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Changpeng Zhao (CZ) Will Be Released On Sunday: Binance Season? China Narrative Back?

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In 2023, Binance and Coinbase were charged by the US SEC for allegedly enabling the trading of unregistered securities. Some of the top coins the regulator claimed to be unregistered securities were Cardano (ADA) and Solana (ADA).

Changpeng Zhao and Former Binance CEO Sentencing And Prison Release

Although the US Securities and Exchange Commission (SEC) retracted on these claims–a relief for these projects–the lawsuit filed by the regulator eventually led to the arrest of Changpeng Zhao, the founder of Binance.

The CEO of Binance pleaded guilty to, among other charges, violating US securities laws, specifically, the Bank Secrecy Act (BSA). Prosecutors blamed Zhao and Binance for failing to implement adequate Know Your Customer (KYC) and Anti-Money Laundering (AML) measures at the exchange, allowing criminals to exploit this loophole.

Zhao was sentenced in April and began serving his 4-month prison sentence in May 2024. He also had to pay a $50 million fine. By the end of September, the founder will be released. His incarceration was a concern, temporarily shaking the BNB Chain ecosystem.

Although prices have stabilized and some of the top BNB Chain tokens are trending at decent levels, rising and falling with the market tides, there is high hope that its ecosystem will be better off once Zhao becomes a free man.

EXPLORE: Binance Saw 40% Surge In Institutional, Corporate Investors :CEO Teng

Lessons From Justin Sun And SunPump: Will The BNB Chain Ecosystem Rally?

Already, there are hints, especially in Tron, after Justin Sun decided to “recharge” the blockchain by announcing the launch of SunPump, a meme coin launchpad, a copy of Solana’s Pump.fun.

SunPump exploded in popularity as capital and activity shifted from Solana–the leader of meme coin activity for the better part of H1 2024–to Tron.

Changpeng Zhao of Binance is getting out of prison in the next few days. Like Tron after SunPump, will the BNB Chain ecosystem boom?

Subsequently, TRX soared, breaking higher to register a new 2024 high.

Most importantly, TRX became a top 10 coin as some of its meme coins also registered massive success.

SunDog, for example, is up 720% from its August lows, dropping just 11% from its all-time highs.

Changpeng Zhao of Binance is getting out of prison in the next few days. Like Tron after SunPump, will the BNB Chain ecosystem boom?

If Sun’s actions on Tron leads and crypto market sentiment improves like it is at the moment, then BNB and BNB Chain tokens are set for even more gains.

The China PBoC Rate Cut And Stimulus Package

The Chinese central bank, the PBoC, recently slashed rates and announced an economic stimulus package.

As more capital flows into the second-largest economy, China-based crypto projects such as Filecoin (FIL) and NEO may thrive. Because of their Chinese roots,  TRX and BNB will also rise in tandem.

Like what’s expected in the United States after the recent 50 basis point rate cut, the stimulus package in China will improve global liquidity and boost economic growth.

With more free-floating cash, risk-on assets like TRX, BNB, and top altcoins stand to reap massive benefits. It won’t be something new. After the rate in 2020, crypto assets rallied. 

EXPLORE: Which Crypto to Buy Today for Long Term 2024

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Dalmas is an experienced journalist with over a decade in crypto, technology, and blockchain. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, and Entrepreneur, among others. He is passionate about crypto and is always on the lookout for the latest trends in these fields. Connect with Dalmas on X @Dalmas_Ngetich

View all Posts by Dalmas Ngetich

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