CZ, the former richest man and founder of Binance, is about to be released from prison. Where will the "eye of the storm" in the cryptocurrency world go?
This weekend, on Sunday, September 29, Changpeng Zhao (CZ), the famous founder of the Binance exchange and creator of its native token BNB, will be released from prison after serving a four-month sentence.
CZ's release from prison and the start of "Uptober"
Many on Crypto X expect this to be a major driver of growth for Bitcoin and other cryptocurrencies. Additionally, users are reminding the crypto community that this will be the start of "Uptober." Traditionally, as many crypto traders note, October and November are bullish months, followed by the "Santa Claus Bounce" in December. Over the past 10 years, Bitcoin prices have seen considerable gains at this time of year.
Additionally, Bitcoin and the stock market have already begun to pick up steam in the last week, with the Federal Reserve announcing a 50 basis point rate hike on Wednesday.
As U.Today reported earlier, CZ began his jail term in early June. After being accused of violating U.S. securities laws, Zhao Changpeng resigned as CEO of Binance, and at the request of the U.S. Department of Justice, the exchange agreed to pay a massive multi-billion dollar fine.
Recently, Binance’s new CEO Richard Teng assured the crypto community in a post on X that CZ is banned from operating Binance until the end of his life; this is also a condition set by the Department of Justice.
CZ’s business activities after leaving Binance
Before going to jail, CZ first said that he did not want to be an entrepreneur again and would continue to be a cryptocurrency investor, possibly providing training courses on how to run a business to a small group of apprentices. He also tweeted that he was interested in how to integrate cryptocurrency into the field of biotechnology.
However, he eventually launched Giggle Academy, an online education program to teach underprivileged children finance, blockchain, English, and math for free. This program began shortly before CZ began serving his sentence.
Something else CZ did was announce vague plans to write a book while in prison, since he said he would have a lot of free time to do it.
Binance Controversy and Future
In the face of various controversies and challenges, Binance is also actively seeking changes and breakthroughs. Current CEO Richard Teng said that although Zhao Changpeng was banned from participating in the company's daily operations, he still retained all shareholder rights and maintained a significant influence on the company. In addition, Binance is also strengthening internal governance and compliance construction to cope with the increasingly severe market environment.
Zhao Changpeng’s release from prison marks the end of an era in the cryptocurrency world, and may also herald the beginning of another. Although he is banned from managing or operating Binance for life, his experience and wisdom are still valuable references for the entire industry.
Here, we remind investors and practitioners to be cautious and rational in the cryptocurrency market and abide by relevant laws and regulations. Let us wait and see the new chapter after Zhao Changpeng is released from prison, as well as the future direction of Binance and the entire cryptocurrency industry!
