Zhao was excluded from Binance's management but retains influence as a major shareholder.
Binance restructures its board to improve governance amid regulatory challenges.
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Changpeng Zhao, founder and former CEO of Binance, has officially stepped down, marking the end of his leadership of one of the world’s largest cryptocurrency exchanges. The 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 settlement, Zhao is banned for life from holding any management position within Binance. His departure signals a significant shift in Binance’s operations as it now faces heightened regulatory scrutiny.
Read also: Binance founder CZ faces legal battle over ignorance allegations
Richard Teng, who has taken over as CEO, confirmed that Zhao’s lifetime ban is a key condition of the agreement with US regulators. Although Zhao is no longer involved in Binance’s day-to-day management…
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