Speculation is rising that Binance Co-Founder Changpeng Zhao (CZ) may soon return to the company, nearly two years after stepping down. CZ changed his X profile bio, from ‘ex-binance’ to ‘binance,’ which has led to rumors of a possible comeback.
This action comes after Binance formally dismissed its case against the U.S. Department of Justice (DoJ), which placed compliance supervision on the company in 2023. In November 2023, CZ resigned and accepted a settlement of $4.3 billion for violating anti-money laundering laws in the United States.
As part of the deal, he paid a $50 million personal penalty and was banned from managing the exchange. Since then, Richard Teng has been leading Binance as CEO. Now, with the legal restrictions lifted, CZ could be planning to steer Binance’s next phase of growth.
BNB price hits fresh all-time high
Binance’s native token, BNB, experienced a major reaction to the news, soaring 5% in the past 24 hours and reaching a new all-time high of over $962. The altcoin has been steadily increasing, with the daily trading volumes increasing 37.3% to reach $3.31 billion, indicating increased interest by investors.
The open interest in BNB futures also increased 8.33% to more than $1.81 billion, which showed that there is a high level of bullishness among the traders. Analysts are currently monitoring a possible breakout above 1,000, which would lead to additional gains.
This development comes at an interesting time for Binance, as the company finalizes its agreement with the U.S. DoJ to remove the three-year oversight requirement related to Bank Secrecy Act violations. The combination of CZ’s potential return and BNB’s record-breaking rally is sparking excitement across the crypto community.
Both the leadership actions of Binance and the price movement of BNB will be under the scrutiny of investors and traders in the next few weeks. This is as the market anticipates what may become a seminal moment in the history of one of the largest crypto exchanges in the world.
Also Read: Binance Token BNB Reaches $957 All-Time High. $1000 Next?
