How Binance’s Changpeng Zhao Sentence Impacts The Market?

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Tron Founder Justin Sun Hails Binance’s Changpeng ‘CZ’ In Latest Comment – Crypto News

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10 months ago

May 27, 2024

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Tron founder Justin Sun praised former Binance CEO Changpeng ‘CZ’ Zhao despite the recent legal woes. In recent thread on X, Sun highlighted the lessons he learned from Binance’s CZ and Alibaba founder Jack Ma. Moreover, he emphasized the importance of doing the right thing over the easy thing.

Justin Sun Lauds Former Binance CEO’s Values

Sun stated, “The second lesson I learned from Jack Ma and CZ is to always do the right thing, not the easy thing.” In addition, the Tron founder elaborated on the values imparted by Jack Ma during his time at Hupan University. Moreover, he noted that Ma stressed a company’s ultimate value comes from the value it provides to its users.

“Doing the right thing for users, rather than focusing on profit itself, is crucial,” Sun wrote. Additionally, he emphasized that profit should be a byproduct of the value provided to users, not the primary focus. Moreover, He also drew parallels to CZ’s entrepreneurial journey.

The Tron CEO observed that a good company achieves substantial profits by consistently prioritizing user value. “A good company achieves substantial profits by fundamentally winning in terms of user value through consistently doing the right thing,” Sun remarked.

Earlier, Sun shared another lesson he learned from Ma and CZ. Furthermore, he highlighted the importance of protecting users above all else. “When I was studying at Jack Ma’s Hupan University, he repeatedly emphasized the importance of protecting users. At Alibaba, the priority of users is above investors, partners, and employees,” Sun wrote.

Sun applied this principle to his own business ventures. Over eleven years of entrepreneurship, he saw CZ as an exemplary model of user priority. “Users should always be placed at the top of all interest distributions,” Sun stated. He acknowledged that this is not easy to achieve and requires constant reminders.

Changpeng Zhao’s Incarceration

These comments come in light of CZ’s recent legal troubles. The former Binance CEO, Changpeng ‘CZ’ Zhao, was sentenced to four months in prison for violating the Bank Secrecy Act (BSA). Moreover, the sentencing followed money laundering allegations against him.

Judge Richard Jones presided over the case, ultimately disagreeing with the U.S. Department of Justice’s (DOJ) three-year sentence proposition. Furthermore, Judge Jones revealed his alignment with the Probation Office’s recommendation of a 10 to 16-month sentence.

Despite this, he handed down a four-month sentence. This decision disappointed DOJ prosecutors, who sought a harsher punishment. However, the judge clarified that no evidence indicated CZ was aware of illegal activity, leading to the rejection of the DOJ’s push for an enhancement.

It has been more than six months since CZ pleaded guilty to the charge. Moreover, Binance also paid a $4.3 billion settlement fee to the DOJ. After stepping down as CEO, CZ waived his right to appeal any jail term sentence up to 18 months. However, his legal battle with the regulator has continued to intensify.

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