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Changpeng Zhao, founder and former CEO of Binance, has officially stepped down, marking the end of his leadership at one of the world’s largest cryptocurrency exchanges. This move comes as part of a legal settlement with U.S. authorities after Zhao faced multiple charges related to regulatory violations.
The charges include selling unregistered securities, market manipulation, and failing to implement adequate anti-money laundering measures. As part of the agreement, Zhao is banned for life from holding any management role within Binance. His exit signals a significant shift in Binance’s operations as it now faces intensified regulatory scrutiny.
Read also: Binance Founder CZ Faces Legal Battle Over Ignorance Claims
Richard Teng, who has taken over as CEO, confirmed Zhao’s lifetime ban as a key condition of the settlement with U.S. regulators. Although Zhao is no longer involved in Binance’s daily managem…
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