Ki Adolescent Ju, CEO of blockchain analytics firm CryptoQuant, has expressed powerful support for Binance founder Changpeng Zhao (CZ), who is nearing the end of his detention. The former Binance CEO and influential figure in the cryptocurrency world is currently serving a four-month sentence after pleading guilty to violating the U.S. Bank Secrecy Act (BSA) in November 2023.
Zhao admitted to failing to prevent money laundering on Binance, which resulted in a $4.3 billion civil penalty for the cryptocurrency exchange and a $50 million fine for a Chinese businessman. His prison term began in June 2024.
CZ’s Achievements Outweigh Its Mistakes – CryptoQuant CEO
In connection with the planned premiere of Changpeng Zhao’s film, Adolescent Ju on September 29 it came out take a stand on the side of the former Binance boss.
Adolescent Ju admits that while CZ has made some mistakes, his contribution to the cryptocurrency ecosystem is much more significant than those mistakes. The CryptoQuant founder highlights the existence of Binance, which he claims is largely responsible for the massive liquidity seen in the cryptocurrency space.
Furthermore, Ki Adolescent Ju argues that CZ should be treated as a respected businessman whose imprisonment is part of the pain and struggles of the nascent cryptocurrency industry. The CryptoQuant CEO describes CZ’s problems as part of a broader societal tendency to label influential figures as responsible when the industry does not develop as expected.
He explains that the cryptocurrency industry has absorbed a significant amount of capital since its inception, but its intrinsic value has not matched it due to crimes such as hacking, fraud, etc. Therefore, the industry is considered to be guilty of many “sins,” for which CZ, being a key figure, now bears a immense share of the blame.
What’s next for CZ?
Following his release from Lompoc II Prison next week, Changpeng Zhao is expected to remain a member of Binance’s board of directors, but as part of a settlement with the U.S. government, he will not be allowed to participate in the cryptocurrency exchange’s day-to-day operations.
It’s worth noting that CZ will continue to have significant influence over Binance as a shareholder, which includes the ability to nominate recent board members and top management positions. Additionally, Bitcoinist reports that some lawyers say CZ’s settlement does not permanently prevent him from taking on an executive position at the exchange. However, the cryptocurrency world’s leading figure has no plans to return to his position as Binance’s leader, as he has expressed interest in blockchain, artificial intelligence, and biotechnology.
At the time of writing, the cryptocurrency market is still valued at $2.146 trillion, down 1.08% over the past day. Meanwhile, the leading cryptocurrency, Bitcoin, is valued at $62,840, with a market dominance of 53.18%.
Featured image from Forbes, chart from Tradingview
