With Binance CEO set to gain his freedom after a 4-month jail term, CryptoQuant Founder has advised the community to respect CZ
CryptoQuant Founder and CEO Ki Young Ju has shared his take on what to make of Binance Founder Changpeng ‘CZ’ Zhao’s incarceration. Taking to the X platform, Young Ju said CZ deserves respect.
Binance Founder: a Major Scapegoat
In his explanations, the CryptoQuant Founder insinuated that CZ is merely taking a fall for the entire industry. He said, “When the intrinsic value of an industry falls short of the capital it has absorbed, society tends to view this as a sin.”
This was exactly what happened in the case of CZ, as Binance grew rapidly within a short time. At some point, the trading platform commanded larger liquidity than some traditional stock exchanges. This success visibly attracted scrutiny from regulators.
Last year, Binance Exchange settled with regulators for several violations, including money laundering charges. The trading firm paid a fine of $4.3 billion to the US Department of Justice, CFTC, and FinCEN. As part of the settlement, CZ stepped down from his role as CEO and was sentenced to four months in jail.
While Young Ju did not absolve CZ of mistakes made running the exchange, he said crimes were rampant in the industry, and only a few were punished. He called Binance CEO a businessman who has helped the industry attract the liquidity it does today.
CZ Deserves Respect
The 4-month detention of the Binance Founder is slated to end on the 29th of this month. Many in the industry are elated as they have come to see CZ as a leader to reckon with.
However, Young Ju shared a note with some community members who might see CZ differently. He said CZ’s achievements far outweigh his mistakes. He noted that the former CEO has paid his fines and that his detention is nearing its end, so he deserves some respect.
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