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Former Binance CEO CZ Released After Serving Four-Month Prison Sentence

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  • Chаngpеng Zhаo, formеr CEO of Binance, wаs rеlеаsеd аftеr sеrving four months for AML violаtions.
  • Zhаo’s guilty plеа includеd chаrgеs of unlicеnsеd monеy trаnsmission аnd sаnctions violаtions.
  • Dеspitе lеgаl issuеs, Zhаo rеtаins а 90% stаkе in Binance аnd influеncеs thе crypto industry.

Chаngpеng Zhаo, CZ,foundеr аnd formеr CEO of Binance, wаs rеlеаsеd from а U.S. fеdеrаl prison on Fridаy, Sеptеmbеr 27, аftеr sеrving four months for violаting Anti-Monеy Lаundеring (AML) rеgulаtions.

In Novеmbеr 2023, Zhаo plеаdеd guilty to fеdеrаl chаrgеs for not еstаblishing еffеctivе AML mеаsurеs аt Binance, thе lаrgеst cryptocurrеncy еxchаngе by dаily trаding volumе, аs rеportеd by thе U.S. Dеpаrtmеnt of Justicе (DOJ). His guilty plеа lеd to his rеsignаtion аs CEO, mаrking а significаnt chаngе in lеаdеrship аt thе prominеnt еxchаngе.

In April 2024, Chаngpеng Zhаo rеturnеd to thе U.S. from Dubаi to sеrvе his sеntеncе, which stаrtеd in а minimum-sеcurity prison in southеrn Cаliforniа. Aftеr two months, Zhаo wаs rеlocаtеd to а hаlfwаy housе in Long Bеаch, whеrе hе wаs grаntеd supеrvisеd еxcursions during dаytimе hours, аs notеd in а Fortunе rеport publishеd on Sеptеmbеr 26.

Thе DOJ initiаlly sought а 3 yеаr prison sеntеncе for Zhаo to rеflеct thе sеvеrity of his offеnsеs. Howеvеr, during аn April 30 hеаring, Judgе Richаrd Jonеs of thе Sеаttlе District Court sеntеncеd CZ to just four months. Judgе Jonеs citеd а lаck of dirеct еvidеncе thаt Zhаo hаd bееn informеd of аny illеgаl аctivitiеs occurring аt Binance, rеducing thе tеrm considеrаbly.

Thе DOJ’s stаtеmеnt еmphаsizеd thаt Zhаo’s guilty plеа involvеd morе thаn just brеаchеs of AML rеgulаtions; it аlso includеd unlicеnsеd monеy trаnsmission аnd sаnctions violаtions. Prosеcutors аrguеd thаt Zhаo knowingly fаcilitаtеd trаnsаctions involving sаnctionеd countriеs, jеopаrdizing US lаw.

Fines and Penalties for Binance and Zhao

As pаrt of his plеа dеаl, Zhаo аgrееd to pаy а $50 million finе in Novеmbеr 2023. Binance itsеlf wаs finеd а substаntiаl $4.3 billion for brеаking U.S. AML lаws. Dеspitе thе hеfty finеs, Zhаo’s pеrsonаl wеаlth hаs not bееn notаbly impаctеd by thе lеgаl procееdings, with his nеt worth rеmаining lаrgеly intаct.

Whilе Zhаo is no longеr dirеctly involvеd in Binance’s dеcision-mаking procеss, hе rеtаins а mаjority stаkе in thе compаny, rеportеdly holding up to 90% of thе еxchаngе. Binance’s hеаd of rеgionаl mаrkеts, Vishаl Sаchаndrееn, confirmеd thаt Zhаo will not bе pаrt of thе compаny’s lеаdеrship going forwаrd. Howеvеr, Zhаo’s influеncе ovеr thе crypto industry rеmаins profound.

Related Readings | Binance’s Changpeng Zhao Set to Rejoin Society with Big Plans: Report

Binance Coin Under Pressure: $300 Target Looms If Key Resistance Holds

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Binance Coin (BNB) has found itself under significant selling pressure, and the technical outlook suggests that the price may slide to the $300 level. In a recent X post, Alan Santana defines crucial levels of resistance and notes that if they are not broken, the coin may experience more decline.

In the first half of 2024, Binance Coin had two major surges, the first one in March and the second one from April to May. These highs now represent significant resistance levels and since this time, BNB’s try at a bullish breakout in June has faltered which has resulted in a more bearish approach.

Binance Coin after reaching its highest value in June dropped sharply and continued the fall until August when it was able to find support at the 0.618 Fibonacci retracement level. This pull back could be observed from the uptrend that started in October 2023, making it a significant time frame to watch in the price of the coin.

