• Mike Novogratz, the founder of Galaxy Digital Holdings, expressed his support for the crypto exchange Binance and its CEO Changpeng Zhao (CZ).
• Novogratz believes that Binance and CZ have a loyal retail following, and the industry and its participants need them.
• He noted that he sees numerous people online who seem to want Binance and CZ to fail, but this is the wrong thinking, as they need CZ to succeed.
Billionaire Mike Novogratz, founder of the US-based crypto financial services firm Galaxy Digital Holdings, recently expressed his support for the major crypto exchange Binance and its CEO Changpeng Zhao (CZ). This was in response to the announcement of charges against a crypto company made by the US Department of Justice earlier this month.
Novogratz, who was speaking to Real Vision Crypto, said that when he heard the news he wished it was not Binance that had been charged. He said that it is important to cheer for Binance, as it has a “giant percentage of the liquidity” and CZ has always been focused on customer service, giving him a loyal retail following.
He went on to note that he sees numerous people online who seem to want Binance and CZ to fail, but “it’s the wrong thinking”, he said, adding: “We need CZ to succeed.” This is because the industry and its participants need Binance and its loyal retail following.
It was later revealed that the company charged by the US Department of Justice was 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 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.”
Mike Novogratz’s comments in support of Binance and Changpeng Zhao showed his belief that the exchange and its CEO are key to the success of the crypto industry. His belief is that Binance and CZ should be cheered on, rather than seeing people hoping for their failure.