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Cryptocurrency News Articles
Changpeng Zhao Emerges From 4-Month Prison Sentence, But Crypto Markets React With Disappointment
Sep 30, 2024 at 05:45 pm
The highly anticipated release of a key individual in the cryptocurrency sphere has materialized, marking the culmination of a four-month wait for the community.
Cryptocurrency exchange Binance founder and former CEO Changpeng Zhao was released from prison on Friday after serving a four-month sentence for failing to implement adequate anti-money laundering controls on the exchange.
CZ, as he is known in the crypto community, made his first tweet after being released from prison.
“Gm, the food taste (sic) so good… And what a luxury to be able to have more than one piece of fruit per day!” CZ tweeted.
“I know some of you may have a lot of questions. I won't have all the answers. Let me chill for a bit. Then figure out the next steps. There are always more opportunities in…”
The tweet was cut off and linked to CZ’s Substack page.
CZ’s release from prison was highly anticipated by the cryptocurrency community, with many hoping that his return would spark optimism in the markets.
However, the markets reacted negatively to the news, with Bitcoin and BNB tokens taking the brunt of the hit.
Despite the initial positive response to the Federal Reserve lowering interest rates, Bitcoin remained stuck over the weekend while BNB’s price declined.
In his tweet, CZ said his post-prison plans include “investing in blockchain, decentralized technologies, artificial intelligence, and biotech.” He also mentioned Giggle Academy, a project he said he will “spend the next few years” on.
However, his post did not inspire investor confidence or ignite the anticipated market rally.
At the time of writing, Bitcoin was trading at $64,402.76, down 1.69% in the last 24 hours. BTC’s market cap was $1.2 trillion, with a 46.97% increase in daily trading volume.
Meanwhile, BNB was changing hands at $580.25, down 2.25% in the last 24 hours and 1.67% over the past week. The digital asset’s market cap stood at 84.7 billion, with a 14.42% surge in trading volume.
Three weeks ago, CZ pleaded guilty to the charges of anti-money laundering violations and sanctions violations brought by both US regulatory agencies.
Following this, CZ took to the X platform, stating:
“Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself. ”
Despite CZ’s departure from Binance, he remains a significant shareholder, holding more than 64% of the company’s total BNB supply.
His involvement, although now limited due to the plea deal prohibiting him from managing or operating the exchange, continues to be a focal point for the market.
However, the plea agreement states that CZ cannot be involved in Binance’s administration going forward, leaving Richard Teng, the current CEO, to steer the company through turbulent regulatory waters.
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