CZ exits Binance leadership after early prison release
CZ is set to be released from prison early this Friday, marking a permanent exit from Binance's leadership; Binance introduces pre-market spot trading with token purchase limits to manage trading pressures; Celestia's announced $100 million fundraising resembles an OTC trade with a vesting schedule.
CZ leaves prison on Friday
According to Fortune Crypto, CZ will be released from prison this Friday, 2 days ahead of his official release date (if a release date falls on a weekend, inmates leave custody early).
Previously known, CZ will exit from Binance's leadership permanently, according to current Binance CEO Richard Teng.
Binance pre-market spot trading
Binance announced pre-market spot trading, which is “actual tokens,” not derivatives like OKX pre-market futures. Obviously, it's a good tool to balance the huge buying and selling pressure when trading starts with below limitations:
- Purchase limitation: Binance Pre-Market users are subject to a maximum holding limit of tokens, which may differ for each qualifying Launchpool project. If a user's current Spot account holdings exceed the maximum holding limit, they will not be able to purchase additional tokens in the Pre-Market. (Please note: User spot holding amount include balance in wallet and unfilled order )
- Selling limitation: There are no limitations on selling.
Binance will announce when a Launchpool project is available for pre-market trading and its start date. Users can continue subscribing to Launchpool as usual. Once pre-market trading begins, all Binance users can trade the "pre-market" tagged tokens. Binance said the pre-market period will close at least four hours before the official spot trading, with a separate announcement for the listing.
Celestia fundraising or OTC?
On Sept 24, Celestia announced $100 million fundraising at https://x.com/CelestiaOrg/status/1838277760789418231.
With more info disclosed, it looks more like an OTC trade with quick vesting, where 1/3 will be free for sale by end of October 2024, and the rest will be vested linearly in the next 1 year.
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