The founder of Cardano (ADA), Charles Hoskinson, commented on the departure of the now former CEO of the exchange Binance, Changpeng Zhao (CZ). In a video on YouTube published recently, Hoskinson called the situation the “end of an era”.
In his statement, the founder of Cardano expressed details regarding the impacts of CZ's departure from the position of CEO of Binance.
“The era of the crypto industry that I grew up in is over and the Binance it was the last stand to it, and I kind of saw a lot of people fall, one by one,” he said.
When commenting on his departure, Hoskinson highlighted that CZ had not resigned from his leadership position due to accusations of fraud, such as the founder of the failed exchange FTX, Sam Bankman-Fried (SBF). Contrary to this, CZ was blamed for opening markets that enabled American criminals to carry out trades and transactions through its platform.
“CZ was not taken down like SBF, where there was some kind of massive fraud and he was just stealing from his clients, he had no intention of running a business,” he highlighted.
Still on the occasion, the founder of Cardano added:
“Ultimately, he opened up markets that allowed America’s enemies to basically trade and do things. Open protocols without permission tend to invite this and the United States has a financial regime that has basically been weaponized.”
Change of Command at Binance
This week, Changpeng Zhao, better known as “CZ”, announced his immediate withdrawal as CEO of Binance, one of the largest cryptocurrency trading platforms in the world. Since the company's founding in 2017, CZ has been a central figure, guiding Binance through the crypto market's many ups and downs.
Recognizing recent challenges and the need for a new direction, CZ expressed full confidence in Richard Teng, the chosen one to take the helm at Binance. Teng, who previously held the role of global head of regional markets at the company, is seen as a strong name with a solid career and thirty years of experience in the financial services sector. His background includes leadership positions at the Abu Dhabi Global Market Financial Services Regulatory Authority and the Singapore Exchange.