• Mike Novogratz, the founder of the US-based crypto financial services firm Galaxy Digital Holdings, expressed his support for Binance and its CEO CZ.
• He noted that Binance has a “giant percentage of the liquidity” and that CZ has always been focused on customer service, making him have a loyal retail following.
• According to Novogratz, the success of this major exchange would enable it to maintain its retail following while bringing in more institutions and individuals into the industry.
Billionaire Mike Novogratz’s Endorsement for Binance
Mike Novogratz, the founder of the US-based crypto financial services firm Galaxy Digital Holdings, expressed his support for Binance and its CEO Changpeng Zhao (CZ). Speaking to Real Vision Crypto, he commented on the recent charges against a crypto company made by the US Department of Justice. He noted that they need Binance and its loyal retail following in order to make progress in their industry.
Binance’s Role in U.S Department of Justice Investigation
The US Department of Justice had announced charges against a crypto company earlier this month which had many speculating which exchange it could have been. It turned out to be a Hong Kong-registered exchange called Bitzlato whose Russian founder Anatoly Legkodymov was arrested by US authorities for processing $700 million in illicit funds. Although Binance wasn’t directly involved in this case, it was mentioned as top receiving counterparty between May 2018 and September 2022 according to an order from The U.S Department of Treasury. In response to this incident, Binance said that they provided substantial assistance to international law enforcement partners in support of their investigation
Novogratz’s View on CZ & Retail Following
Novogratz noted that despite some people wanting CZ and Binance to fail online, we need them both to succeed due to their percentage of liquidity along with CZ’s focus on customer service which gives him a giant retail following that believes in their ecosystem. This will help bring more institutions and individuals into the industry which is needed for technology growth according to Novogratz.
Fallout From FTX Exchange
In connection with the fall out from FTX exchange where many organizations got caught up as well as companies such as Galaxy trying unsuccessfully over years to get certain entities like Canadian pension funds into the industry; Novogratz stated how unfortunate it was that these entities got involved due allurement caused by frenzy or fraudulence instead if proper introduction through trustable sources such as exchanges like Binance or individuals like CZ himself who focuses on customer service before anything else thus having a loyal retail following believing in their ecosystem .
Overall , Mike Novogratz expressed his endorsement for one major crypto exchange -Binance with its leader Changpeng Zhao (CZ) encouraging success since they can help bring more institutions and individuals into their industry while maintaining loyal customers already present providing liquidity which is important for technology growth .