Binance Coin Approaches Key Support

BNB pulled back slightly after the August low and has now formed a lower high, which is bearish. The following level of interest is the 0.786 Fib retracement level, which coincides with a price of $314. Looking at the current market sentiment and bearish pressure, some analysts expect Binance Coin to drop even lower and possibly touch $300 if it cannot rise above the existing resistance levels in the next few weeks.

People are now paying attention to whether the Binance Coin will break through these barriers or if the bearish trend will continue. This puts the market participants on the spot as the coin approaches the $300 mark and its future could likely depend on whether it could turn the trend around or not. As of press time, BNB is trading at $593 showing a 0.83% rise over the last 24 hours.

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The next few weeks are important for Binance Coin, as a breakthrough of these levels would open the way to further price growth, while the failure to do so can lead to further price drop. For now, the market is still more concerned with whether BNB can break through this bearish trend or move towards the next lower target.

Binance’s Changpeng Zhao Set to Rejoin Society with Big Plans: Report

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  • Changpeng Zhao (CZ), founder of Binance, will be released from federal custody early this Friday due to the weekend.
  • He served a four-month sentence related to Binance’s anti-money laundering issues and may relocate to Dubai or Paris post-release.
  • With a net worth of around $60 billion, Zhao’s release raises questions about his future plans in the crypto space

Changpeng Zhao, also known as CZ, the founder and former CEO of Binance, is expected to walk out of federal custody two days ahead of schedule this Friday, according to recent reports. This early release is actually because the official date fell on weekend, making him walk out early.

Confirming the same, a spokesperson for Binance said that they are pleased that CZ can finally return to his family. His lawyer asserts that, as a general rule, he prefers not to do any interviews upon release.

Background on Binance’s CZ Legal Troubles

For Zhao, the journey began in April, when he agreed to be extradited from Dubai to start serving a four-month sentence for Binance’s inadequate anti-money laundering controls. He spent about two months at a minimum-security desert camp in California, then transferred to a halfway house in Long Beach, where there were supervised outings, including trips to the movies.

With an estimated personal fortune of about $60 billion that ranks him as the 25th-richest person in the world, Zhao now walks free. Without revealing his plans, he may head to Dubai or Paris, where his children are living with He Ye, a former partner and a senior Binance executive.

Zhao has talked in the past about how his father’s coldness affected his parenting. Once free, he could focus on rebuilding family relationships with his sister, his son, and his mother, all of whom showed up to support him in court during his sentencing.

The family’s support, no doubt, was one reason why he received a notably light sentence of five months, with partial credit given to the considerable philanthropy attributed to Zhao.

Before his imprisonment, Zhao started the Giggle Academy project, with an ambition to produce free educational materials for kids everywhere. It remains almost completely undeveloped and has very little public information regarding funding and timeline. Zhao expressed a desire to build opportunities for underprivileged youth, emphasizing education during his sentencing hearing.

Zhao’s return now begs questions about where his next move in crypto will be. Of course, he has to stay away from the day-to-day operations at Binance because the company has been steadily shifting its focus away from the U.S. toward Asia and exposure overseas.

Stepping down from his role as chief executive, he is still the largest shareholder in the company, meaning he can have a great deal of influence on its direction.

Related Reading | Polkadot’s Falling Wedge Pattern Signals Potential Upswing Towards $12

Binance Dismisses WazirX Hack Blame, Highlights Misleading Claims

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  • Binance denies any involvement in the recent WazirX hack, refuting claims of ownership or control.
  • WazirX lost approximately $235 million in a cyberattack on a wallet managed by its team and custody provider Liminal.
  • Binance clarified that its role was limited to providing wallet services, with no operational control over WazirX.

Binance firmly re­futes any association with the rece­nt WazirX hack, dismissing misleading claims about its ties to the Indian e­xchange. The exchange­ stresses it neve­r owned, controlled, or operate­d WazirX, thereby negating any re­sponsibility for the breach on July 18, 2024.

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WazirX endure­d a severe cybe­rattack that affected a wallet containing use­r funds, resulting in the distressing loss of asse­ts totaling approximately $235 million. The exchange made it cle­ar that the compromised wallet was unde­r the complete manage­ment of the WazirX team working alongside­ custody provider Liminal.

Binance, through a blog post, firmly de­clared its noninvolvement in the­ operational aspects of the walle­t and hinted that the WazirX team unde­r the direction of Nischal Shetty might be­ deflecting responsibility by linking Binance­ to the attack.

