CZ Permanently Banned From Managing Binance Under US Settlement

Former Binance CEO Changpeng ‘CZ’ Zhao has been permanently banned from managing or operating the platform as part of a settlement with US authorities. The lifetime ban, which stems from a plea agreement related to money laundering charges, marks a significant change in Binance’s leadership. Despite losing operational control, CZ remains Binance’s largest shareholder, retaining his ownership rights. This allows him to indirectly influence leadership decisions, although he can no longer be involved in the platform’s day-to-day operations.

Current CEO Richard Teng has confirmed CZ’s permanent ban and expressed confidence in Binance’s future under his leadership. CZ, who will complete his prison sentence on September 29, 2024, has expressed interest in exploring new projects, including blockchain, AI, and biotechnology, suggesting a new direction for his post-Binance career.