BNB Rises 5% Amid Speculation That Changpeng Zhao (CZ) Is Returning to Binance

BNB rises 5% to a new all-time high amid rumors that Changpeng Zhao (CZ) may return to Binance after nearly two years

 

Speculation surrounding the potential return of Binance founder Changpeng Zhao (CZ) has caused BNB to rise 5%, reaching a new all-time high of $960. 

This surge follows CZ’s recent update to his social media profile, changing his description from “ex-@binance” to simply “@binance.” The timing of this change has sparked rumors that CZ may be preparing to return to the company, nearly two years after stepping down in 2023 amid legal challenges.

CZ’s Profile Update Sparks Return Speculation

Changpeng Zhao’s recent update to his X profile bio has led to widespread speculation that he might be preparing to return to Binance. The update from “ex-@binance” to “@binance” raised eyebrows among crypto enthusiasts, fueling discussions about a potential leadership comeback. 

CZ resigned in 2023 as part of a legal settlement with the U.S. Department of Justice over violations of anti-money laundering laws. His resignation and subsequent settlement led to Richard Teng taking over as CEO of Binance.

According to some analysts, the change in his social media bio could be a sign that CZ is preparing to return to Binance.

The timing is crucial. Binance is reportedly nearing a deal with the DOJ to remove the compliance oversight that was imposed as part of the settlement. This would mark a shift in the company’s operations and open the door for CZ to reclaim his leadership role.

Binance’s Legal Situation and Potential Leadership Change

The speculation surrounding CZ’s potential return is closely tied to Binance’s ongoing legal battles. Following the settlement with the DOJ in 2023, Binance has been under strict compliance oversight. 

However, reports suggest that the company is in advanced talks with the DOJ to finalize an agreement that could lift these restrictions. If the deal is finalized, it would give Binance more operational freedom. Hence, this could lead to a leadership change, possibly allowing CZ to take back control.

The potential deal with the DOJ is seen as a key development for Binance’s future. With the compliance oversight being removed, the company may be able to operate more freely in the market. This could allow CZ to guide the company through its next phase of growth.

Besides, this would also be the first time that rumors about CZ’s return have surfaced since the 2023 settlement.

BNB Price Reaches New High Amid Rising Speculation

Despite the broader market’s consolidation, BNB has performed strongly, surging 5% to reach a new all-time high of $960.

The price rise follows increasing speculation about CZ’s return and the ongoing legal developments at Binance. Moreover, BNB has been one of the standout performers in the crypto market, with strong price movements and increased trading volume.

BNB volume and interest surge, signaling growth. Source| Coinglass
BNB volume and interest surge, signaling growth. Source| Coinglass

Additionally, BNB’s futures open interest has surged by 10.87%, reaching over $1.83 billion. This indicates that market sentiment remains bullish, with traders anticipating further gains.

Hence, analysts are now focused on whether BNB can break through the $1,000 mark.  This would signal the continuation of the current bullish trend.

Source: https://www.livebitcoinnews.com/bnb-rises-5-amid-speculation-that-changpeng-zhao-cz-is-returning-to-binance/