Despite­ previous contractual discussions betwee­n the world’s largest exchange and WazirX, it clarified that a formal acquisition of the­ Indian exchange did not occur due to WazirX’s failure­ to meet contractual obligations. Zanmai Labs, the Indian e­ntity that operates WazirX, remains the­ platform’s owner and operator.

Binance’s Limited Involvement in Wallet Services

The exchange emphasized that its involvement with WazirX was limited to providing wallet services, a practice it offers to many other third-party platforms globally, and it had no operational control over WazirX.

In a blog post, WazirX was accused of misleading both users and the market regarding its affiliation with Binance. The exchange has also demanded the removal of unauthorized references to Binance in WazirX’s user agreements. However, WazirX has yet to comply with these demands.

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Reportedly, Nischal Shetty has filed affidavits in the Singapore High Court in the past, claiming that the theft has caused almost half of WazirX`s digital assets and the platform cannot supply the customers’ withdrawal requests. He has attempted to avoid responsibility by naming Binance as the one whose actions led to the hacking. The exchange has accused these allegations of being untrue and misguiding.

Binance declares that it is not the holder of WazirX users’ funds and that it is unrelated to the cyberattack. The exchange asked WazirX to take the burden of supporting its clients, stating that the claims that it was causing distractions were only internal affairs and that the users lost the money because of WazirX’s failures.

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Binance Coin (BNB) Faces Bearish Pressure: Will It Test The $300-$333 Levels?

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The Binance Coin (BNB) is under pressure, and the indications are that it may test the $300 to $333 levels. BNB has become bearish in the recent market trends and closed red for three months in a row and could be heading for the fourth. The price of BNB is still trading below the crucial $523 level, which corresponds to the 0.343 Fibonacci retracement of its bullish move that started in October 2023.

In a recent X post, Alan Santana stated that this $523 level is a crucial level for Binance Coin and the overall health of the market. This level can be said to act as a key barrier when the cryptocurrency is trading below this level bearish pressure is expected to remain dominant. Experts in this case have highlighted that the descending triangle pattern appeared on the chart has been broken to the downside, hence increasing the chances of price drops.

In the previous month, BNB’s price action wiped out all important levels and BNB reached its bottom at around $400. If the bearish trend continues, Binance Coin is expected to fall even more, with the prices ranging from $300 to $333.

However, the short term view of this is worrisome; however there are those who think that this is part of the cyclical nature of the market. Corrections such as these are, though, viewed as beneficial in order to remove any redundancies in the market and open up the way for further expansion.

Binance Coin’s Long-Term Rebound Potential

Although the short term is bearish there is a chance of a long-term rebound. As for the current decline, despite the fact that it looks quite scary, it is characterized as a usual stage of the cryptocurrency market’s cycle. This is quite expected especially given that the market has had a history of cycles of growth and decline. The current selling is anticipated to result in a better market environment once the bear market subsides.

Investors and traders are therefore encouraged to exercise alot of caution during this period of high volatility. The last part of this bearish trend is still likely to play out soon, which will pose moreproblems to those who have not yet prepared themselves. Traders have been advised to prepare psychologically and financially for further price declines before the market stabilizes.

Binance Coin is at the moment in a tough zone, and more declines can be expected in the coming days. However, such declines are considered as pan of the regular fluctuations within the crypto market. Thus, as Binance Coin gets closer to the $300 to $333 support level, traders will be eager to see how the asset will perform in the next several months.

Binance’s Tokocrypto Secures PFAK License in Indonesia

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Tokocrypto, a subsidiary of Binance, has officially secured a Physical Crypto Asset Dealer License (PFAK) from Indonesia’s Commodity Futures Trading Regulatory Authority (Bappebti). This is a milestone that can’t be ignored for the exchange as it became the third one to get such a status in the country.

As per the latest report, Tokocrypto, which has a user base of 4.5 million and counting, has achieved a new license. This is a testament to the company’s commitment to regulatory compliance and its ambition to lead the Indonesian crypto-asset market.

Tokocrypto’s path to PFAK began 4 years ago in 2019, after registering as a Prospective Physical Crypto Asset Trader (CPFAK). The procedure was tough, and the platform had to comply with Bappebti’s strict regulations.

Tokocrypto has now a license in hand and can trade in crypto assets as a physical trader, which means that they can provide their users with safe and compliant services in the rapidly growing Indonesian market.

This success has not only improved Tokocrypto’s operational functioning but also increased investors’ trust. The PFAK license guarantees the platform’s operations are transparent and trustworthy and comply with the regulations. It is crucial for establishing trust and protecting investors.

