Changpeng Zhao, the founder of Binance, was released early from custody on September 27th. This news had a minor impact on the price of Bitcoin and Binance Coin (BNB).
Zhao holds a substantial portion of the total BNB supply, estimated to be around 64%. This significant stake has raised concerns about the centralization of the token.
The legal actions against Binance and Zhao have influenced the price of BNB. When the US Department of Justice announced charges against Binance, the price of BNB experienced a noticeable increase. Similarly, the settlement between Binance and the Securities and Exchange Commission (SEC) led to a rise in BNB’s price.
The release of Changpeng Zhao from custody and the ongoing legal proceedings involving Binance have had a mixed impact on the price of BNB. While the news of Zhao’s release may have provided some short-term relief, the long-term implications of the legal actions remain uncertain. Investors should continue to monitor developments in the cryptocurrency market and assess the potential impact on the price of BNB.
