market remains valued at $2.146 trillion with a decrease of 1.08% in the last day. Meanwhile, the main cryptocurrency, Bitcoin stood at $62,840 with a market dominance of 53.18%.
Featured image from Forbes, chart from Tradingview