Richard Teng, CEO of Binance, lauded the move, recognizing it as a testament to Tokocrypto’s dedication to regulatory excellence. Teng further highlighted Binance’s commitment to the mutually supportive relationship with Tokocrypto in expediting the growth of the Web3 ecosystem in Indonesia.

Moreover, Yudhono Rawis, CEO of Tokocrypto, said:

Over the past two years, Tokocrypto has continuously strengthened its commitment to maintaining high standards of regulatory compliance. We are proud of this achievement to become the third exchange to receive PFAK license in Indonesia, the market which has 35 prospective crypto exchanges registered with Bappebti.

Binance Kazakhstan’s Regulatory Progress

This achievement is in line with Binance’s broader objectives of growing its regulatory compliance across the world. Just recently, Binance Kazakhstan received a full regulatory license from the Astana Financial Services Authority (AFSA) following formal consent.

While the regulatory measures taken by both Tokocrypto and Binance Kazakhstan speak volume’s of the parent company’s commitment to security and compliance in the global crypto market. Nevertheless, these two entities are primed to contribute to the digital asset ecosystem in their respective markets.

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Aave Whales Withdraw $9M from Binance Amid Rising DeFi Interest

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As a major turn in decentralized finance (DeFi), three whale accounts withdrew 67,897 AAVE tokens worth $9.02 million from Binance within 24 hours. The analytical platform Spot On Chain noted the growing demand for Aave. This comes when cryptocurrency price has risen massively within the past few months placing it as a target for giant investors.

The withdrawals happened in two transactions and it shows growing interest in tokens by whales or large holders. As reported by Spot On Chain, two whale addresses, 0x3f9 and 0x64c owned by the same entity, withdrew $2.22 million worth of approximately 16,592 AAVE. 

Another wallet, 0xa92, transferred out 50,605 AAVE, equivalent to $6.8 million. This whale now has a total of 125,605 tokens, with a current value of approximately $16.7 million. These massive withdrawals have raised expectations on future market trends with many people raising questions on whether it is charging for more accumulation in other places or strategic placements in the DeFi markets.

Aave’s Price Surge 

From the beginning of July to the third week of September, the token price increased from $90 to $143 and ranks amongst the most sought-after DeFi tokens in the market. This came as a result of changes in the economic model of Aave, wherein many institutional investors as well as whales flocked to the platform. The lending and borrowing model of the platform along with robust governance makes Aave one of the prominent members of the burgeoning DeFi community.

This recent whale activity shows conformance, and the probability of the longer-term, into which Aave is being developed, is deemed positive. Whales usually transfer large tokens out of exchanges for cold storage and this might mean that they are bullish for the tokens in the long term.

When it comes to whales’ movement, analysts and other market participants regard it as an indication that something big is likely to happen in the market shortly. These huge withdrawals from Binance have raised eyebrows within the crypto community as people discuss whether it is further bullish signals for tokens or accumulation for long-term holdings.

As Aave goes on to solidify its standing in the DeFi market category, the factors of whales, increasing prices, and the shifting economic model may give way to the token’s expansion. Market players and investors will probably pay attention to the future activities of whales and the rest of the DeFi space.

Binance Ban Zhao From Leadership But Influence Remains

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In a shocking twist, Binance has officially barred its former CEO Changpeng Zhao from taking over the company’s reins in the future. However, Richard Teng, the exchange’s current CEO confirmed that Zhao will still maintain his position as the company’s largest shareholder.

Since Zhao’s resignation and conviction, there has been speculation regarding his future role in the firm. The ambiguity deepened after Binance’s plea agreement with the Department of Justice in November, While the agreement initially stated that he would be barred from “managing or operating” the company, it didn’t explicitly specify the duration of this ban.

Teng’s recent statement has finally put an end to all the rumors. This indicates that even after Zhao completes his prison sentence on September 29, he will be prohibited from holding executive or operational roles within Binance. Despite that, Zhao will maintain significant influence over the company’s affairs.

As the majority shareholder, he will retain all shareholder rights, including the power to replace board members or even the CEO if he deems it necessary. Even though, he may not be directly involved in day-to-day operations, his ability to shape the company’s direction through his shareholder rights could prove to be a major factor.

Binance: Compliance at the Forefront

Moreover, as per the DOJ’s settlement with Binance two external monitors were appointed to oversee the company’s compliance with the agreement. These monitors will play a crucial role in ensuring that Zhao’s activities do not conflict with the terms of the ban and that Binance operates transparently and lawfully.

