- CZ is ready to do his time and move on to the next phase of life.
- Market watchers view Binance founder’s sentence as a “great deal.”
Binance [BNB] founder and former CEO Changpeng Zhao, commonly known as “CZ,” commented on his four-month sentence by the Seattle court on the 30th of April.
Reacting to the sentence on X (formerly Twitter), CZ extended gratitude for the overwhelming support received during the trial and said,
“I will do my time, conclude this phase, and focus on the next chapter of my life (education).”
Last November, CZ pleaded guilty to violating U.S. money laundering regulations. Binance, the world’s largest cryptocurrency exchange, paid $4.3 billion as part of the plea deal.
Additionally, CZ paid $50 million in fines in the plea deal. However, market watchers viewed the fine as pale compared to his net worth of over $40 billion.
Market reaction, what’s next for Binance founder?
Some claimed that the four-month sentence is a great deal considering prosecutors proposed a three-year sentence.
Compared to the 25-year sentence given to FTX founder Sam Bankman-Fried, CZ’s look like a tiny blip.
One of the market watchers, Autism Capital, claimed,
“CZ really is the best to ever do it. Unlike Sam, he didn’t lose anyone’s money. He is still a hero to all. He literally memed his prison sentence into existence. He does 4 months in the easiest camp prison playing pickleball and meditating. Walks away with $47 billion dollars”
Bloomberg analyst James Seyffart also acknowledged that CZ got a great deal and quipped,
“4 months for $40B in gains? $10B per month doesn’t sound too bad. I’d take that trade.
I’d take that trade, too.”
The four-month sentence means CZ will be out by Q4 2024. In March, CZ revealed his new education project, Giggle Academy.
The project aims to grant free education access to children and will be his main focus when he finishes the sentence.
However, the former Binance chief reiterated that he will continue being a passive investor in crypto.
“I will remain a passive investor (and holder) in crypto. Our industry has entered a new phase. Compliance is super important. A silver lining of this whole process is that Binance has been under the microscope. And funds are SAFU.”
In the meantime, the BNB token was down 9% in the past 24 hours. But its price remained above $500, which has been a key psychological support since March.
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