Justin Sun, the founder of Tron, expressed admiration for Changpeng Zhao (CZ), the former CEO of Binance, despite CZ’s recent legal issues.
A recent conversation on X included Sun highlighting the skills he acquired from Jack Ma, the founder of Alibaba and Binance’s Chief Financial Officer. In addition to that, he underlined the significance of always doing the right thing rather than the easy thing.
Justin Sun Lauds Former Binance CEO’s Values
“The second lesson I learned from Jack Ma and CZ is to always do the right thing, not the easy thing, if you want to succeed,” quoted Justin Sun. The founder of Tron also provided further explanations regarding the principles that Jack Ma instilled in him while he was attending Hupan University.
Furthermore, he underscored Ma’s emphasis on a firm’s ultimate worth stemming from the value it provides to its clientele. It is of the utmost importance, as Justin Sun emphasized, to prioritize doing what is right for users rather than concentrating on profit itself.
Furthermore, he emphasized that the primary objective should not be profit, but rather the value provided to individual users. Not only that, but he also made comparisons to CZ’s path as an entrepreneur.
According to the CEO of Tron, a good company can make considerable profits by continually prioritizing user value. According to Justin Sun, a good company achieves big profits by essentially winning in terms of user value by continually doing the right thing.
This is how a good company achieves substantial profits. Prior to that, Sun revealed yet another lesson that he had picked up from Ma and CZ.
Additionally, he emphasized the significance of first and foremost protecting users from any and all threats. “During the time that I was attending Jack Ma’s Hupan University, he underlined the significance of safeguarding individual users on multiple occasions.
Justin Sun noted that the priority of Alibaba is to put the needs of its users ahead of those of its investors, partners, and staff. In his own commercial endeavors, Justin Sun put this theory into practice.
During his eleven years of experience as an entrepreneur, he saw CZ as an exceptional model of user priority. Sun articulated the principle of placing users at the forefront of all interest distributions.
Changpeng Zhao’s Incarceration
He acknowledged that achieving this goal is challenging and necessitates regular reminders.We make these remarks in light of the recent legal issues that CZ has been facing. The Court found Changpeng “CZ” Zhao, the former CEO of Binance, guilty of breaching the Bank Secrecy Act (BSA) and sentenced him to approximately four months in prison.
Furthermore, the sentencing was based on allegations that he had been involved in money laundering. Judge Richard Jones ruled over the case, ultimately concluding that he did not agree with the suggested sentence of three years imposed by the United States Department of Justice (DOJ).
Furthermore, Judge Jones expressed his agreement with the Probation Office’s suggested sentence of ten to sixteen months. Despite this, he decided to impose a sentence of four months in prison.
Prosecutors from the Department of Justice were dissatisfied with this ruling, as they had been seeking a more severe punishment. In spite of this, the judge made it clear that there was no evidence to suggest that CZ was aware of any criminal behavior, which resulted in the Department of Justice’s attempt to have an enhancement rejected.
More than six months have passed since CZ entered a guilty plea to the offense. Additionally, the Department of Justice received a settlement fee of $4.3 billion from Binance.
When CZ resigned from his position as CEO, he gave up his ability to challenge any jail-term punishment that was up to 18 months in length. He has been engaged in a legal battle with the regulator, which has continued to become more intense.