Oct Logo
Search Icon
Oct Logo
Search Icon
Bitcoin iconETH
$0000
arrow icon0.61%
Changpeng Zhao will never lead Binance again: Richard Teng

Changpeng Zhao will never lead Binance again: Richard Teng

Image of Sahil ThakurSahil ThakurNews

Sep 6, 2024

Image of Sahil Thakur

Sahil Thakur

Binance’s CEO, Richard Teng, has confirmed that former CEO Changpeng Zhao (CZ) is permanently barred from managing or operating the crypto exchange. Contrary to previous reports suggesting a three-year ban, Teng clarified that CZ faces a lifetime ban.

  • CZ still has influence: Despite the management ban, CZ retains a 90% share in Binance, giving him a significant say as the majority shareholder.
  • Plea agreement: The management restriction stems from a plea deal in November 2023, where Binance agreed to certain remedial measures following charges related to anti-money laundering failures.

CZ, who had been sentenced to four months in prison for violating the Bank Secrecy Act, is expected to be released in the coming weeks. His plea deal includes a permanent prohibition from involvement in Binance’s operations. However, this step was listed as a “consideration” for prosecutors rather than a legal requirement.

Additionally, the settlement included CZ personally paying US regulators $50 million. Despite this, Binance’s case with the US Securities and Exchange Commission continues, with evolving legal challenges still ahead for the exchange.

Trusted

Our Crypto Talk is committed to unbiased, transparent, and true reporting to the best of our knowledge. This news article aims to provide accurate information in a timely manner. However, we advise the readers to verify facts independently and consult a professional before making any decisions based on the content since our sources could be wrong too. Check our Terms and conditions for more info.

Hero Image
Share with your community!
FacebookXLinkedIn
Hero Image
Share with your community!
FacebookXLinkedIn

Related reads