Changpeng Zhao (CZ), the founder and former CEO of Binance, is expected to be released this month as he approaches the conclusion of his four-month incarceration.
In late 2023, CZ reached an agreement with the US Department of Justice (DOJ) that initially requested a 36-month sentence. Nevertheless, the court ultimately decided on a shorter duration.
Former Binance CEO to Be Released
The US Federal Bureau of Prisons (BOP) has confirmed that Changpeng Zhao will be released on September 29, which is less than two weeks away. While many had anticipated this date, it wasn’t officially confirmed by the BOP until today.
CZ began his prison term in July at the Federal Correctional Institution in Lompoc, California. Initially, federal prosecutors advocated for a three-year sentence, but Zhao ultimately received a shorter time frame.
The defense team sought five months of probation, while sentencing guidelines recommended a prison term of 12 to 18 months. In addition to his sentence, CZ has consented to pay a $50 million penalty, which is relatively minor considering his estimated net worth.
Read more: Who Is Changpeng Zhao? An In-Depth Look at the Ex-CEO of Binance
What CZ intends to pursue after his release remains uncertain. He has expressed no desire to resume his role as CEO and instead aims to concentrate on investments across blockchain, AI, and biotech sectors.
In the meantime, traders are speculating about how this upcoming event may influence Binance Coin (BNB) and other related altcoins. Despite having resigned from the CEO position as part of his plea agreement with the DOJ, CZ continues to hold significant sway at Binance, and his release could impact market dynamics.
Crypto analyst Pepesso has pinpointed several Binance-connected coins that may experience price surges, including BNB, Ethena (ENA), Renzo Protocol (REZ), and Arkham Intelligence (ARKM).
“His release will undoubtedly influence the markets. The Binance-related assets could surge following CZ’s release,” Pepesso stated.
Similarly, analyst Kyle Chasse predicts that CZ’s release will affect the markets and might even spark a supercycle.
“The SUPER CYCLE begins on September 29,” Chasse mentioned.
Read More: Binance Review 2024: Is It the Right Crypto Exchange for You?
As CZ gears up for his release, the next few years will be crucial in shaping his relationship with Binance. US authorities are expected to keep a close eye on him, especially since he remains the majority shareholder, which continues to give him influence over the firm.
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