Changpeng Zhao, the founder and former CEO of popular cryptocurrency exchange Binance, is expected to be released from prison today. Could he return to his position as CEO and what impact could his release have on crypto BNB?
Changpeng Zhao released from prison today
Changpeng Zhao, founder and former CEO of Binance, the world's most popular cryptocurrency exchange, is expected to be released today. After having served a sentence of 5 months of imprisonment, the latter will again be able to dispose of a sum as he sees fit. of around 60 billion dollars, making him the 25th largest fortune in the world.
The one we regularly nickname “ C.Z. », was able to benefit from certain preferential treatment during his incarceration due to his integrity and his cooperation with American justice.
🏦 To go further – Discover our profile on Changpeng Zhao, the former CEO of Binance
Thus, Changpeng Zhao served more than half of his sentence in a “ halfway house » in Long Beach, California, where he could have taken supervised excursions and even gone to the movies according to a prison official.
In any case, this sentence, which some will consider lenient, is notably due to the fact that the judge in charge of the case had a very high opinion of Changpeng Zhao, the latter having described her commitment and dedication in her philanthropic activities across the planet as “ extraordinary “.
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Could it be possible for Changpeng Zhao to return to his position as CEO of Binance?
Changpeng Zhao is highly unlikely to return as CEO of Binance…but not totally impossible.
Indeed, to plead Changpeng Zhao's case during his trial, his lawyers put forward a measure in which it was stipulated that the main interested party could no longer hold a position of responsibility within Binance.
This measurement, however, remains open to interpretation because Changpeng Zhao is the majority shareholder of Binance and is therefore fully entitled to give “ guidelines » to the company with a long-term vision or to fire the current CEO, Richard Teng, and appoint a new one.
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However, the possibility of Changpeng Zhao returning to Binance remains very unlikely to this day. In fact, the latter says he is “ disinterested » of the thing and even, shortly before his incarceration, created a platform aimed at offering a “ quality education to underprivileged children around the world, free of charge “.
Although this project is only in the embryonic stage, Changpeng Zhao could now work to develop and highlight this project, the Giggle Academy.
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What could be the impact on the BNB cryptocurrency?
Although Changpeng Zhao's release does not mean his return to the crypto ecosystemthe BNB cryptocurrency could potentially benefit from it.
This altcoin, particularly useful for benefiting from fee reductions on the Binance exchange, has proven its resilience in the face of price fluctuations in the crypto market by remaining firmly anchored on its supports.
BNB price in dollars in weekly data
We can also see, in the case of rare altcoins, that BNB has been gaining strength against Bitcoin since the start of 2024 :
BNB/BTC pair in daily data
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Thus, for several months, BNB has demonstrated unwavering strength, particularly during BTC correction periods where altcoins “ suffer » more than the queen of cryptocurrencies. BNB price records up 6% in the last 7 days and is currently $600.
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Source: TradingView
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Passionate about the blockchain ecosystem, I like to deepen my knowledge and share my discoveries. In a perpetual quest to learn more about cryptos, I recently joined the Cryptoast Research team where I provide weekly fundamental analysis.
Theo Zananiri
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