Changpeng Zhao (CZ), the former CEO of Binance, could be permanently banned from managing or operating the exchange. Previously, many reports suggested that CZ's ban would only last three years, but current Binance CEO Richard Teng has confirmed that CZ has been banned for life from any management role at the company.

Although CZ is expected to continue advising Binance after his release from prison, the ban could impact the company's operations. Binance is still facing a lawsuit from the SEC for securities violations.