Happycoin.club - The current CEO of the cryptocurrency exchange Richard Teng said that the former head of the company Changpeng Zhao (CZ) has been permanently removed from the management of the organization.
Interestingly, the businessman's plea agreement with the US Department of Justice only stipulated a three-year sentence. Zhao is currently in the Long Beach Reintegration Center in Los Angeles.
These supervision centers are also called "halfway houses" and help released prisoners prepare for their return to society. The reasons why the current management of the exchange decided to permanently remove Zhao from management remain unknown.
Perhaps the platform's top management believes that Zhao's reputation will negatively affect them, and does not want to run into further trouble with regulators in the US and other countries because of him.
At the same time, Richard Teng added that Zhao's partner and co-founder of the exchange, Yi He, will remain an important employee in the platform's management system.
Thus, after Zhao leaves the center at the end of September, he will have no leverage over Binance’s future policy, although he still has his own people in the management. But this is small consolation for the man who created the largest crypto exchange in the world.