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Beincrypto 28 Sep 2024

Binance’s Changpeng Zhao Is Released, BNB Records Modest Gains 🗽

Changpeng Zhao USA BNB Department of Justice Binance

Changpeng Zhao (CZ), the founder and former CEO of Binance, was released early from California’s Lompoc II detention center, completing his four-month sentence. Binance's native token, BNB, saw modest gains, as markets had already anticipated his release.

The Bureau of Prisons policy allowed CZ to leave on Friday instead of the official Sunday release date. The markets were aware of his impending release, adding to subdued reaction upon his early freedom.

Binance expressed delight at CZ's release, but he has no plans to manage or operate Binance again. Post-release, he might continue his philanthropic work, including the Giggle Academy education project.

CZ is banned for life from serving as Binance CEO, although he retains executive rights as a majority shareholder. He is also the wealthiest person to serve jail time in the US, with a net worth of nearly $60 billion.

Despite his legal issues, CZ remains popular, evidenced by high engagement on his social media post after release. He was sentenced for violating US Anti-Money Laundering (AML) laws, and though the DOJ pushed for a 36-month sentence, a judge ruled four months based on character references.

BNB saw a 1.12% increase after CZ's release, trading at $610.20, reflecting a modest market reaction due to prior anticipation of the event.

Source: beincrypto.com ↗

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