Binance Founder CZ Set to be Prison-Free 2 Days Ahead of Schedule
On 27 September, Changpeng Zhao (CZ) will walk free for the first time in months, concluding his four-month sentence in the US.
đšJUST IN: @binance founder @cz_binance will be released today, September 27th, two days ahead of his scheduled release.
Sources: @Forbes. pic.twitter.com/OxkVatq7Rq
â SolanaFloor (@SolanaFloor) September 27, 2024
CZ, the founder of Binance, the worldâs largest cryptocurrency exchange, has been in federal custody since April after voluntarily returning from Dubai.
He faced charges for failing to implement adequate anti-money laundering controls at Binance.
Initially serving time at a minimum-security prison in California, he was later moved to a halfway house in Long Beach, where he had limited supervised outings.
CZ's early release, two days ahead of schedule, is typical when release dates fall on weekends.
As the crypto market eagerly anticipates his return, Binance Coin (BNB) has shown a positive trend in recent days, prompting speculation about its future performance post-release.
CZ's Future Plans
Upon his release, CZ is expected to be promptly escorted by a chauffeur to a private jet, likely bound for Dubai or Paris, where his children with former partner and Binance Senior Executive, He Yi, reportedly live.
While his plea agreement with the US government restricts him from participating in Binance's daily operations, he remains a majority shareholder and influential board member.
Despite his limited involvement in Binance's management, CZ's strategic decisions will likely influence the company's trajectory, especially as it grapples with ongoing regulatory challenges and the arrests of several executives.
Although CZ has not made a public statement since his release, his legal team indicated that he intends to focus on family, particularly spending time with his children and He Yi.
Before his imprisonment, CZ expressed plans to continue his philanthropic endeavours, particularly through the Giggle Academy, an initiative aimed at providing free educational resources for children worldwide.
We wanted the @GiggleAcademy logo to show youth, fun, positive energy, and growth. We also want to show respect to our âBinance heritageâ.
1. The logo is a childâs face, symbolizing youth.
2. The smiling face is made of the âGiâ characters (rotated 90 degrees counterclockwise),⊠https://t.co/On781BAi3J
â CZ đ¶ BNB (@cz_binance) April 24, 2024
However, progress on the project remains unclear, with limited updates available on its official website.
CZâs return to public life, although legally constrained, may still shape Binance's future and his personal legacy in the cryptocurrency space.
BNB Anticipates Uptick Amidst Slow Rise
CZ's release coincides with an upward trend in BNB, which has seen a 2% price increase, breaking a resistance level near $600.
Currently trading at $604.22, BNB has risen 2.14% in the last 24 hours and 5.17% over the past week, according to CoinMarketCap.
Market analysts are eyeing further bullish momentum, with projections suggesting a potential rise to $722 before encountering resistance around $783.
Bought some $BNX @binary_x
-rebrand to "FOUR"
- my BNB beta, CZ will be released today so expecting pumps to BNB betas
- at resistance, looking for bounce soon
- listed on Binance spot, perps on most exchanges$BNB #Binance #CZ #crypto $BTC $ETH $SOL #BNB pic.twitter.com/lWuQwZMX2d
â KCJCrypto (@KCJ_Crypto) September 27, 2024
Binance's newly launched Pre-Market service is also expected to drive increased trading activity, potentially boosting BNB demand.
However, if selling pressure builds around $600, there could be a reversal and consolidation phase.
Much of the market's enthusiasm is tied to CZ's return, despite his agreement to step down as CEO and distance himself from daily operations as part of his settlement.
While Binance shifts focus to Asia and offshore markets, the exchange remains under the scrutiny of US regulators and monitors.
