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Changpeng Zhao, the former CEO of Binance, posted a cryptic message on his X page, “Be on the right side of history.” The statement echoed a post from 2022 in which Zhao described cryptocurrency as a better form of money benefiting billions globally.
In his post from 2022, Zhao advised his X community members not to be on the wrong side of history, stating that it would not be a good legacy. Although Zhao’s latest message did not pinpoint anything specific, market observers stated that he was referring to the U.S. Securities and Exchange Commission (SEC), considering the regulatory body’s scrutiny of the crypto industry.
The SEC has faced severe backlash from several crypto firms for stifling innovation rather than fostering growth within the crypto space when it should have provided proper regulations and support for the emerging industry. The regulatory body’s actions include a 2023 lawsuit against Zhao for alleged mishandling of customer funds, misleading investors, and violating securities laws.
That year, Zhao’s comments about being on the wrong side of history sparked speculation that he was addressing SEC leadership directly.
Last April, a U.S. Judge in the District of Seattle sentenced Zhao to four months in jail after the latter pled guilty to money-laundering charges at Binance. The court also fined the Binance crypto exchange $4.3 billion, with Zhao paying an additional $50 million fine plus $50 million to the U.S. Commodity Futures Trading Commission. Following his release in September 2024, Zhao resumed his work in the crypto sector, signaling his intent to remain influential despite his legal troubles.
Read also: Court Rules Changpeng Zhao’s 4-Month Sentence, Prosecutors Criticize
Zhao’s recent comment aligns with the crypto industry’s outlook after Donald Trump’s victory in the elections. Further, several crypto stakeholders believe that the industry is entering a new era, paving the way for blockchain technology to fulfill its potential.
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