Binance CEO Confirms CZ’s Lifetime Ban From Exchange Management
Binance CEO Richard Teng has confirmed that former CEO Changpeng Zhao (CZ) has been barred from managing or operating the exchange, despite retaining a majority stake in the company.
Teng stated in an interview that CZ’s ban is permanent, not just for three years as previously reported by some news outlets. This decision was reportedly made by Binance, even though it was not explicitly required by either Zhao’s or Binance’s plea agreements.
CZ is expected to be released from a US prison in a few weeks. As part of his deal with prosecutors, he could be permanently barred from operating or managing Binance.
However, CZ retains an estimated 90% share in Binance, making him a majority shareholder with a significant influence on the company’s direction. This was also confirmed by Teng.
CZ stepped down as CEO in November 2023, facing charges of failing to maintain an effective anti-money laundering program at Binance. This was part of Binance’s plea agreement, which prohibited CZ from any future involvement in operating or managing the exchange.
This situation highlights the ongoing scrutiny and regulatory challenges facing the cryptocurrency industry.
## Key takeaways:
* CZ has been permanently banned from managing Binance.
* CZ remains the majority shareholder with significant influence over the company.
* Binance’s decision to ban CZ was not legally required but was made to address concerns raised by US authorities.
* The situation highlights the ongoing scrutiny and regulatory challenges facing the crypto industry.
**Learn more about Binance:** Binance Website
**Learn more about Cryptocurrency:** Coinbase Website
