Binance founder and former CEO Changpeng Zhao (CZ) is set for release on September 29, concluding his four-month prison sentence. Initially, the US Department of Justice sought a 36-month sentence, but the court imposed a shorter term.
CZ's release was officially confirmed by the US Federal Bureau of Prisons. While the anticipated release date was known, formal confirmation came recently. CZ served his sentence at the Federal Correctional Institution in Lompoc, California.
According to sentencing guidelines, the defense sought five months of probation, while sentencing suggested 12 to 18 months in prison. Alongside the prison sentence, Zhao agreed to pay a $50 million fine. The modest amount is relative to his net worth.
It remains unclear what CZ plans to do post-release, although he has stated intentions to focus on investments in blockchain, AI, and biotech companies. Despite stepping down as CEO, Zhao continues to influence Binance.
Market speculation surrounds the potential impact of his release on Binance Coin (BNB) and other Binance-related cryptocurrencies. Crypto analysts suggest CZ’s release could lead to a price increase in coins like BNB, Ethena (ENA), Renzo Protocol (REZ), and Arkham Intelligence (ARKM).
Analysts Pepesso and Kyle Chasse predict significant market movements following CZ's release, with Chasse forecasting the beginning of a 'super cycle.' The coming years will be crucial for defining CZ’s relationship with Binance.
