Changpeng Zhao Banned from Binance for Life
06.09.2024 9:00 2 min. read Alexander Stefanov
Changpeng Zhao, known as CZ and the former CEO of Binance, has been banned from the company for life.
Initially, reports suggested a three-year ban, but recent updates from Axios confirm a permanent exclusion. This decision prevents CZ from returning to any leadership role at Binance.
Zhao faced multiple charges related to Binance’s US operations, leading him to resign as CEO in November 2023, with Richard Teng succeeding him. In May 2024, Zhao was sentenced to four months in prison for financial crimes, contrary to earlier expectations of a longer prison term.
The charges against Zhao included accusations of offering unregistered securities, market manipulation, and non-compliance with anti-money laundering regulations. Although Binance remains the largest cryptocurrency exchange globally, it has faced significant regulatory issues. CZ’s resignation was viewed as part of a settlement with US authorities, with the lifetime ban being a key term of the agreement.
Previously, Zhao was the sole director of Binance. After his departure, the company now has a seven-member board, including two external members appointed by the DOJ to ensure regulatory compliance.
CZ has stated he has no intention of leading any company in the future and will focus on investing in emerging technologies, particularly in blockchain and AI. Following a $50 million fine and his prison term, Zhao will be released on September 29. With his lifetime ban from Binance, the industry will be keenly watching his future investment choices.
Under CZ’s leadership, Binance rose to prominence as the world’s top crypto exchange. The industry now awaits to see how Binance will evolve in his absence.
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