Changpeng Zhao (CZ), the founder and former CEO of crypto exchange Binance, has been banned from holding executive positions in the company for life, Axios reports, citing current Binance CEO Richard Teng.
Despite the ban, Zhao remains the majority shareholder of Binance, which gives him significant influence over the company’s operations. As a shareholder, he retains the right to propose changes to the board of directors or management if the company faces difficulties.
The decision follows a settlement between Binance and the US Department of Justice, which banned Zhao from the company for three years.