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This Is What Binance’s CZ Will Do After His Prison Release

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Binance founder and former CEO Changpeng Zhao (CZ) exited prison on Friday, two days before the official release date.

The popular crypto executive has not wasted any time sharing what he will be doing post-release, and it does not involve Binance or anything close.

Binance’s CZ Shares Post-Release Plans

Changpeng Zhao began his post by expressing gratitude for the freedom to make personal choices, such as selecting his own meals and enjoying as many fruits as he desires each day. He reflected on his past experiences, acknowledging the lessons learned and looking forward to future opportunities. In light of his release from jail, CZ also shared his plans for what he will be doing next.

First, CZ commits to furthering his education initiative, Giggle Academy. The Binance executive had aggressively promoted the initiative before his arrest. The Binance founder also said he would dedicate time and funding to charity, which aligns with his philanthropic work at Giggle Academy, which offers free education.

As of March 30, the project comprised a team of 10 members, some part-time, while others serving full-time but working remotely. Notably, one of Giggle Academy’s objectives is to teach kids how to avoid rug pulls.

Read more: Who Is Changpeng Zhao? A Deep Dive Into the Ex-CEO of Binance

Zhao also revealed his plans to finish writing his book and attend crypto-related conferences. While he may no longer be directly involved in Binance activities, CZ will remain active in the blockchain space. He highlighted that as a long-term investor, his priority is making a positive impact rather than focusing solely on financial returns.

Further, he observed that Binance was doing well in his absence. Notably, Changpeng Zhao faces a lifetime ban from serving as Binance CEO as part of his plea deal. Nevertheless, he maintains executive rights at the company as its majority shareholder.

These developments suggest CZ does not see himself as a CEO driving a startup again. They also demonstrate contentment with being a one-time entrepreneur and a possible mentor. 

With these, crypto markets can expect to see CZ around, or rather, hear from him, with his X (formerly Twitter) already active two days after release. Based on responses to his social media posts, CZ remains a people-favorite despite the circumstances that led to his arrest.

How Changpeng Zhao Got Here

As BeInCrypto reported, CZ is the wealthiest person ever to serve jail time in the US and the 25th richest man in the world, with a personal fortune of nearly $60 billion. Amid Changpeng Zhao’s post-prison updates, this rear-view mirror shows how the crypto executive made it to jail.

US Department of Justice Investigates Binance

The US Department of Justice (DOJ) started investigating Binance in February 2018, probing the exchange’s compliance with Anti-Money Laundering (AML) laws and sanctions. Specifically, prosecutors were exploring charges of unlicensed money transmission, money laundering conspiracy, and criminal sanctions violations.

In August 2023, the DOJ considered fraud charges against Binance. However, the authorities expressed concern about the possibility of a bank run and wanted to spare consumers the trouble. To avoid harming customers, they considered alternatives to criminal charges, including fines or non-prosecution agreements.

Charges That Sent Changpeng Zhao To Jail

The US DOJ levied criminal charges related to CZ in November 2023. Among them, were violating US Anti-Money Laundering (AML) laws, unlicensed money transmitting, and sanctions violations.

He pled guilty the same month, capitulating to the DOJ and resigning as Binance CEO while introducing Richard Teng as successor. He admitted to making mistakes, saying he would take responsibility, a move intended to be for the sole benefit of the community, Binance, and for himself. Noteworthy, Teng ascended to Binance CEO after serving as Global Head of Regional Markets.

This guilty plea saw him released from custody on a $175 million bond. At this point, he was facing up to 18 months in prison as part of his plea deal with the US Government. 

In addition, CZ and Binance were charged with one of the largest criminal penalties in US history. The exchange paid a $4.3 billion fine while Zhao paid up to $50 million. For CZ, this was a modest amount given his estimated net worth.

Ripple Chief Legal Executive Stuart Alderoty supported the US DOJ’s decision on Binance, saying it was necessary to bring crypto into compliance.

CZ Sentenced To Four Months In Prison

Seattle District Court Judge Richard Jones issued the four-month sentence in April 2024, saying, “There needs to be an effort by this court to impose a sentence that’s appropriate and reasonable.” Key highlights in the court session include CZ’s guilty plea and cooperation with authorities.

The DOJ argued that Changpeng Zhao willfully allowed illegal trades on Binance. He also failed to report thousands of suspicious criminal activities, which attracted profits of around $1.6 billion from such transactions.

The Federal sentencing guidelines set a maximum sentence of 18 months but under normal circumstances, the charge would have carried up to 10 years in prison.

Notably, the DOJ was pushing for 36 months sentence. On the other hand, CZ’s defense pursued five months of probation, while sentencing guidelines suggested 12 to 18 months in prison.

However, Judge Jones ruled a lenient four-month sentence. Character references from colleagues and industry leaders played a significant role in this determination. The judge said he had never seen such a large amount of uniformly laudatory testimonials about a defendant.

