• Billionaire Mike Novogratz expressed his support for the major crypto exchange Binance and its CEO Changpeng Zhao (CZ)
• He believes that the industry and its participants need Binance and its loyal retail following
• Novogratz noted that Binance has a large percentage of liquidity and CZ has always focused on customer service, so he wants them to succeed
Billionaire Mike Novogratz recently expressed his support for the major crypto exchange Binance and its CEO Changpeng Zhao (CZ). This comes after the US Department of Justice announced charges against a crypto company earlier this month, which had the cryptoverse speculating which exchange it could have been.
Speaking to Real Vision Crypto, Novogratz said: “And I was like, please don’t have it be Binance. We need to cheer for Binance.” 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.“
Novogratz went on to note that Binance has a „giant percentage of the liquidity“ and that CZ has always been focused on customer service. Therefore, said Novogratz,“He’s got a very loyal, giant retail following that believe[s] in our ecosystem. We need those guys.“
Novogratz noted 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.“ He believes that the industry and its participants need Binance and its loyal retail following.
The crypto mogul’s endorsement of Binance and CZ is not surprising given the recent success of the exchange. Since its launch in 2017, Binance has become one of the most popular exchanges in the world. It is currently the largest crypto exchange by trading volume, and its Binance Coin (BNB) token has surged to become one of the top cryptocurrencies in terms of market capitalization.
At the same time, Binance has been actively expanding its services and offerings. It launched its first fiat-to-crypto exchange in Uganda in 2018 and has since opened up similar services in several other countries. It also launched its own decentralized exchange (DEX) earlier this year.
It’s clear that Novogratz’s endorsement of Binance and CZ is well-deserved, and it highlights the importance of the exchange and its CEO in the crypto industry. Binance has become an integral part of the crypto ecosystem and its success will be crucial in helping the industry grow and become more mainstream.