The ex CEO of Binance CZ is about to be released from prison: possible rally for the crypto BNB

The imminent release from prison for CZ, former CEO and founder of the crypto exchange Binance, could provide fertile ground for a possible bull of BNB.

In particular, the cryptocurrency is now projected towards the graphical level of 600 dollars, thanks to the growing optimism within the Binance ecosystem.

In the meantime, the memecoin inspired by CZ see speculative opportunities in the market.

All the details below.

Summary

• The 4-month sentence of former Binance CEO CZ is about to end: is the BNB crypto ready to wake up？
• The release of the founder of Binance could have a bullish impact on the price of the crypto BNB
• Watch out for the memecoins on the BNB chain inspired by CZ

The 4-month sentence of former Binance CEO CZ is about to end: is the BNB crypto ready to wake up？

At the beginning of April, CZ, former CEO of the exchange Binance and founder of the crypto BNB, had beensentenced to 4 monthsin prison at a penitentiary in Seattle.

The accusations against the Chinese entrepreneur naturalized Canadian were related to the alleged violation of the anti-money laundering laws through the cryptographic exchange platform.

The judge Richard Jones of the United States District Court for the Western District of Washington, however, had rejected the request of the federal prosecutors, who were asking for a harsher sentence for CZ.

More specifically, the prosecutors had proposed a sentence of 36 months in prison, which was eventually reduced to 4 months.A decisive impact on the reduction of the sentence was the fact that the patron of Binance had no prior criminal record until then.

In fact, CZs lawyers, who originally proposed probation for their client, have leveraged the absence of previous convictions against him.

During the process they literally stated that:

“Mr. Zhao is a forty-seven-year-old who has committed the first crime. His life has been built on three pillars: devotion to family, the development of technology (and in particular of Binance) as a force for positive change in the world, and service to the common good.”

The head of Binance and major holders of the crypto BNB has accepted the sentence by pleading guilty.

In November, it had also paid a fine of 50 million dollars for violating the Bank Secrecy Act of the United States, in relation to the same incriminating facts.

Subsequently, in the maxi trial against Binance, the exchange had to pay the maxi fine of 4.4 billion dollars definitively closing a multi-year investigation.

Now CZ is ready to return to Dubai to his wife and children, after 4 long months of detention in a low-security prison.

The release date, as reported by the crypto information site CoinGecko, is expected for Sunday, September 29.

Key Dates to Watch in September ????️

10 Sep – US Presidential Debate

11 Sep – #CPI Data Release

12 Sep – #PPI Data Release

18 Sep – #FOMC Meeting

29 Sep – @cz_binance Release Date

What dates are you watching？

— CoinGecko (@coingecko) September 2, 2024

The release of the founder of Binance could have a bullish impact on the price of the crypto BNB

The presumed release of the former CEO of Binance CZ could create an increase in market interest for his crypto BNB.

The cryptocurrency is already experiencing a slight benefit from the news of the entrepreneurs release, with volumes and sentiment on the rise.

For example, over the weekend the open interest of BNB in the futures markets increased by about 18 million dollars, highlighting greater participation from traders.

According to Santiment data, attention on BNBs price action is high at the moment, supporting the thesis thatthe return of CZ could trigger a wave of euphoria.

We also remind that the same founder is also the largest holders of BNB, with a share equal to 64% of the entire supply of the crypto.

Despite the fact that he was removed from the direction of Binance with the latest ruling, he still maintains a strong connection with the exchange.

While the administration has passed to the friend Richard Teng, CZ retains ownership of the company and some associated subsidiaries.

JUST IN: ???? CZ Binance allegedly owns 64% of the entire supply of $BNB tokens, which is valued at $56 billion.

According to Forbes who did their own chain analytics, they discovered that CZ owns nearly 94 million BNB tokens. Currently CZ is in prison serving a four month…

— DΛVID ???? (@DavidShares) June 14, 2024

As September 29 approaches, BNB could approach the target of 600 dollars, from which a further leg up to the upside could start.

For the moment the graphical situation remains uncertain, with prices traveling below the EMA 50 on the daily time frame. At the same time, the crypto has shown resilience below 480 dollars with a strong presence of demand, enough to potentially reverse the fortunes in the short term.

We expect in the coming days a reclaim of 550 dollars, with a subsequent pump for the entire month of September.

Attention to possible declines in case of bearish movements of BTC, with the break of 465 dollars that would invalidate the bullish scenario.

Daily chart of the price of Binance Coin (BNB/USDT), Binance market

Watch out for the memecoins on the BNB chain inspired by CZ

The release CZ bodes well not only for the native crypto of the Binance exchange, but also for the entire ecosystem of BNB chain tokens.

In particular, those that could benefit the most from the news of the release from prison are thememecoin inspired by the character CZ.

After the launch of the trading platform “Four Meme”, large quantities of low-cap tokens with references to Binance and its founder have started to emerge.

Usually, these coins register a pump in conjunction with positive news related to real events, also considering their low liquidity. Just like what happened with the memecoins inspired by Donald Trump, which grew in conjunction with the increase in the probability of winning the USA elections, something similar could happen here.

In these days, many new cryptos are emerging that take inspiration from CZ and his vicissitudes. In the days leading up to his return to the field, we might observe completely random pumps on a wide range of memecoins in the ecosystem.

We remind you, however, that there is no direct connection with Binance and with CZ, apart from the fact that these coins are prey to market speculation.

Some might even roar just as we approach the end of the month, taking advantage of the last wave of hype for crypto of this kind.

Make your due considerations and do not expose yourself excessively to these speculative products.

An example of these memecoins is ZHOA, a token born on August 28 on Four Meme, with a market cap of half a million dollars.

???????? @ChengpangZhoa $ZHOA ???????? The Memecoin Cult of CZ on BNB

As the founder of Binance and BNB, the impact that CZ has on the crypto market is huge. He is one of the most influential figures in the space and has the love and admiration of millions of people all around the…

— Azunaai (@Azunaai) September 9, 2024