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Changpeng Zhao (CZ), the founder and former CEO of Binance, has reached a $4.3 billion settlement in a legal case and agreed to a four-month prison sentence.
However, a new ruling has imposed a permanent ban on Zhao from holding any role in Binance's management.
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For many years, CZ was a significant figure in the cryptocurrency world and global finance.
However, following legal battles initiated by the United States and the ongoing settlement process, his career at Binance has come to an end. Zhao secured the settlement in November 2023 and anticipates his release from prison on Sept. 29.
Although CZ stepped down as Binance’s CEO, there was hope he might return to the company. However, Binance’s management’s latest decision has permanently barred him from any managerial role within the company.
Richard Teng, the new CEO of Binance, has confirmed that CZ will not be involved with the exchange’s management or operational activities.
The ban, previously suggested to last only three years, now has an indefinite extension. Zhao had hinted at possibly providing consultancy services to Binance, but the new management has ruled out this option.
Changpeng Zhao has long been associated with Binance. With this new ruling, the exchange is moving into a new era without him.
It remains to be seen what strategies Binance adopts under Richard Teng's leadership and how Zhao's absence affects its position in the market.
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