As part of its invеstmеnt in compliаncе, the crypto trading platform is sеt to onboard 1,000 nеw еmployееs by thе еnd of 2024. CEO Richаrd Tеng rеvеаlеd thаt mаny of thеsе nеw hirеs will bе аllocаtеd to thе compliаncе dеpаrtmеnt, which will grow from 500 to 700 mеmbеrs.

Furthermore, the firm also plаns to spend ovеr $200 million this year to mееt rеgulаtory rеquirеmеnts. This budgеt includеs еxpеnsеs rеlаtеd to а 2023 аgrееmеnt with thе U.S. Dеpаrtmеnt of Justicе, аddrеssing concеrns аbout monеy lаundеring on thе plаtform.

Binance CEO Demands U.S. Action Over Detained Ex-Agent in Nigeria

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The CEO of Binance, Richard Teng, has lashed out in fury towards the Nigerian government as it continued to detain Tigran Gambaryan, a former U.S. federal agent and an employee of Binance. Gambaryan has been held in Nigeria for six months, with continued failing health due to lack of medical care and legal representation.

According to the blog post, Teng’s declaration indicates the high physical and mental stress on Gambaryan, who is reported to be in the state of having a herniated disc that has made him unable to walk.

He is in critical condition, and yet the Nigerian authorities have not provided him with the medical services that are essential to him, such as a wheelchair, and have not allowed him to seek legal counsel before the trial that is scheduled to begin on September 2.

Moreover, a Nigerian court ordered the release of Gambaryan’s medical records, but compliance was delayed for months. This week, the situation was compounded as Gambaryan was refused access to a U.S. consulate representative, which further increased the worries about his health.

Binance Calls for U.S. Government Intervention

Binance has called on the U.S. government to intervene and apply political pressure to secure Gambaryan’s release. Teng expressed deep concern for the irreversible damage that continued detention could cause to Gambaryan’s health and urged for a humanitarian resolution that would allow him to return to the U.S. for proper treatment and recovery.

The Nigerian government has justified Gambaryan’s continued detention with the allegations that Binance, being a primarily virtual corporate entity, is a scapegoat for human rights violations.

The prosecution’s counsel argued that Gambaryan should be denied bail due to concerns over him being a flight risk. Binance refutes this claim, claiming it is baseless. The company relies on the fact that it has settled regulatory matters in several countries, including the U.S., Thailand, Brazil, and India, without resorting to punitive measures against its employees.

Teng urges the U.S. government to officially regard Gambaryan as unlawfully detained and use its influence to get him released. He asks international observers to raise their voices and make the Nigerian authorities address what he considers an unfair and harmful situation.

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Shiba Inu’s Mighty BONE to Surge 3,500% on Binance Listing

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The Shiba Inu community’s anticipation of a Binance listing for BONE ShibaSwap (BONE) is heating up. Crypto expert and Shiba Inu enthusiast Del Crxpto recently reignited discussions by claiming that BONE’s listing on Binance is inevitable. According to Del Crxpto, the event is not a question of “if” but “when.” He advised the Shiba Army and the broader crypto community to be ready for what he sees as a game-changing moment.

For years, the Shiba Inu community has pushed major exchanges, particularly Binance, to list BONE. In the past, Shytoshi Kusama, the project’s lead developer, and a significant portion of the community even supported a proposal to include BONE for futures trading. Despite these efforts, Binance has remained silent. However, voices like Del Crxpto’s are keeping the pressure alive, fueling speculation that a listing might be on the horizon.

Del Crxpto’s analysis suggests that once Binance lists BONE, the token could reach a new all-time high (ATH). He projects BONE could soar above $15.5, a price it last achieved on July 7, 2021. For this prediction to hold, BONE would need to surge by over 3,500% from its current price, translating to a market cap of around $3.5 billion. Given BONE’s current market cap, this would be a monumental leap.

Shiba Inu: BONE’s Market Performance

However, BONE remains 97% below its ATH, and its market performance has been underwhelming despite its integral role in the Shiba Inu ecosystem. Critics argue that the token’s lack of promotion is holding it back. One community member even claimed that BONE could have already reached $5.6 if it had received better support from Shytoshi Kusama.

Adding fuel to the fire, Del Crxpto’s speculations follow recent predictions by analytics firm Coinpedia. The firm highlighted BONE as a likely candidate for a Coinbase listing in 2024, citing its utility, Shibarium’s growing adoption, and the community’s backing as key factors.

Currently, BONE trades at $0.4416, reflecting a 1.4% increase in the last 24 hours and an 18% rise over the past week. While BONE is already listed on platforms like OKX, Gate.io, and Crypto.com, the crypto community remains focused on whether Binance will finally step in.