Changpeng Zhao Makes History as Wealthiest US Prisoner with $33B Fortune
Despite his four-month prison sentence, Changpeng Zhao’s $33B personal net worth, which is set to keep growing, makes him the richest US inmate in history.
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Navigating the Storm: Where Exactly is CZ Leading Binance? (Part 3)
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How Much Compliance Homework Did Binance Do Globally?
Since 2017, Binance has been trying to obtain 'partially legal' status in certain regions globally. This endeavour has manifested itself through multiple channels, be it through diplomacy, acquisitions, joint investments, philanthropic funding, etc.
Since June 2021, global regulations have become tense, coupled with the strictest crypto ban ever imposed by the Chinese government. All types of exchanges worldwide have been affected to varying degrees, and Binance has begun feeling pressure from regulatory bodies around the world.
From the chart, it's evident that the painstaking efforts of the past few years have almost all gone to waste.
Binance, The Good Child
Will the "good child" navigating the market with a silver spoon in their mouth be able to escape the full extent of the world's malice? As Changpeng Zhao sets foot on U.S. soil, the global cryptocurrency market may enter a "Schrodinger's" phase.
Industry participants, especially the big players in the exchange track, silently observe the progress of this case. When they hunt the whales, will their treatment towards sharks and unicorns worsen or improve?
According to Coinlive's analysis, in the vast process of decentralization, there is never a shortage of gamblers, brave souls, nor sacrifices. After paying a hefty price, can Changpeng Zhao leave the U.S. safely? The information currently available indicates that he is unlikely to return to Dubai, whether for a year and a half or ten years, we trust that he is fully prepared.
Once Zhao decided to step down, however, Binance was technically safe. What is perhaps most painful is the fact that its business will be dissected, and how it might be redistributed will be dictated by the U.S.
It is the beginning of a new era, because from now on, the cryptocurrency revolution, which has till this time advanced unfettered, will have no choice but to enter a period of compromise with regulation.
We spoke to Luna from Golden Finance, and this is what she had to say:
- Binance's funds may continue to flow out as the U.S. Department of the Treasury can audit accounts at any time, leaving no transaction privacy.
- Binance's market share will likely also decrease. This will leave a vacuum, which presents an opportunity for other centralised exchanges and decentralised exchanges to take over..
- Market makers on Binance may converge, making trading healthier, which may eventually be a good thing for retail investors.
- Next year, a Bitcoin spot ETF may be approved. At this critical moment, with Binance becoming compliant, it is not inconceivable that if a Bitcoin spot ETF is approved next year, the financial center for cryptocurrencies will end up being on NASDAQ or NYSE. In this scenario, the ultimate development of Web3 finance will occur in the U.S.
- The bull and bear cycles of the cryptocurrency industry will undergo changes. The default bear market, bull phase, and the 4-year halving cycle may be replaced by new rules, as more public funds and institutional funds enter the scene. The eventual outlook for crypto may end up resembling the cycles of the U.S. stock market.
- Many altcoins only have trading volume on Binance, so their fate remains uncertain. Holders of altcoins should be cautious of the risks that the regulatory clampdown may present.
- Binance may be safe for now, but this does not mean that projects on Binance are out of the regulator's radar.
- Technological innovation will not be affected by this event. If you are a builder in the Web3 industry, continue doing what you do best, as there is still much potential in this field.
When Zhao admitted his guilt, Binance co-founder and close ally He Yi promptly responded in the community:
"Binance is still a good child."
Indeed, if we were to push the metaphor, Binance may really be a "good child". Unfortunately, their father has become almost a hostage, helpless to guide the child in its next steps. Binance has undoubtedly become a "good child" walking through the markets with a fortune in their hands.
Can this "good child" escape the full extent of the world's malice? Will they stay unswayed, naïve, and resolute in their beliefs?
Finally, let's take a final look at the latest market trends:
At this moment, wherever Zhao is, he is likely to breathe a sigh of relief. Like Prometheus who sacrificed himself to bring mankind the gift of fire, CZ has paved the way for the industry with his own freedom. Regulatory clarity is akin to fire - from now on, his successors will all need to follow the rules.
People, as we know, are naturally forgetful. As Bitcoin heads towards the $45,000, $48,000, and $50,000 marks, will CZ eventually become something like a distant memory?
I doubt it. The industry will forever remember this shining giant who brought us light in trying times. The retail investors are no exception.
See: Navigating the Storm: Where Exactly is CZ Leading Binance? (Part 1)
See: Navigating the Storm: Where Exactly is CZ Leading Binance? (Part 2)
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