
07/09/2024
Binance has officially confirmed that its founder, Changpeng Zhao (CZ), is permanently banned from managing the company. This decision came after Zhao's conviction for money laundering and violations of U.S. sanctions. However, CZ still holds 90% of Binance's shares, which grants him considerable influence over major decisions, despite being removed from daily management responsibilities. The ban marks a significant shift in Binance's leadership while highlighting the ongoing challenges the company faces with regulatory scrutiny and governance. The situation raises questions about future implications for the crypto giant.