Binance Founder CZ to Be Released From Jail This Week – Will Bitcoin Price Surge?
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At the end of this week, on Sept. 29, Sunday, 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 he finishes his four-month sentence.
CZ's release from prison and the start of "Uptober"
Many on Crypto X expect this to be a major driver of growth for Bitcoin and other cryptocurrencies. Besides, users are reminding the cryptocurrency community that this will be 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 Bitcoin price showed a considerable increase at this time of the year.
Besides, Bitcoin and the stock market already began accelerating last week when, on Wednesday, the Federal Reserve announced an increase in the interest rate by 50 basis points.
As reported by U.Today earlier, CZ started doing his prison time in early June. After he was charged with violating U.S. securities law, Changpeng Zhao stepped down as Binance chief executive, and the exchange agreed to pay the immense fine of several billion dollars at the demand of the U.S. Department of Justice.
Recently, the new CEO of Binance, Richard Teng, assured the crypto community in an X post that CZ is banned from running Binance until the end of his life; that was also a condition set by the Department of Justice.
Yuri MolchanCZ's business activity after quitting Binance
Prior to going to prison, CZ first stated that he would not want to be an entrepreneur again and would remain a crypto investor, perhaps offering training sessions on how to run a business to a narrow group of apprentices. He also tweeted that he was interested in how to integrate crypto into the biotech sphere.
However, he ended up launching online educational project Giggle Academy in order to teach underprivileged children finance, blockchain, English and math free of charge. This project started off not long before CZ started doing his prison term.
What CZ also did was to announce vague plans to write a book in prison, because he said he would have plenty of free time to do that.
Arman Shirinyan
Dan Burgin
Alex Dovbnya