U.Today – Later this week, on Sunday, September 29, the renowned founder of the Binance exchange and creator of its native token BNB, Changpeng Zhao (CZ), will be released from prison after serving his four-month sentence.
CZ's release from prison and the beginning of “Uptober”
Many at Crypto X expect this to be a major growth driver for Bitcoin and other cryptocurrencies. Moreover, users are reminding the crypto community that this will be the beginning of “Uptober.” Traditionally, as noted by many crypto traders, October and November are bullish months, followed by the “Santa Claus rally” in December. Over the past 10 years, the Bitcoin price showed a considerable increase at this time of the year.
Moreover, Bitcoin and the stock market already started to accelerate last week when, on Wednesday, the Federal Reserve announced a 50 basis point interest rate hike.
As previously reported by U.Today, CZ began serving his prison sentence in early June. After being charged with violating U.S. securities law, Changpeng Zhao resigned as Binance’s CEO and the platform agreed to pay the massive multi-billion-dollar fine at the request of the U.S. Department of Justice.
Recently, Binance’s new CEO Richard Teng assured the crypto community in a post on X that CZ is prohibited from managing Binance until the end of his life; that was also a condition set by the Department of Justice.
CZ's business activity after leaving Binance
Before going to prison, CZ stated that he would not want to be an entrepreneur again and would remain a cryptocurrency investor, perhaps offering training sessions on how to run a business to a small group of trainees. He also tweeted that he was interested in how to integrate cryptocurrencies into the biotechnology field.
However, he ended up launching the online educational project Giggle Academy to teach underprivileged children finance, blockchain, English and maths for free. This project started shortly before CZ started serving his prison sentence.
What CZ also did was announce vague plans to write a book in prison, because he said he would have plenty of free time to do so.
This article was originally published on U.Today
