CZ’s X account gets briefly restricted, leaving followers in confusion

Journalist

Posted: November 24, 2023

• CZ’s personal account on X went off briefly, triggering FUD around the crypto community.
• BNB has stopped plunging but there may be more scrutiny for crypto exchanges.

Holders of Binance Coin [BNB] and vocal fans of Changpeng Zhao (CZ) were left in confusion when X Corp restricted the account of the former Binance CEO.

It was unavoidable for CZ’s followers not to observe because the man is an active user of the social media platform.

Source: X (formerly Twitter)

CZ goes off because of a name change 

Although the restriction only lasted seven minutes, rumors quickly spread around that the U.S. government might have been involved. One of the reasons for this was that prosecutors in charge of the court case had pleaded against allowing Zhao out of the country’s territory.  

This was after he was released on a $175 million bail bond. While the Fear Uncertainty, and Doubt [FUD] continued to spread, CZ appeared and cleared the air on his short absence. 

He said the brief restriction was because he changed his profile name. In the end, CZ was able to send his “Happy Thanksgiving” post in celebration of the U.S. annual holiday.

Happy Thanksgiving! 🦃

No need to FUD. All good now. 🙏 pic.twitter.com/IhkSTNwFvi

— CZ 🔶 BNB (@cz_binance) November 23, 2023

Meanwhile, BNB seems to have stabilized from the effect of the Binance and CZ indictment.

At press time, the coin price was $235. This value represents a mild 0.30% decrease in the last 24 hours. It also indicates how BNB has shown strength in the face of all these troubles.

Like the price action, the Weighted Sentiment around BNB has also stalled from falling into the negative region.

At the time of writing, Santiment’s data assessed by AMBCrypto showed that the Weighted Sentiment was 0.083.

Source: Santiment

No longer bearish but…

The metric’s reading meant that market participants are no longer as bearish as they were on BNB compared to the period when the sanction was first announced. With respect to the DOJ ruling, AMBCrypto spoke to Slava Demchuk.

Demchuk is the co-founder of AMLBot, a compliance solution for screening cryptocurrencies connected with illicit activities.

When asked how Binance failed to implement basic Anit-Money Laundering measures, and allowed its violation, Demchuk said:

“Binance didn’t have to implement such measures at the time, which enabled them to grow even faster. The company grew at an extremely fast pace globally, in a new and evolving industry that was in the early stages of regulation, and Binance made misguided decisions along the way.”

He also added that, in the long run, other exchanges might also face the same scrutiny from the regulator.

However, he mentioned that probes like this could benefit the crypto sector and weed out the bad actors.

How much are 1,10,100 BNBs worth today?

For now, it is uncertain if CZ would be allowed to go to the UAE or not.

Meanwhile, CCN reported that his final sentencing could happen in February 2024. CZ also faces up to 18 months behind bars.