Cardano (ADA) on Rise: Technical and Social Momentum Point to a Bullish Future Beyond $1

The post Binance’s CZ Breaks Silence on Prison Time, Cellmate Was a Double Murderer: ‘No One Cares’ appeared first on Coinpedia Fintech News

Changpeng Zhao, also known as “CZ” and the founder of cryptocurrency exchange Binance, recently shared details of his prison experience following his legal troubles in the United States.

In November 2023, both CZ and Binance pleaded guilty to several charges related to money laundering and regulatory violations. To settle the case, Binance agreed to pay over $4.3 billion in fines. Initially facing a three-year prison sentence, CZ’s punishment was reduced to four months after his legal team argued he was not directly involved in the wrongdoing.

In an interview with Farokh Radio, CZ opened up about his experience and described prison as an extremely difficult experience. Despite his calm personality and high tolerance for stress, he admitted the process was frightening. From strip searches to sharing a cell with a double-murder convict, CZ said nothing about prison was easy or glamorous.

“It was extremely hard when you go through it. I can laugh about it now, but it’s not funny — it’s not fun at all. I wouldn’t wish that experience on anyone. My first cellmate was a double murderer. Once you’re in there, no one cares who you are. They just treat you like anyone else,” he said.

He explained that while he was not mistreated, he was not given any special treatment either. Most guards and inmates did not know who he was, and he was monitored like any other prisoner. Since he is not a U.S. citizen, CZ was placed in a low-security prison instead of minimum-security, which is typical for white-collar offenders.

CZ said that prison was mentally stressful. One of his biggest fears was that his sentence could be extended unexpectedly, which he said happens to many inmates. Even after serving his four months, immigration issues caused delays in his release, and he was temporarily held in a detention center.

Despite the challenges, CZ said that most of the inmates were respectful and that he had no conflicts during his time in prison. He also revealed that he’s writing a book that will include more details about his experience.

The post Binance’s CZ Breaks Silence on Prison Time, Cellmate Was a Double Murderer: ‘No One Cares’ appeared first on Coinpedia Fintech News
Changpeng Zhao, also known as “CZ” and the founder of cryptocurrency exchange Binance, recently shared details of his prison experience following his legal troubles in the United States. In November 2023, both CZ and Binance pleaded guilty to several charges related to money laundering and regulatory violations. To settle the case, Binance agreed to pay …

The US Federal Reserve has removed reputational risk from its examination programs in supervising US banks. Following the elimination of the factor, the US Fed has joined the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to ease requirements for banks to dabble in cryptocurrency offerings. Federal Reserve

The post Just In: Federal Reserve Ends ‘Reputational Risk’ Factor Which Penalized Crypto Banking appeared first on CoinGape.

Canary Capital has submitted a registration filing to the United States Securities and Exchange Commission (SEC) for the launch of the first-ever Pengu exchange-traded fund (ETF). This move adds to the growing list of crypto asset managers seeking regulatory approval for digital asset-based ETFs.

According to the filing published on Thursday, the proposed ETF will invest in the PENGU token, which is the official token of the Pudgy Penguins NFT project, as well as in Pudgy Penguins NFTs themselves. The filing also states that the ETF will hold other digital assets, including Ethereum (ETH) and Solana (SOL), to support trading and transfers.

Canary Capital Files for Pengu ETF

In the registration statement, the ETF is defined as an investment trust that invests in digital assets such as PENGU tokens and Pudgy Penguins NFTs, among others. Regarding these holdings, Canary Capital emphasized that these ones are critical for monitoring the token and the NFT assets.

If launched, the ETF will allow investors to track the price of PENGU and other NFTs in its portfolio without owning or hosting them as physical assets. The trust may also contain other assets in the form of digital media for the buying and selling besides conversion and redemption of the fund.

“Other non-security digital assets owned by the trust include SOL and ETH that may be necessary or incidental,” the filing added.

The Pudgy Penguins project released the Ethereum-linked PENGU token in December. The project has been popular in the crypto sphere as a collection of NFT and social networking. Although PENGU was first developed on Ethereum, there is a growing sentiment that it can be regarded as a Solana meme coin since most of its trading activity transpire in Solana platforms.

PENGU Market Reaction and Price Movement

Following the ETF announcement, the PENGU token saw a sharp 10% price increase during early trading. It broke above previous resistance levels and moved past the Ichimoku cloud, indicating a possible shift in momentum.

The Relative Strength Index (RSI) for PENGU moved from 44.86 to 62 shortly after the news, indicating increased buying activity. The RSI remains below the overbought level of 70, suggesting that further gains are still possible.

Many of the analysts are now focusing on the $0.0093 as the next level of resistance backed by the Robinhood listing last week. A breakout above that level means the token will be trading above the $0.010 mark, the first time in a month. However, if the momentum disappears, the token may fall back to $ 0.0062 support area.

Growing List of Crypto ETF Applications

Canary Capital is not the only firm pursuing ETF approval for non-traditional digital assets. In recent months, several asset managers have submitted filings for altcoin ETFs, including ones focused on Dogecoin (DOGE), Sui, Hedera, and BONK. These filings followed the approval of spot Bitcoin and Ethereum ETFs by the SEC in 2024.

Despite the recent trend, the SEC has delayed decisions on many of these applications, especially those involving meme coins and smaller tokens. Some market participants have raised questions about whether ETFs for meme coins and NFTs will meet regulatory standards.

“The likelihood of approval for these funds remains unclear due to high volatility and limited trading history,” a statement from the filing added.

Mixed Reactions From the Crypto Community On Pengu ETF

The ETF proposal has sparked different responses from traders and analysts online. Some have raised doubts about investor demand for a fund tied to a meme coin and NFT project that is less than six months old.

Social media commentator @beast_ico wrote, “We don’t need ETFs for ghost chains, much less sub 6 month old memecoins.” Others noted that despite the ETF news, the price reaction was short-lived, and sustained momentum may depend on broader market trends.

Industry observer Alex Krüger commented,

“New ETFs for crypto assets have become an irrelevant joke,” citing weak asset inflows into recently launched funds.

The post Canary Capital Files for Pengu ETF With US SEC, PENGU Price To Soar? appeared first on CoinGape.