Binance CEO says CZ is banned from managing or operating the exchange
A plea deal filed in November 2023 asked prosecutors to consider that Changpeng Zhao was prohibited from “any present or future involvement in operating or managing” Binance.
Changpeng “CZ” Zhao, expected to be released by United States prison authorities in a few weeks, could be permanently enjoined from operating or managing the crypto exchange Binance as part of his plea deal with prosecutors.
According to a Sept. 5 Axios report, Binance CEO Richard Teng said CZ received a lifetime ban from managing or operating the exchange, not just three years, as many news outlets previously reported. The crypto exchange reportedly said the former CEO was barred from a management position at the firm, though it did not appear to be explicitly required by either Zhao’s or Binance’s plea agreements.
In November 2023, US authorities announced a $4.3 billion settlement with Binance, in which Zhao pleaded guilty to one felony charge related to violations of the Bank Secrecy Act. In April, a judge sentenced the former CEO to four months in prison. He is expected to be released on Sept. 29.
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Author: Turner Wright
