• Michael Novogratz, the founder of Galaxy Digital Holdings, expressed his support for the major crypto exchange Binance, noting the importance of its retail following.
• The US Department of Justice had made charges against a crypto company earlier this month, which had the cryptoverse speculating which exchange it could have been. It turned out to be a little-known Hong Kong-registered exchange called Bitzlato.
• Novogratz noted that Binance has a “giant percentage of the liquidity” and that CEO Changpeng Zhao (CZ) has always been focused on customer service, so he urged people to “cheer for Binance” and success for CZ.
Billionaire Mike Novogratz has expressed his support for the major crypto exchange Binance and its CEO Changpeng Zhao (CZ). This comes after the US Department of Justice made charges against a crypto company earlier this month.
The news had the cryptoverse speculating which exchange it could have been, but it turned out to be a little-known Hong Kong-registered exchange called Bitzlato. Its Russian founder Anatoly Legkodymov was arrested by US authorities for allegedly processing $700 million in illicit funds. Binance, however, had had some involvement in the case, with the US Department of the Treasury writing in an order that the world’s largest crypto exchange by trading volume was Bitzlato’s top receiving counterparty of bitcoin (BTC) between May 2018 and September 2022. Binance said that it “provided substantial assistance to international law enforcement partners in support of this investigation.”
Michael Novogratz, the founder of the US-based crypto financial services firm Galaxy Digital Holdings, commented on the announcement, saying that the industry and its participants need Binance and its loyal retail following. He expressed his relief that it wasn’t Binance that was charged and urged people to “cheer for Binance” and success for CZ.
Novogratz noted that Binance has a “giant percentage of the liquidity” and that CEO Changpeng Zhao (CZ) has always been focused on customer service. He said that CZ has a very loyal, giant retail following that believes in the ecosystem, so they need him to succeed.
Novogratz noted that he sees numerous people online who seem to want Binance and CZ to fail, but he said that this is the wrong thinking. He added that the crypto industry needs Binance and its retail following in order to succeed. He concluded by saying that he hopes CZ will continue to make the right decisions and that Binance will remain the most successful crypto exchange.