Impact of Prison on CZ’s Wealth and Binance Stake

The short answer is none! Changpeng Zhao’s personal fortune has not been affected by the case, save for the modest $50 million fine paid in November. He also reserves majority shareholder rights at Binance, which by Forbes estimates, is a 90% stake.

In 2021, Changpeng Zhao said in a Bloomberg interview he does not own any real estate or much capital in fiat currencies. Rather, his crypto holdings made up nearly 100% of his entire net worth. He also revealed that he sold his house in 2013 to buy Bitcoin, which marked the beginning of his crypto journey.

Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?

BNB Price Performance after Changpeng Zhao release from prison
BNB Price Performance, Source: BeInCrypto

Based on Forbes data, CZ owns 64% of the total supply of Binance Coin (BNB) supply. As traders take profits amid the hype surrounding Zhao’s release, BNB has wiped out some of the gains made over the past 24 hours, dropping from $610.20 to trade for $594.71 as of this writing.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.





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Market Cap Now Approaching $300 Million

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SAFE has emerged as the best-performing altcoin of the day, with its price surging 5% in the last 24 hours and its market capitalization now close to $300 million. The coin is showing strong technical indicators despite some mixed signals from momentum oscillators that suggest consolidation may be on the horizon.

Technical analysis of the EMA lines remains bullish, with short-term averages positioned favorably above long-term ones, pointing to continued strength in the immediate term. However, recent RSI and BBTrend readings indicate a potential cooling-off period could be approaching as the asset digests its recent gains.

SAFE RSI Is Back To Neutral Levels After Reaching Overbought Levels

The SAFE RSI is currently at 54.71, maintaining a neutral position for the past three days after experiencing significant momentum earlier in the week.

This moderation in the indicator suggests that the previous buying pressure has subsided somewhat, allowing the asset to consolidate following recent price movements.

The current neutral reading indicates a balanced market where neither buyers nor sellers have a decisive advantage.

SAFE RSI.
SAFE RSI. Source: TradingView.

The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements on a scale from 0 to 100. Generally, an RSI reading above 70 is considered overbought, suggesting a potential reversal or pullback, while readings below 30 indicate oversold conditions that might precede a bounce.

With SAFE’s RSI recently peaking at 87 just four days ago, the asset was in strongly overbought territory, signaling excessive buying enthusiasm. The current value of 54.71 represents a significant cooling off from those extreme levels, suggesting that SAFE’s price could be entering a period of stabilization.

This moderation may provide a healthier foundation for sustainable price action moving forward, as the previous overbought conditions have been worked through without dropping into oversold territory. This potentially indicates underlying strength in the asset despite the retreat from recent highs.

SAFE BBTrend Is Still High, But Down From Yesterday

The SAFE BBTrend is currently at 13.6, maintaining a positive position for the last two days after reaching a peak of 19.39 yesterday.

This recent positive trend suggests that the price movement has been gaining momentum, though there appears to be some moderation from yesterday’s higher reading.

The continued positive BBTrend indicates that the asset is still showing strength, despite the slight pullback from yesterday’s peak value.

SAFE BBTrend.
SAFE BBTrend. Source: TradingView.

BBTrend (Bollinger Bands Trend) is a technical indicator that measures the strength and direction of a trend by analyzing the relationship between price and Bollinger Bands.

The indicator typically ranges from negative to positive values, with readings above 0 indicating a bullish trend and readings below 0 suggesting a bearish trend. With SAFE’s BBTrend at 13.6, this suggests a moderately strong bullish trend that could indicate potential for continued upward price movement in the near term for the altcoin.

However, the decrease from yesterday’s 19.39 peak might signal some slowing in momentum, potentially leading to consolidation before the next significant move higher.

Will SAFE Uptrend Revert Soon?

SAFE EMA lines are still bullish, with short-term lines positioned above long-term ones. This positive alignment of exponential moving averages indicates continued upward momentum in the price action.

If this uptrend momentum maintains its strength, SAFE could potentially climb to test the resistance level at $0.72.

Should this resistance be successfully broken, the next target would be $0.879. The altcoin could exceed $0.90 for the first time since January 19, sustaining its momentum as one of the most trending altcoins.

SAFE Price Analysis.
SAFE Price Analysis. Source: TradingView.

On the other hand, as indicated by the RSI and BBTrend indicators, the uptrend appears to be losing some momentum. This could signal a potential reversal in the near future.

If the trend does reverse, SAFE might test the nearby support level at $0.54, which sits precariously close to the current price.

Should this support level fail to hold, further downside could see SAFE decline to test subsequent support levels at $0.48 and $0.40. In a worst-case scenario, a drop all the way to $0.35 could potentially occur.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Trump Family Gets Most WLFI Revenue, Causing Corruption Fears

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A new report claims that President Trump and his immediate family receive most of WLFI’s revenues. The Trumps are entitled to 75% of token sale revenues, about $400 million, and 60% of other incomes.

