Binance’s Changpeng Zhao Set for Release Next Week: What to Know

2024-9-17 18:33

Binance founder and former CEO Changpeng Zhao (CZ) is set to be released this month, as the 47-year-old crypto executive nears the end of his four-month sentence.

CZ reached a deal with the US Department of Justice (DOJ) in late 2023, which initially sought a 36-month sentence. However, the court ultimately imposed a shorter term.

Binance Former CEO to Go Free  

The official website of the US Federal Bureau of Prisons (BOP) confirms that Binance founder Changpeng Zhao will go free on September 29, less than two weeks away. While many anticipated the release date, the BOP provided confirmation only today.

CZ began serving his prison sentence in July at the Federal Correctional Institution in Lompoc, California. While federal prosecutors initially pushed for a three-year sentence, Zhao ultimately received a shorter term.

The defense had sought five months of probation, while sentencing guidelines suggested 12 to 18 months in prison. Alongside the prison sentence, CZ agreed to pay a $50 million fine, a modest amount given his estimated net worth.

Read more: Who Is Changpeng Zhao? A Deep Dive Into the Ex-CEO of Binance

Binance Founder CZ Release Date. Source: US Federal Bureau of Prisons

It remains unclear what CZ plans to do post-release. He has previously stated that he does not intend to return as CEO, preferring instead to focus on investments in blockchain, AI, and biotech companies.

Meanwhile, traders are speculating about the potential impact of the upcoming event on Binance Coin (BNB) and other Binance-related altcoins. Despite stepping down as CEO as part of his plea deal with the US Department of Justice, CZ continues to play a key role at Binance, and his release could influence the markets.

Crypto analyst Pepesso has identified several Binance-linked coins that could see a price increase, including BNB, Ethena (ENA), Renzo Protocol (REZ), and Arkham Intelligence (ARKM).

“His release will definitely impact the markets. The Binance-related coins could pump after CZ’s release,” Pepesso wrote.

Similarly, another analyst, Kyle Chasse, expects CZ’s release to move markets and potentially trigger a supercycle.

“The SUPER CYCLE starts on September 29,” Chasse wrote.

Read More: Binance Review 2024: Is It the Right Crypto Exchange for You?

As CZ prepares for release, the coming years will be pivotal in defining his relationship with Binance. US officials are likely to keep him under close watch, especially due to his role as majority shareholder, which maintains his influence over the company.

The post Binance’s Changpeng Zhao Set for Release Next Week: What to Know appeared first on BeInCrypto.

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