CRYPTO SURGES AS BINANCE'S CZ STEPS OUT OF JAIL

  by TADEJ TREHTAR

Binance founder Changpeng Zhao (CZ), the man credited with bringing crypto to the masses, has been released from a U.S. prison after serving a modest four-month sentence for—you guessed it—money laundering. 

Yes, the man who helped millions achieve financial autonomy through decentralized currency ended up in jail for failing to properly implement a money laundering prevention program at Binance.

CZ's future in the company is over for now, at least in any official capacity. He’s been effectively ousted from his CEO role, a part of the deal to escape further prosecution. Richard Teng now leads Binance, steering the company into new markets and adding a more traditional Board of Directors, while Yi He, another co-founder, took on the public-facing role during CZ’s absence.

But what does CZ's release mean for the market? 

Many hoped his first tweet would send Binance Coin (BNB) and the broader crypto space soaring. As of now, though, radio silence.

Spokesperson for the Federal Bureau of Prisons said reportedly said:

“For privacy, safety, and security reasons, we do not discuss any incarcerated individual’s conditions of confinement, reasons for transfer, or specific release plans.”