Changpeng Zhao sentenced to life "imprisonment": Binance founder permanently banned from management
Changpeng Zhao was banned from participating in Binance management for life, but he remains the majority shareholder: he owns about 90% of the cryptocurrency exchange.
On the one hand, he was removed from the management of the company he created. On the other hand, it was like being kicked out of his own home, but still allowed to own it.
Considering that he owns about 90% of the shares, this situation looks rather strange. Usually, someone who owns such a large block of shares has a decisive vote on all important matters. But as long as Changpeng Zhao remains the largest shareholder, he retains influence. Even without direct participation in management, he can make important decisions by voting at shareholder meetings.
This creates an interesting picture: officially withdrawing from the business, but still having a significant say in the company. It can be assumed that Changpeng Zhao's real influence on Binance may be much greater than at first glance.
