CoinWorld reported:
Zhao Changpeng, the founder of Binance, was sentenced to four months in prison by the U.S. Federal Court in Seattle for failing to comply with U.S. anti-money laundering regulations. He was once the richest Chinese individual globally, and his creation, Binance, is the largest cryptocurrency exchange in the world.
This case marks the U.S. approach toward the decentralization of cryptocurrencies, indicating that while it is not prohibited, stricter regulation is required. He reached a plea agreement with the U.S. Department of Justice, which includes paying a hefty fine and resigning from his position as CEO of Binance, prohibiting him from participating in any company activities for three years.
Release Imminent
Zhao Changpeng is expected to be released on September 29, 2024. He has currently been transferred from a minimum-security prison in Southern California to a transitional housing program called Long Beach Residential Reentry Management, designed to help soon-to-be-released inmates reintegrate into society.
Despite facing a ban, he may still return to a management role in some capacity, especially if Binance can ensure compliant operations. While the future path for him and the direction of Binance remain uncertain, Zhao Changpeng’s influence in the cryptocurrency industry cannot be underestimated.
Like other currencies, BNB is also facing challenges, but despite its founder and former CEO CZ being sentenced to four months in prison for violating anti-money laundering regulations, BNB remains stable.
CZ’s announcement on September 29 marks an important moment for Binance and the broader Binance Smart Chain (BSC).
As news of CZ’s announcement spread, BNB began trading near the $600 price level, a critical resistance point that it has failed to break since July 5. Now, BNB/USDT may be poised to breach this level.
Previously, BNB/USDT reached the $600 mark on July 5, then fell again two weeks later on August 5, and attempted to break through $600 three weeks later but also failed.
However, the current market conditions, combined with CZ’s return, suggest that this time may be different. This combination could provide the necessary momentum for a surge in BNB.
BNB Breakthrough Imminent
Bitcoin’s dominance is nearing its peak, paving the way for the anticipated altcoin season, which could further drive BNB’s price movements.
If history repeats itself, the altcoin season might commence in about 50 days, aligning with the potential price breakthrough for BNB at $600.
Considering these factors, if market indicators continue to reflect a bullish trend, traders may see prices move toward $800.
Additionally, at the time of publication, the daily Relative Strength Index (RSI) for the cryptocurrency market stands at 59, indicating a generally positive sentiment among most cryptocurrencies.
This RSI level suggests bullish momentum, yet remains below the overbought threshold, indicating room for further upward movement.
Driven by this positive sentiment, BNB may continue to rise and enter a strong fourth quarter