Binance Co-Founder CZ Permanently Barred from Managing Exchange
Binance has confirmed that its co-founder Changpeng Zhao (CZ) is permanently barred from managing the crypto exchange.
In a Sept. 6 statement to CryptoSlate, the exchange’s spokesperson stated:
“Under the terms of the agreement, CZ is prohibited from any present or future involvement in operating or managing the business.”
Despite this, CZ remains Binance’s largest shareholder and retains significant influence on key decisions.
CEO Richard Teng clarified that the ban on CZ is permanent, preventing him from resuming a leadership role at the platform.
CZ has stated that he does not plan to hold executive roles in other companies and will focus on investing in emerging sectors like blockchain, AI, and biotechnology.
He has already launched Giggle Academy, a non-profit educational platform targeting underprivileged communities.
Zhao co-founded Binance in 2017 and led it to become the world’s largest crypto exchange by trading volume. However, he stepped down as CEO in November 2023 after pleading guilty to a money laundering charge in the US.
Kazakhstan Licensing Moves
On Sept. 6, Binance announced that its Kazakhstan subsidiary had received formal approval from the Astana Financial Services Authority (AFSA) for a full regulatory license.
This brings Binance Kazakhstan closer to becoming the country’s first fully regulated Digital Asset Trading Facility (DATF) operator.
The new licenses will allow Binance Kazakhstan to operate a virtual asset trading platform, engage in investment dealings, and provide custody services for virtual assets under full license conditions.
Binance Kazakhstan underwent a stringent review by the regulator, ensuring compliance with relevant regulations and laws.
