Former Binance CEO Changpeng Zhao (CZ) took part in a public event for the first time since his release from prison. Zhao spoke about his vision of the prospects for Bitcoin during a speech at Binance Blockchain Week. Writes about this RBC Crypto.
At the end of 2023, Binance agreed to replace Zhao as head of the site and pay a $4.3 billion fine to settle US Department of Justice charges of money laundering and sanctions violations. Zhao was sentenced to an additional fine of $50 million and a prison term of four months. He was released at the end of September.
During the discussion, Zhao said that it is very difficult to predict the price of Bitcoin in the near future, but in the future, the founder of Binance is confident in the growth of BTC. He explained this by the four-year cyclical nature of the rate: during such a period, Bitcoin updates its maximum, corrects itself, then recovers to the previous maximum, and then grows to a new record. According to Zhao, 2024 is the year of recovery.
Binance co-founder He Yi stated at Binance Blockchain Week that the biggest internal problem of the exchange was the resignation of CZ in 2023. But the team successfully continued the business due to its maturity and good organization.
As of October 2024, Binance has lost about 13% of its total market share to less than 40%. But the exchange still remains the leading platform in terms of trading volumes.
In early September, it became known that Binance had suspended its founder from management for life. At the same time, Zhao remained the majority shareholder of Binance, although he is not formally listed on the board of directors.
During his speech, Zhao said that what he missed most in prison was being with his family and friends. He added that during his detention, several guards asked him which cryptocurrencies were worth buying.
Zhao said he has no intention of returning to management work. CZ reiterated that he is now focusing on education and investing in projects related to blockchain, artificial intelligence and science.
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Source: Cryptocurrency
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