Binance Founder CZ Walks Free After 118 Days: Will His Release Stabilize BNB?
Former Binance CEO Changpeng “CZ” Zhao was released from prison on Friday after serving 118 days of his four-month sentence.
His early release, attributed to federal guidelines allowing for weekend releases, follows a guilty plea issued in April for violating US anti-money laundering laws during his time as Binance CEO.
The court ordered CZ to pay a personal fine of $50 million, while Binance received a separate penalty of $4.3 billion.
Despite his legal troubles and time behind bars, Fortune’s report indicates that Zhao retains a massive personal fortune, estimated to be over $60 billion. His release has sparked speculation within the cryptocurrency community about his potential impact on the market, particularly regarding the future of Binance Coin (BNB).
Since Zhao’s release, BNB has experienced gains of nearly 7%. Although he is no longer at the helm of Binance, some analysts suggest that his influence within the crypto industry could bring a sense of stability to the market, potentially even driving growth.
$BNB is looking poised while in this potential inv head & shoulder
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