Lifetime ban for Binance: Changpeng Zhao never CEO again

CZ will soon be released after his conviction, but he may never return as CEO at Binance.

Changpeng Zhao is prohibited from ever becoming CEO of Binance to be. This is according to documents in the hands of Axios. Originally he was only supposed to receive a three-year ban, but now it appears to be permanent.

However, Changpeng Zhao (CZ) remains the company's largest shareholder. The Chinese-born entrepreneur founded Binance in 2017 and within a few years made it the world's largest crypto exchange.

Sanction avoidance, money laundering and terrorist financing: these are just some of the charges that US authorities have brought against him and Binance since 2023.

In the end, CZ admitted guilt for inadequately implementing anti-money laundering measures at Binance - without the need for litigation. Binance paid $4.3 billion in fines.

CZ was sentenced to four months in prison, which he began serving in June 2024.

Binance is currently run by Richard Teng, a close confidant of CZ.