Changpeng Zhao’s Upcoming Release Drives 17.6% Surge in Binance Coin (BNB) as Crypto Market Awaits

Changpeng Zhao, the founder of Binance, is set to be released from custody on September 29, following a four-month prison sentence tied to regulatory violations by the cryptocurrency exchange. 

His anticipated release has led to a surge in Binance Coin (BNB), the native token of Binance, which has risen by 17.6% in recent days. The market’s bullish response is a positive sign surrounding the return of Changpeng Zhao, as his influence continues to reverberate throughout the cryptocurrency industry.

Zhao, often referred to as “CZ,” has a huge impact on the company, where he still owns 90% of its shares despite stepping down as CEO during his legal proceedings.

Zhao’s imprisonment stemmed from his guilty plea to charges brought by the U.S. Department of Justice, accusing Binance of weak anti-money laundering controls and facilitating illegal transactions. As part of the settlement, Binance agreed to pay $4.3 billion, and Zhao was fined $50 million personally.

Richard Teng, a former regulator, took over as CEO following Zhao’s departure, but Zhao’s influence remains high, as revealed by the market’s reaction. Investors are betting on a stronger Binance ecosystem post-release, with the price of BNB disclosing renewed confidence in the company’s future.

Currently, many crypto companies are trying to gain stability in the market after the issues caused by Zhao’s imprisonment. In line with this, Binance Coin’s sharp rise means that market participants are positive about what lies ahead for the company and its founder.