Changpeng Zhao (CZ) Banned from Managing Binance for Life

Bittime - Former CEO of Binance, Changpeng Zhao (CZ), has been banned for life from managing or operating Binance. After completing his sentence on September 29, 2024, CZ will no longer be involved in Binance's operational activities.

CZ Majority Shareholder of Binance

Even so, his role as the largest shareholder in the company remains unchanged. Binance's current CEO, Richard Teng, said that CZ is no longer involved in management, but retains all rights as a majority shareholder. 

As the largest shareholder, CZ has the right to propose resolutions, replace board members, or even propose a new CEO if the company's performance does not meet expectations. 

Thus, despite not being active in day-to-day management, Zhao's power in determining Binance's direction remains enormous.

Read Also: Changpeng Zhao (CZ) will be Released on September 29, 2024

US DOJ Decision 

CZ's lifetime ban on managing Binance comes as part of a deal with the US Department of Justice (DOJ). After completing his prison term, Shizu was forced to take a more passive role in the company he founded. 

Meanwhile, Binance has been in the spotlight of various regulatory bodies and legal authorities around the world, including in the US, Europe and Asia, which means company management must continue to adapt to increasingly stringent regulations.

Binance Under New Leadership

With CZ prohibited from being involved in management, leadership of Binance is now in the hands of Richard Teng. Teng is not a new name in the world of finance and crypto. 

Previously, Teng has had extensive experience at several large financial institutions and regulatory authorities, which makes him the logical choice to lead Binance in these challenging times.

However, despite Teng's experience and skills, he still faced enormous pressure. Binance needs to prove that it is able to operate within existing regulations and remain a leader in the highly competitive crypto industry.  

Read Also: SEC Amends Lawsuit Against Binance, Removes Proof of Solana As a Security

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