Changpeng Zhao (CZ), the founder and former CEO of Binance, will be released from federal prison on September 29, following a plea deal with the Department of Justice. His release is expected to have significant implications for Binance and the crypto markets, with many predicting a crypto rally.
Binance Coin (BNB) appears to be one of the most likely beneficiaries of this rally, but other crypto assets could also profit, particularly as October, dubbed “Uptober,” has historically been a strong month for the market. While CZ will not be able to resume his role as CEO due to legal restrictions, his influence on the company remains strong as he is still the majority shareholder.
New CEO Richard Teng has stated that Binance will focus more on compliance, emphasizing the company’s commitment to learning from past mistakes and moving forward. Teng said, “Most financial institutions at some point of their life will choose to pay a heavy penalty. But what’s important is to realize the mistakes, make the right investment, and move on and become better.”
In the lead-up to CZ’s release, Binance is making efforts to generate positive publicity. On September 25, Binance announced a comprehensive system upgrade to improve performance and stability, while BNB will receive its own set of upgrades on the same day as CZ’s release. The Bohr hard fork will introduce new quality-of-life upgrades for BNB, including the ability for validators to produce consecutive blocks, which is expected to create a smoother user experience. BNB is targeting a $600 price following these upgrades.
In addition to Binance-specific developments, there is a general bullish sentiment in the wider crypto market. Many in the community are associating CZ’s release with a potential crypto price rally, contributing to the optimism around “Uptober.”
While Bitcoin is experiencing a jump in value for unrelated reasons, CZ’s release could act as a catalyst for further growth across the crypto space. CryptoQuant CEO Ki Young Ju has publicly defended CZ, referring to him as a “businessman worthy of respect” and suggesting that CZ should be given the chance to turn over a new leaf.
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