Binance founder and former CEO Changpeng Zhao (CZ) has been banned for life from managing the cryptocurrency exchange.
This decision comes after Zhao faced multiple charges from U.S. authorities, including offering unregistered securities, market manipulation, and issues with Binance’s anti-money laundering (AML) protocols.
Zhao resigned as CEO in November 2023 as part of a deal with the U.S. Department of Justice, which required his permanent removal from Binance’s management. Although he no longer holds an executive role, CZ remains Binance’s largest shareholder, allowing him to influence decisions like management changes or board appointments.
Following his resignation, Richard Teng took over as CEO. Binance now has a seven-member board of directors, compared to just Zhao when he was in charge. The DOJ appointed two external agents to monitor Zhao’s compliance with the management ban.
Despite his legal issues, Zhao plans to shift his focus to investing in emerging technologies like blockchain, artificial intelligence (AI), and biotechnology after serving a short prison sentence and paying a $50 million fine.
