Changpeng Zhao (CZ) to be released from prison next week

Binance founder and former CEO Changpeng Zhao (CZ) is set to be released from prison this month, as the 47-year-old cryptocurrency executive nears the end of his four-month prison sentence.

CZ reached a settlement with the US Department of Justice (DOJ) in late 2023, initially asking for a 36-month prison sentence. However, the court ultimately imposed a shorter sentence.

Former Binance CEO to be released soon

The official website of the US Federal Bureau of Prisons (BOP) confirmed that Binance founder Changpeng Zhao will be released on September 29, less than two weeks away. Although many had predicted the release date, the BOP only confirmed it today.

CZ began serving his sentence in July at the Federal Correctional Facility in Lompoc, California. Although federal prosecutors initially sought a three-year prison sentence, Zhao ultimately received a shorter sentence. The defense recommended five months of probation, while sentencing guidelines called for 12 to 18 months in prison. In addition to the prison term, CZ agreed to pay a $50 million fine , a modest amount compared to his estimated net worth.

It is still unclear what CZ will do after his release. He has previously said he has no intention of returning to the CEO position, instead focusing on investing in blockchain, AI, and biotech companies.

Meanwhile, traders are speculating about the potential impact of the upcoming event on Binance Coin (BNB) and other Binance-related altcoins. Despite stepping down as CEO as part of a plea deal with the U.S. Department of Justice, CZ still plays a key Vai at Binance, and his release could impact the market.

Crypto analyst Pepesso pointed out several Binance-linked coins that could see a price increase, including BNB, Ethena (ENA), Renzo Protocol (REZ), and Arkham Intelligence (ARKM).

“His release will definitely affect the market. Binance-related coins may rally after CZ is released,”

Pepesso wrote .

Similarly, another analyst, Kyle Chasse, expects the CZ drop to impact the market and could kick off a super bull cycle.

“SUPER BULL CYCLE starts on 09/29,”

Chasse wrote .

As CZ prepares for his release, the coming years will be pivotal in shaping his relationship with Binance. US officials are likely to closely monitor him, especially given Vai as a major shareholder, which allows him to maintain influence over the company.

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