September 29, 2024 Changpeng Zhao (CZ), the founder of Binance, is released from prison. His release is an important moment for both Binance and the broader crypto market. This article examines the expectations and preparations for this event.
The lasting effect of CZ
Although CZ can no longer serve as Binance’s CEO due to a settlement with the US Department of Justice, his influence in the crypto industry still looms large. As the main owner of Binance, he can still influence the company’s key tasks. New CEO Richard Teng emphasizes that Binance is more focused on compliance, but also sees the recent problems as an opportunity to learn and improve.
Industry support
Despite its legal troubles, CZ still has support in the crypto community. Ki Young Ju, CEO of CryptoQuant, calls CZ a pioneer and advocates a second chance. This support from Ju shows that CZ can potentially continue to play an important role in the crypto industry.
Binance’s Strategic Preparations
Ahead of the launch of CZ, Binance has announced some significant updates:
- A comprehensive system update to improve the performance and stability of the trading platform.
- Bohr’s hard fork for Binance Coin (BNB), timed on CZ launch day, which should optimize the network.
These updates appear to be strategically timed to generate positive buzz around CZ’s earnings.
Market outlook
The release of Changpeng Zhao on September 29th could be a momentous moment for Binance and of course the BNB token. Therefore, there is also speculation about a possible short recovery of the crypto market after the release of CZ.
We know that in the past, CZ was not opposed to a small move to excite the crypto market. The coming weeks will show whether CZ’s return really brings a positive boost to the market or whether there are new challenges ahead.
BNB looks to be the most immediate beneficiary with its ambitious $600 price target. But other cryptocurrencies could also benefit from the so-called “Uptober” trend, which is a historically positive period for cryptocurrencies.