Changpeng Zhao, the founder of Binance, will walk out from federal prison on September 29. His return is already stirring excitement in the crypto world, with experts predicting a possible market rally, especially for Binance Coin (BNB).
CZ’s Release and Future Role
Zhao, also known as CZ, has spent months behind bars following legal issues with the Department of Justice. Despite his release, CZ won’t be returning as Binance’s CEO. Under the terms of his plea deal, he’s barred from holding any direct leadership position. However, he remains the majority shareholder, giving him the power to influence key decisions and appoint leadership within the company.
Richard Teng, Binance’s new CEO, has already hinted at a shift in focus, with more emphasis on regulatory compliance. Though CZ won’t lead the company, his return could still have a lasting impact on Binance’s future direction.
Support for CZ
CryptoQuant’s CEO, Ki Young Ju, spoke in favor of CZ, describing him as a pioneer in the crypto space. He believes CZ deserves a fresh start after serving his time. His release may give him the chance to reshape his role in the industry.
Binance’s Plans Ahead of CZ’s Release
In preparation for CZ’s release, Binance has scheduled significant upgrades. On September 25, the platform will undergo a major system update, affecting performance and stability. Binance Coin (BNB) is also set for a major boost on September 29 with the Bohr hard fork upgrade. This update promises to enhance the user experience by allowing validators to produce consecutive blocks, which could improve overall performance.
BNB’s price could benefit from these changes, with some speculating it could hit $600 after the upgrade.
Crypto Market Sentiment
The buzz surrounding CZ’s release isn’t limited to Binance. The broader crypto market may experience a boost as well. Some in the community are already calling October “Uptober,” expecting a rally across several cryptocurrencies. Bitcoin, which is already seeing gains, could further benefit from the positive press around CZ’s release.
As Binance prepares for this pivotal moment, the crypto world will be watching closely to see how CZ’s return influences both BNB and the wider market.
