Good news for the BNB holder! Changpeng Zhao, a founder and former CEO of Binance is set to be released on Friday, September 27, after a four-month prison term in the U.S. His return may bring a bright crypto market, particularly for those who owned Binance Coin (BNB), whose price has gained momentum recently.
Remembering The Case
Zhao, the founder of Binance, faced a four-month sentence due to money laundering violations on his platform. In November, he stepped down, acknowledging breaches of U.S. laws. Prosecutors described Binance’s operations as a “Wild West Model,” neglecting over 100,000 suspicious transactions.
From this case, terrorist groups like Hamas and Al-Qaeda were tracked using Binance. Prosecutors said that Zhao’s supported the child sexual abuse material.
Ultimately, the company was hit with a $4.3 billion fine for aiding users in evading sanctions, with prosecutors initially seeking a longer prison sentence for Zhao, citing risks to national security.
Zhao’s Release
Zhao’s release from a California halfway house comes two days early due to scheduling quirks. Earlier this year, he returned from Dubai to accept a plea deal regarding Binance’s weak anti-money laundering practices.
Initially sentenced to five months, Zhao has not commented publicly on his release. His legal team said that Zhao plans to spend time with his family, including his children and ex-girlfriend, He Ye, a senior Binance executive.
BNB’s Market Performance
As Zhao is released on Friday, BNB has been on an upward trajectory since September 19. Should this momentum continue, BNB might break through the $600 resistance and soar by 20%, potentially hitting $722. The buzz surrounding Zhao’s return could further enhance BNB’s appeal, despite his resignation as CEO.
Meanwhile, Binance is rolling out new offerings like the Pre-Market platform to boost trading volume. However, should BNB face selling pressure at $600, a short-term pullback could occur before it stabilizes, all while the company remains under U.S. regulatory scrutiny.
What do you think about this momentum? Do you believe this momentum will continue and keep your BNB or backward?
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