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Binance CEO Richard Teng confirmed in a recent statement that CZ, the company’s former chief executive, is permanently barred from managing or operating the exchange. This lifetime ban follows CZ's guilty plea as part of a $4.3 billion deal with U.S. authorities.
CZ Banned for Life From Managing Binance
Binance CEO Richard Teng stated in a September 5 article for Axios that CZ was banned from managing or operating the exchange for life, not just three years, several news sources had claimed.
Even while it wasn't specifically stated in either Binance's or Zhao's plea deals, the cryptocurrency exchange supposedly declared that the ex-CEO was no longer allowed to hold a managerial position at the company.
$4.3 Billion Settlement Deal After Zhao's Guilty Plea
As part of a $4.3 billion deal with Binance, US officials revealed in November 2023 that Zhao had pled guilty to one felony charge relating to Bank Secrecy Act violations.
A judge handed down the four-month prison term to the ex-CEO in April. On Sept. 29, he is anticipated to be discharged.
CZ Stepped Down From CEO Role as Part of Plea Conditions
Cointelegraph reports that as a condition of the plea agreement, Binance's CEO, CZ, resigned, and Teng took over. While he would "remain available to the team to consult as needed" in his role as CEO, Zhao announced his resignation to let Binance to "walk and run."
In its November 21 plea bargain, cryptocurrency exchange Binance acknowledged that CZ was barred from "any present or future involvement in operating or managing" the platform. The change was not mandated by law but rather included as a "consideration" by prosecutors in the "remedial measures" that Binance had implemented.
No Response From Binance or CZ on Lifetime Ban
Cointelegraph reached out to Binance for comment, but as of publication, they had not heard back. Zhao could not be reached for comment.
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