- Tron CEO Justin Sun commended former Binance CEO Changpeng Zhao’s values and revealed the lessons learned from him, emphasizing user protection more than profit-making.
- Sun highlighted the importance of doing the right thing over the easy thing, drawing lessons from both Zhao and Alibaba founder Jack Ma.
- This statement comes in light of major legal woes faced by the Binance founder.
Discover the values and lessons Tron CEO Justin Sun learned from former Binance CEO Changpeng Zhao and Alibaba’s Jack Ma, emphasizing user protection and ethical business practices.
Justin Sun Lauds Former Binance CEO’s Values
Sun stated, “The second lesson I learned from Jack Ma and CZ is to always do the right thing, not the easy thing.” In addition, the Tron founder elaborated on the values imparted by Jack Ma during his time at Hupan University. Moreover, he noted that Ma stressed a company’s ultimate value comes from the value it provides to its users.
Emphasis on User Protection
“Doing the right thing for users, rather than focusing on profit itself, is crucial,” Sun wrote. Additionally, he emphasized that profit should be a byproduct of the value provided to users, not the primary focus. Moreover, He also drew parallels to CZ’s entrepreneurial journey.
The Tron CEO observed that a good company achieves substantial profits by consistently prioritizing user value. “A good company achieves substantial profits by fundamentally winning in terms of user value through consistently doing the right thing,” Sun remarked.
Earlier, Sun shared another lesson he learned from Ma and CZ. Furthermore, he highlighted the importance of protecting users above all else. “When I was studying at Jack Ma’s Hupan University, he repeatedly emphasized the importance of protecting users. At Alibaba, the priority of users is above investors, partners, and employees,” Sun wrote.
Sun applied this principle to his own business ventures. Over eleven years of entrepreneurship, he saw CZ as an exemplary model of user priority. “Users should always be placed at the top of all interest distributions,” Sun stated. He acknowledged that this is not easy to achieve and requires constant reminders.
Changpeng Zhao’s Incarceration
These comments come in light of CZ’s recent legal troubles. The former Binance CEO, Changpeng ‘CZ’ Zhao, was sentenced to four months in prison for violating the Bank Secrecy Act (BSA). Moreover, the sentencing followed money laundering allegations against him.
Judge Richard Jones presided over the case, ultimately disagreeing with the three-year sentence proposition of the U.S. Department of Justice (DOJ). Furthermore, Judge Jones revealed his alignment with the Probation Office’s recommendation of a 10 to 16-month sentence.
Despite this, he handed down a four-month sentence. This decision disappointed DOJ prosecutors, who sought a harsher punishment. However, the judge clarified that no evidence indicated CZ was aware of illegal activity, leading to the rejection of the DOJ’s push for an enhancement.
It has been more than six months since CZ pleaded guilty to the charge. Moreover, Binance also paid a $4.3 billion settlement fee to the DOJ. After stepping down as CEO, CZ waived his right to appeal any jail term sentence up to 18 months. However, his legal battle with the regulator has continued to intensify.
Conclusion
In summary, Justin Sun’s commendation of Changpeng Zhao and Jack Ma underscores the importance of prioritizing user value and ethical business practices. Despite Zhao’s legal challenges, the emphasis on doing the right thing over the easy thing remains a crucial lesson for entrepreneurs. As the crypto industry continues to evolve, these values will likely play a significant role in shaping its future.
