Changpeng Zhao Banned from Managing Binance for Life đ«
đ Binance has issued a lifetime ban on its founder, #changpengzhao (CZ), from overseeing the company, as confirmed by Richard Teng, the current CEO of the world's largest cryptocurrency #exchange , to Axios.
#Zhao is currently serving a four-month prison sentence in the U.S. for money laundering and sanctions violations, with his release anticipated by the end of September. đ
âïž The U.S. Department of Justice's indictment did not include a permanent ban on Zhao's participation; the initial restriction was planned for just three years.
Despite the ban from management, Zhao will remain a majority shareholder in Binance but will not be formally part of the board of directors. đ€”đ»ââïž
After pleading guilty in April, Zhao announced his intention to step down as #Ceo of Binance and to focus instead on investments in blockchain technology, AI, and biotechnology. đ°
