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This week’s top crypto stories involve major shifts expected to shake the industry. Binance founder Changpeng Zhao (CZ) is nearing his release from a four-month sentence. Meanwhile, Sky, formerly known as MakerDAO, is poised to launch its decentralized stablecoin USDS on Solana, aiming for cross-chain integration with the help of Wormhole protocol. As the crypto market braces for these impactful changes, we delve into the details of this week’s most critical developments. CZ Set for Release: What’s Next for Binance’s Former CEO? Binance co-founder and former CEO Changpeng Zhao (CZ) is scheduled to be released on September 29. This development marks the end of a four-month prison sentence following his guilty plea for violating the Bank Secrecy Act. In late 2023, CZ settled with the US Department of Justice (DOJ), significantly reducing sentences from the initially proposed 36 months. His legal troubles arose from Binance’s failure to implement adequate know-your-customer (KYC) measures. Despite his legal challenges, many industry insiders view CZ as pivotal in cryptocurrency’s growth, particularly through Binance’s role in global liquidity. Ki Young Ju, CEO of CryptoQuant, commented on CZ’s legacy. “Don’t underestimate CZ. He deserves respect. […] It’s crucial to distinguish his merits from his faults clearly. In my view, CZ’s achievements far outweigh his mistakes. He has paid his fines, and his detention is nearing an end. The industry should begin to see him in a new light,” Ju said. After stepping down as Binance’s CEO, CZ was succeeded by Richard Teng, who took over leadership during the company’s efforts to settle criminal charges related to US sanctions and money-transmitting laws. While CZ has stated he does not intend to return as CEO, many speculate that his next ventures will focus on investments in blockchain, AI, and biotech. Read more: Who Is Changpeng Zhao? A Deep…

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Filed under: News - @ September 23, 2024 10:28 am