Binance's founder and former CEO, Changpeng Zhao (CZ), has been permanently banned from managing the cryptocurrency exchange. Initially, it was believed that Zhao would face a three-year ban, but it was later confirmed to be a lifetime prohibition. This ban stems from legal issues with US authorities, including charges related to unregistered securities, market manipulation, and anti-money laundering deficiencies at Binance. Despite stepping down as CEO, Zhao remains the largest shareholder and can still influence the company's direction. He has expressed plans to focus on investments in blockchain, AI, and biotechnology. Zhao is currently serving a prison sentence and is set to be released on September 29. The agreement with US authorities also includes a $50 million fine. Two external agents will monitor his compliance with the ban on participating in Binance's management. Read more AI-generated news on: https://app.chaingpt.org/news