Founder and former CEO of cryptocurrency exchange Binance Changpeng Zhao (CZ) will soon be released. The 47-year-old entrepreneur has almost served his four-month sentence.
In late 2023, Binance and Zhao settled with the US authorities. The latter initially demanded that CZ be sent to prison for 36 months, but the court decided to reduce this term.
Former Binance CEO Will Soon Be Released
According to the official website of the US Federal Bureau of Prisons, Binance founder Changpeng Zhao will be released on September 29. Many have long guessed about this date, but the regulator confirmed it only yesterday, September 16.
CZ began serving his sentence in July at the Federal Correctional Institution in Lompoc, California. In addition to serving four months in prison, Zhao must also pay a $50 million fine.
The fine is small for the former Binance CEO. CZ’s wealth increased by $25 billion in 2023 alone.
Binance founder Changpeng Zhao’s release date. Source: US Federal Bureau of Prisons
What Zhao will do after his release remains a mystery. He has previously mentioned that he has no plans to return to the CEO role. Instead, he is more interested in funding various projects, particularly those related to blockchain, artificial intelligence (AI), and biotechnology.
Traders are currently actively discussing how CZ’s release will affect the price of Binance Coin (BNB) and other altcoins associated with Binance. Despite stepping down as the CEO of the crypto exchange, Zhao remains a key figure in the trading platform’s ecosystem. His return could significantly affect market dynamics.
According to crypto analyst Pepesso on X (formerly Twitter), BNB, Ethena (ENA), Renzo Protocol (REZ) and Arkham Intelligence (ARKM) could rise in value due to such an event.
Another well-known crypto expert, Kyle Chasse, believes that the release of CZ will launch a “supercycle” on the market.
In late August, Zhao was transferred from prison to a rehabilitation center in Los Angeles.
Earlier, it was revealed that CZ had been banned from managing Binance for life. This information was confirmed by the current CEO of the trading platform Richard Teng. Initially, it was believed that Zhao would not be able to return to the position of the head of the crypto platform for three years.
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Source: Cryptocurrency
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