The crypto community is actively campaigning for the release of Changpeng Zhao, the former CEO of crypto exchange Binance. Supported hashtags are gathering popularity where participants express their demand for freedom for this businessman.
Binance's situation came under the scrutiny of US regulators back in 2018. Zhao recently signed an agreement with the US DOJ and other regulatory agencies, stepping down as CEO and agreeing to pay a hefty $4.3bn fine, as well as restricting Binance's operations in the US.
He has also pleaded guilty to charges related to money laundering and is expected to be arraigned in February 2024. Zhao cannot leave the US and return home to the UAE as there is no extradition treaty between the two countries.
Experts point to a possible prison sentence of up to 10 years for Zhao. This situation is escalating due to the recent allegations made by the US Securities and Exchange Commission (SEC) against Binance. The SEC accuses the US division of the crypto exchange of using schemes similar to those used by FTX before its collapse in November 2022 to manipulate customer assets.
Many members of the crypto community see the crackdown on Zhao as unfair. Some investors see him as a sacrifice to hasten the launch of the first ever US spot bitcoin-ETF. He is also remembered as the one who started the chain of events that led to the exposure of FTX's fraudulent schemes.