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According to the Federal Bureau of Prison (BOP), former Binance CEO Changpeng Zhao Aka CZ Scheduled to be released on September 29, 2024.
CZ has reportedly been moved by authorities from FCI Lompoc II prison in California to the RRM Long Beach administrative facility ahead of his release. This facility acts as the administrative centre overseeing halfway houses in the California area.
The reason for Zhao’s transfer before his scheduled release is still unknown. However, according to information from InmateAID, RRM Long Beach is a residential unit designed to assist inmates who are approaching 3-12 Months of the end of their sentence.
Prior to his sentencing on April 30, 2024, Changpeng Zhao, former CEO of Binance, made a heartfelt plea for forgiveness and a second chance.
Thanks to his confession, a settlement was reached between Binance and US regulators. As part of the deal, Zhao was sentenced to prison and resigned from his position as CEO at Binance. He begins serving his prison sentence on May 31, 2024.
Changpeng Zhao’s Exit Rumors Spreading on Social Media
News of Zhao’s release caused speculation on social media, especially on X, with some users and crypto companies mistakenly thinking that Zhao would be released early.
Because of this post, many people were confused and thought he had served his sentence since April 30th and would come out on August 30th and made BNB spike even though it’s temporary. The price surge indicates that numerous investors and traders responded favourably to the early rumours of CZ’s release, expecting a positive effect on BNB.
CZ’s release is a strong bullish signal for the BNB ecosystem
Although he no longer leads one of the largest exchanges in the world, he remains an important figure in the crypto world. This is mainly because of his outstanding work when Binance faced various challenges. However, it appears that his comeback might trigger a surge in buying demand for BNB.
Based on data from Artemis, BNB’s DEX trading volume has increased to $1 billion for the first time since the market crash on August 5. This figure represents the amount of cryptocurrency traded outside centralised exchanges like Binance, Coinbase Etc.
If the DEX volume keeps rising as CZ’s release approaches, BNB’s price could potentially climb as well.
Until this article was made, the BNB price was moving down at the price level of $527 – $546 due to the sharp decline in Bitcoin falling from $62K to below $59K. This decline occurred after Binance’s native token entered a five-month-old resistance zone between $575 and $619.
Since early March, BNB has tried nine times to breach this barrier, succeeding only twice. One of these attempts led the altcoin to reach a new all-time high of $721 in early June.
Now, having dropped below the $550 support level, the token appears to require stronger bullish signals to rally again. However, it’s unclear if BNB will be able to break through the resistance zone or not in the meantime.
A decline below $520 could be hars for investors, potentially pushing BNB’s price down to test the $495 – $500 support level. However, if $550 turns into a support level and the altcoin rebounds, it could reenter the resistance zone and negate the bearish outlook for BNB.
DISCLAIMER: The content provided on Biztech Community is intended just for informational and reference purposes and should NOT be construed as investment or trading advice. The material presented in this article does not serve as an encouragement, recommendation, offer, or endorsement to buy or sell any crypto assets. Trading in financial markets, including cryptocurrencies, carries inherent risks and may result in financial losses. All investment and trading decisions are the responsibility of the investor, who should be fully aware of the associated risks and rewards.
