Ki Young Ju, CEO of CryptoQuant, has articulated robust support for Binance founder Changpeng Zhao (CZ) as his impending release from detention nears. Zhao is undergoing a four-month incarceration following a guilty plea for infractions of the US Bank Secrecy Act (BSA) in November 2023.
His acknowledgment entailed neglecting to avert money laundering on Binance, culminating in a $4.3 billion sanction for Binance and a $50 million penalty for Zhao. Young Ju recognized Zhao’s errors while underscoring his substantial contributions to the crypto sector. He contends that although CZ has encountered criticism, his accomplishments surpass his errors.
Young Ju said that Zhao’s difficulties exemplify the challenges confronting the crypto market, which has had substantial financial inflows yet has also been beset by problems such as hacking and fraud. He contends that Zhao has been made a scapegoat for certain industrial shortcomings, although this should not diminish his contributions to its advancement.
Upon his release from Lompoc II Correctional Center, Zhao is anticipated to retain his position on Binance’s board, however he will be prohibited from engaging in daily operations.
Zhao, as a principal shareholder, will maintain significant influence over the company, including the authority to select new board members and executives. He has, however, indicated no intention to reclaim control at Binance and is keen in exploring blockchain, artificial intelligence, and biotechnology.
