Binance CEO: Zhao Changpeng is permanently banned from managing or operating Binance, but still retains significant shareholder rights

2024-09-06 11:23:14

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ChainCatcher news, according to Axios, Binance's current CEO Richard Teng confirmed that former CEO Zhao Changpeng (CZ) is permanently banned from managing or operating the company. According to an agreement with the U.S. Department of Justice (DOJ), Zhao Changpeng will be prohibited from participating in the company's daily operations after completing his imprisonment on September 29, 2024.

However, as the largest shareholder, Zhao Changpeng retains all shareholder rights and will continue to have significant influence over the company. Teng stated, "If the company's performance does not meet expectations, as an investor, he has the right to replace or nominate new board members or a CEO, and shareholders can propose resolutions at any time."

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