• Billionaire Mike Novogratz has endorsed Binance and its CEO CZ, citing their importance to the crypto industry.
• The endorsement comes in the wake of the US Department of Justice’s charges against a crypto company in which Binance was involved.
• Novogratz noted that Binance has a large retail following and that CZ has always been focused on customer service, and that it is important for CZ to succeed.
Billionaire Mike Novogratz has recently expressed his support and endorsement of the world’s largest crypto exchange by trading volume, Binance, and its CEO Changpeng Zhao (CZ). This endorsement comes in the wake of the US Department of Justice’s charges against a crypto company, in which Binance was involved, earlier this month.
Speaking to Real Vision Crypto, Novogratz commented on the announcement, saying “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. Though Binance had had some involvement in the case, the US Department of the Treasury wrote in an order that Bitzlato was Binance’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 the importance of Binance and CZ to the industry and its participants. He said that Binance has a “giant percentage of the liquidity” and that CZ has always been focused on customer service, resulting in a large retail following that “believe[s] in our ecosystem. We need those guys.”
Novogratz also noted that there seem to be numerous people online who want Binance and CZ to fail, but that “it’s the wrong thinking. We need CZ to succeed.” He added that it is important for the industry to have the major crypto exchange, its loyal retail following, and a CEO that is focused on customer service.
Overall, Novogratz’s endorsement of Binance and CZ is a show of support for the crypto industry and its participants, and a sign that the two entities are key to the success of the industry. It seems that Novogratz believes that it is important for CZ to succeed in order to ensure the continued success of the crypto industry.
