Changpeng Zhao (CZ) , the founder of Binance, is set to be released from prison on September 29, 2024, according to the U.S. Federal Bureau of Prisons. The 47-year-old will be freed next week, though his registration number has not been disclosed.
Link: https://www.bop.gov/inmateloc/
Registeration no: 88087-510
The official release details can be checked using the above link.
Cz’s Sentence and Reactions :
Changpeng Zhao, Binance’s founder, was sentenced to four months in prison for failing to implement effective anti-money laundering measures at Binance. This sentence follows a multiyear investigation by the Department of Justice (DOJ), which also led to Binance paying a $4.3 billion fine. In addition to his prison sentence, CZ paid a $50 million fine and stepped down as CEO of Binance in 2023.
Despite stepping down as CEO and paying a $50 million fine, Zhao faced significant legal repercussions for his compliance failures. In contrast to crypto rival Sam Bankman-Fried, whose case involved direct financial misconduct and resulted in a 25-year prison sentence, Zhao’s lighter sentence underscores the differences in judicial perspectives on regulatory versus financial violations within the cryptocurrency sector.
BNB’s Impact on CZ’s release :
BNB, a native token of Binance plays a major role in the arrest and release of Changpeng Zhao, Technically BNB’s chart is looking more Bullish than ever. The resistance of BNB was broke out in the earlier 2024 at the price of $457 and the price is now in range bound and were choppy movement throughout these months, and it retested recently at $457 again and touched the major resistance at $671 which is the BNB’s All time High in 2021 Cycle.
Even if the Bitcoin crashes, Binance not allowing the BNB token to crash by introducing many launchpool events like Hamster Kombat, Catizen etc. These lauchpool events makes the BNB token to maintain the price stability.
But BNB’s chart shows like it is watching out for the Major God Candle above the Major Resistance ahead of CZ’s ( Binance’s ex. CEO) release from the Jail. Anyways, we’ll wait and watch.
Impact on Altcoins :
CZ’s release is expected to significantly impact the cryptocurrency market. Altcoins associated with Binance are projected to experience substantial growth. To identify promising projects, have analyzed approximately 500 altcoins.
CZ’s release is likely to affect the market, with many expecting that tokens associated with Binance could see big gains. Reactions are mixed: some people are relieved and hopeful for Binance’s future, while others worry about how this might impact future rules and regulations for the crypto industry.
Conclusion:
As CZ’s release from prison is a pivotal moment in the crypto world. Despite his departure as CEO, his influence is expected to boost Binance-backed tokens. Stay tuned with Krypto Council for more updates.
