- Binance founder and former CEO Changpeng Zhao released from custody on Friday after serving jail time.
- CZ was sentenced to four months in prison in April after pleading guilty to violating US anti-money laundering laws.
- BNB is up over 2%, stretching its weekly gains to nearly 7%.
Binance founder Changpeng Zhao was released from prison on Friday, two days ahead of schedule, due to federal guidelines allowing early releases on weekends.
CZ finishes prison term, set for early release
Binance founder and ex-CEO Changpeng Zhao was released from prison on Friday after serving time for 118 days. The news, first reported by Fortune Crypto, claims that CZ walked away from custody with over $60 billion of personal fortune.
CZ has been serving a four-month sentence after pleading guilty to charges, including failing to implement adequate anti-money laundering measures when he was CEO of Binance. In addition to jail time, the court also mandated CZ pay a $50 million personal fine, while Binance received a $4.3 billion penalty.
The release of the ex-Binance CEO has stirred speculation about potential impacts on the cryptocurrency market, particularly regarding Binance Coin (BNB), which has seen gains of nearly 7% in the past 24 hours.
Despite no longer serving as CEO of Binance, some analysts suggested that Zhao's influence could stabilize or even boost the crypto market as he remains a major influential figure among investors.
Meanwhile, Tornado Cash co-founder Roman Storm is set to face a court trial after a New York District Judge refused to dismiss his case.
Roman Storm and Roman Semenov, the founders of Tornado Cash, were both accused of laundering $1 billion in August 2023. They were also accused of supporting a team of hackers known as the Lazarus Group in laundering hundreds of millions of US Dollars through the crypto-mixing platform.
Judge Katherine Polk Failla, who was put in charge of the case, denied Storm's claim that his case should be dismissed because he simply wrote the code for the platform.
Furthermore, the Social Capital Markets team's recent study reveals that crypto-related convictions grew by 267% in the last five years. The growth, which occurred between 2019 to 2023, shows huge success in prosecuting crypto-related crimes, the analysts noted.
The report also indicates a 300% growth in convictions over the last decade, with 272 years of combined prison time being allotted to crypto leaders found guilty.
The increase in crypto-based convictions underscores the recent US Securities & Exchange Commission (SEC) and Department of Justice's (DoJ) crackdown on the crypto industry.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto fraud soars as high-risk addresses on Ethereum, TRON networks receive $278 billion
The cryptocurrency industry is growing across multiple facets, including tokenized real-world assets, futures and spot ETFs, stablecoins, Artificial Intelligence (AI), and its convergence with blockchain technology, as well as the dynamic decentralized finance (DeFi) sector.
Bitcoin eyes $100,000 amid Arizona Reserve plans, corporate demand, ETF inflows
Bitcoin price is stabilizing around $95,000 at the time of writing on Tuesday, and a breakout suggests a rally toward $100,000. The institutional and corporate demand supports a bullish thesis, as US spot ETFs recorded an inflow of $591.29 million on Monday, continuing the trend since April 17.
Meme coins to watch as Bitcoin price steadies
Bitcoin price hovers around $95,000, supported by continued spot BTC ETFs’ inflows. Trump Official is a key meme coin to watch ahead of a stakeholder dinner to be attended by President Donald Trump. Dogwifhat price is up 47% in April and looks set to post its first positive monthly returns this year.
Cardano Lace Wallet integrates Bitcoin, boosting cross-chain capabilities
Cardano co-founder Charles Hoskinson announced Monday that Bitcoin is integrated into the Lace Wallet, expanding Cardano’s ecosystem and cross-chain capabilities. This integration enables users to manage BTC alongside Cardano assets, providing support for multichain functionality.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.