At the end of this week, on Sept. 29, the renowned founder of the Binance exchange and the creator of its native token BNB, Changpeng Zhao (CZ), is to be released from prison after serving his four-month sentence.
CZ’s Release and the Start of 'Uptober'
Many on Crypto X expect this to be a major driver of growth for Bitcoin and other cryptocurrencies. Users are also reminding the cryptocurrency community that this is the beginning of 'Uptober'. Traditionally, as noted by many crypto traders, October and November are bullish months, followed by the 'Santa Claus rally' in December. Over the past 10 years, the price of Bitcoin has shown considerable increases during this time of the year. Last week, both Bitcoin and the stock market began accelerating when the Federal Reserve announced an increase in the interest rate by 50 basis points.
CZ’s Business Activity After Leaving Binance
CZ began his prison term in early June after being charged with violating U.S. securities laws. Following the charges, Changpeng Zhao stepped down as Binance's chief executive, and the exchange agreed to pay a massive fine of several billion dollars as demanded by the U.S. Department of Justice. The new CEO of Binance, Richard Teng, assured the crypto community that CZ is banned from running Binance for life; this was a condition set by the Department of Justice.
Future Plans
Before going to prison, CZ stated that he did not want to be an entrepreneur again and intended to remain a crypto investor, perhaps offering training sessions on business management to a small group of apprentices. He also expressed interest in integrating crypto into the biotech sphere. However, he ended up launching an online educational project called Giggle Academy to teach underprivileged children finance, blockchain, English, and math free of charge. This project began shortly before CZ started serving his prison term. He also announced vague plans to write a book in prison, as he would have plenty of free time for this.
CZ’s release could significantly impact the crypto market. His next steps and future plans are of great interest and will be closely watched by the community.
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