- Changpeng Zhao (CZ), founder of Binance, will be released from prison on September 29 after a plea deal with the Department of Justice.
- Binance is planning platform upgrades and improvements to Binance Coin (BNB) ahead of CZ’s release, signaling strategic moves for the company.
- The crypto market is expected to rally, with BNB and other assets potentially benefiting from the alleged “Uptober” trend where October has historically been a profitable month for the industry.
Changpeng Zhao, founder of crypto exchange Binance, is set to be released from prison on September 29th after reaching a plea deal with the Department of Justice. His release comes at a pivotal time for both Binance and the wider crypto industry. Many are speculating how crypto prices could react and what Binance’s next moves might be.
Binance Founder’s Release Date
Zhao has been in federal prison for several months due to charges related to Binance’s operations. As part of his plea deal, he will be released on September 29th but remains permanently barred from being Binance’s CEO again. Zhao still owns a majority stake in Binance. The new Binance CEO has claimed the company will now focus more on compliance.
Supporters Welcome Zhao’s Return
Despite his legal troubles, Zhao still has many supporters in the crypto industry. For example, Ki Young Ju, CEO of CryptoQuant, recently defended Zhao, painting him as a pioneer who deserves respect. Young Ju argues that if Zhao wants to turn over a new leaf, he should get the opportunity.
Binance’s Preparations
Leading up to Zhao’s release date, Binance has announced some major moves. On September 25th, Binance shared plans for significant platform upgrades to improve performance. The same day, Binance also has a major hard fork upgrade planned for its native BNB token. BNB is targeting $600 price in the aftermath.
Potential Price Rally for Crypto
Many crypto commentators believe Zhao’s release could spark a broader crypto price rally, especially for BNB. October has historically been a good month for crypto, so Zhao’s exit aligning with this timeline is bullish. If BNB and Binance execute successfully, Bitcoin and other assets could also benefit from renewed market optimism.
Conclusion
While the crypto community remains divided on Zhao’s legal troubles, his release undeniably marks a new chapter for the industry. All eyes will be on how both Binance and the wider crypto markets perform in the coming weeks. Zhao’s return has generated cautious optimism that a fall rally could be imminent.
