Ali Sherief
Changpeng ‘CZ’ Zhao, the former CEO of Binance, has permanently lost the right to manage or operate the platform as part of a settlement with U.S. authorities. This decision follows his guilty plea to charges related to money laundering. While CZ is banned from operating Binance, he will continue to hold his position as the company’s largest shareholder, retaining his shareholder rights.
According to Binance’s current CEO, Richard Teng, the lifetime ban was a key condition in the settlement with U.S. authorities. Earlier reports suggested a temporary ban, but Teng confirmed that CZ is barred from any future management role. Despite this, CZ’s shareholder status allows him to maintain influence over leadership decisions, as he can still propose changes to the board or management if necessary.
Binance is now transitioning to a new era under Teng’s leadership. Teng remains optimistic about the company’s future, focusing on growth and operational stability without CZ’s direct involvement.
CZ, who is currently serving a jail sentence, is expected to complete his term on September 29, 2024. After his release, he has expressed interest in exploring opportunities outside the crypto space, with potential ventures in blockchain technology, education, artificial intelligence (AI), and biotechnology. This marks a significant shift from his previous hands-on role in the cryptocurrency world, signaling a new direction for CZ’s career post-Binance.
Binance, under its new leadership, faces a period of transformation as it moves forward without the operational guidance of its founder, yet with his continued influence as a shareholder.
