Changpeng Zhao Banned From Binance for Life

Binance has issued a lifetime ban on founder Changpeng Zhao (CZ), barring him from supervising the company, Richard Teng, the current CEO of the world’s largest cryptocurrency exchange, confirmed to Axios.

Zhao is currently serving a four-month prison sentence in the United States for money laundering and sanctions violations and is scheduled to be released in late September.

The indictment by the US Department of Justice does not include a permanent ban on Zhao’s involvement; the original restriction was only scheduled for three years.

Despite the ban, Zhao remains a major shareholder of Binance but will not formally serve on the board.

After pleading guilty in April, Zhao announced his intention to step down as CEO of Binance and instead focus on investing in blockchain technology, AI, and biotechnology.$BNB