Galaxy Digital CEO Mike Novogratz sees the recent settlement between US authorities and Binance, as well as its ex-CEO Changpeng Zhao, as a positive development for the company and the wider cryptocurrency industry.
In an interview with Bloomberg, Novogratz praised Binance for addressing its customers’ concerns and implementing necessary changes.
He emphasized the importance of responsible partnerships with companies that take their work seriously, acknowledging that relationships between traditional financial institutions and regulators have not always been smooth either.
Novogratz cautioned against focusing solely on a company’s mistakes, as it would leave the industry with no viable options.
Regarding Binance specifically, Novogratz noted that the platform’s troubles were not as worrisome as those faced by other exchanges, like FTX, which experienced a potential closure and theft of client funds.
In Binance’s case, the violations pertained to KYC protocols, which have since been resolved and settled.
