Cloud Hosting

Sat 27 Jul 2024 3 min of reading by Mikaia A.

Changpeng Zhao, aka CZ, former CEO of Binance, began a four-month prison sentence last June. His incarceration caused quite a stir in the crypto world, marking a spectacular fall for this titan of cryptocurrencies. The suspense is at its peak, as his release initially scheduled for the end of August is now postponed to the end of September. The reason? A delayed start of his sentence orchestrated by his legal team.

CZ, the strongman of Binance, has not been spared by judicial setbacks. The court had initially recommended that he serve his sentence in Seatac, a high-security federal detention center, but thanks to the skill of his lawyers, he is now in a low-security prison, FCI Lompoc II.

Prosecutors had initially demanded three years in prison, but the sentence was reduced to only four months for the man who initiated the creation of the BNB crypto and who holds a large number of them.

However, the irony of fate wanted CZ to start his sentence only at the end of May, which automatically postponed his release date to September 29.

I was looking forward to seeing CZ free in August, but now hell have to wait another month, tweeted a Binance fan, reflecting the feeling of disappointment among the crypto community.

The delay in CZs release is not without consequences for Binance and the crypto market in general. The prolonged absence of CZ within Binance, a platform already faced with a colossal fine of 4.3 billion dollars for violations of anti-money laundering laws, exacerbates uncertainties.

The news of the extension of his sentence caused a stir on social media, and investors remain on alert.

Binance, under the spotlight, is trying to stay the course despite legal storms.

Analysts are divided: some see this situation as an opportunity for the platform to reinvent itself, while others fear long-term repercussions on user confidence and the stability of the crypto market.

CZs sentence, ultimately light considering the initial accusations, is one more chapter in the Binance saga. His release scheduled for September will be a key moment for the future of the platform and the crypto ecosystem as a whole.

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.

La rvolution blockchain et crypto est en marche ! Et le jour o les impacts se feront ressentir sur lconomie la plus vulnrable de ce Monde, contre toute esprance, je dirai que jy tais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

See the original post here:

Crypto: Why could CZ of Binance stay in prison longer? - Cointribune EN