If these numbers are even partially accurate, they raise significant concerns about potential conflicts of interest. They also raise questions about the broader implications for transparency and accountability regarding Trump’s crypto policies.

Does the Trump Family Receive WLFI Proceeds?

World Liberty Financial (WLFI), a project affiliated with President Trump, has made a lot of waves in the crypto space since the end of last year. After persistent rumors of a Binance partnership, WLFI officially launched a new stablecoin, USD1. There is no clear evidence of Binance’s involvement in this launch. However, a new report from Reuters has disclosed some disturbing details.

Essentially, it claims that it has found evidence of how much of WLFI’s revenues go directly to Trump’s family. Trump will get 75% of revenues from token sales and 60% from subsequent operations. WLFI completed its major token sale, which would, therefore, entitle the Trumps to about $400 million.

Reuters calculates that 5% of proceeds from this token sale would actually fund WLFI’s platform, with the rest going to other co-founders. Further, its buyers are not able to actually resell their tokens, and it’s unclear what governance actions they could influence. There’s not an apparent reason for the average retail trader to actually buy these assets.

If these numbers are true, they could represent a serious conflict of interest and a dire threat to the US economy. First, community leaders like Vitalik Buterin warned of corruption from political meme coins like TRUMP. If Trump gets a cut of WLFI’s token sales, that’s already a huge avenue for misuse.

Additionally, since Trump is making huge changes to US financial regulators, there may not be anyone to investigate WLFI corruption allegations. For example, TRON founder Justin Sun invested $30 million into WLFI, and the SEC settled a fraud case against him months later. The SEC has been settling all its crypto enforcement actions, but this investment still looks relevant.

“You’ve got the guy in charge who is responsible for his own regulation. WLFI tokens would be the perfect vehicle for governments or oligarchs overseas to funnel money to the president,” former regulator Ross Delston claimed.

The biggest danger might not even come from political corruption or fears of centralization in crypto. Trump recently outlined a plan to use stablecoins to promote dollar dominance, and WLFI now has its own stablecoin. It also has around $111 million in unrealized losses due to its crypto investments and claims it will use “other cash equivalents” in USD1’s reserves.

It’s hard to overstate the potential risks involved. Given Trump’s financial stake in WLFI, there’s a clear incentive to promote the firm’s stablecoin as part of his “dollar dominance” agenda. If this leads to widespread investment in USD1 and the peg doesn’t hold, the consequences could ripple across the entire crypto market.

Simply put, this sort of business arrangement is totally unprecedented for a sitting US President. A few Senators are already investigating Trump’s connections with WLFI. However, their lack of political power and defanged federal regulators may hamper their ability to change anything.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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BNB Breaks Below $605 As Bullish Momentum Fades – What’s Next?

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The crypto market just got a shock as BNB plunged below the crucial $605 support level, sending ripples of concern across trading circles. This sudden breakdown comes after weeks of bullish dominance, leaving investors scrambling to answer one critical question: Is this a temporary dip or the start of a major trend reversal?

With weakening momentum and key technical indicators flashing red, BNB charts are telling a worrisome story. The once-steady uptrend now faces its toughest test as the token struggles to maintain its footing in a suddenly bearish market.

Bearish Pressure Builds: Are BNB Sellers Gaining Control?

BNB’s price is facing growing bearish pressure after slipping below the crucial $605 level, signaling a potential shift in market momentum. The failed attempt to hold this key support has allowed sellers to take control, pushing BNB lower and raising concerns about a prolonged decline. 

Technical indicators further confirm the increasing strength of sellers. The MACD has turned negative, indicating a loss of upward momentum, while the RSI is trending downward, suggesting that buying pressure is weakening. Additionally, trading volume remains low on attempted rebounds, highlighting a lack of conviction from bulls.

BNB

If sellers maintain their grip, BNB could extend its decline toward the next major support zone around $531, which previously served as a short-term bounce level during past corrections. A break below this zone would solidify bearish dominance and cause a deeper decline to $500.

Below $500, the next key level to watch is $454, representing a technical support area. Pushing below this level may trigger an extended sell-off, driving BNB toward other key support levels where traders may look for signs of reversal.

What Needs To Happen For A Rebound

For BNB to stage a meaningful recovery after breaking below $605, the bulls must reclaim key levels and generate strong buying momentum. Its first crucial step is stabilizing above $530, a short-term support zone that could provide the foundation for a reversal. Holding this level would signal that buyers are stepping in, preventing more declines.

A sustained move back above $605 would be the next major confirmation of a recovery. Reclaiming this level as support might shift market sentiment in favor of the bulls and trigger renewed buying interest. Additionally, the Relative Strength Index (RSI) needs to rebound from oversold conditions, while the MACD crossover into bullish territory would reinforce an upside move.

For a stronger bullish outlook, BNB would need to push past $680, a level that previously acted as resistance. Breaking above this zone with increasing volume could confirm a trend reversal toward $724 and $795, marking a full recovery from recent losses.

BNB



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