Author: Sahil Thakur
Written On: Fri, 06 Sep 2024 11:06:24 GMT
Binanceās 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, 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 Binanceās operations. However, this step was listed as a āconsiderationā for prosecutors rather than a legal requirement.
Additionally, the settlement included CZ personally paying US regulators $50 million. Despite this, Binanceās case with the US Securities and Exchange Commission continues, with evolving legal challenges still ahead for the exchange.
Real voices. Real reactions.
Add your reaction to this story:
Our Crypto Talk is committed to unbiased, transparent, and true reporting to the best of our knowledge. This news article aims to provide accurate information in a timely manner. However, we advise the readers to verify facts independently and consult a professional before making any decisions based on the content since our sources could be wrong too. Check ourĀ Terms and conditions for more info.
Cointelegraph Frontend Hacked After CoinMarketCap
Permissionless IV Heads to Brooklyn From 24-26 June
Michael Saylor Hints at Another Bitcoin Purchase as Strategy Faces New Criticism
Humanity Protocol ($H) to Launch on Binance With Airdrop and Megadrop Round 5
Cointelegraph Frontend Hacked After CoinMarketCap
Permissionless IV Heads to Brooklyn From 24-26 June
Michael Saylor Hints at Another Bitcoin Purchase as Strategy Faces New Criticism
Humanity Protocol ($H) to Launch on Binance With Airdrop and Megadrop Round 5