Recent news has confirmed that Binance’s co-founder, Changpeng Zhao (CZ), is permanently barred from managing the crypto exchange. Despite initial reports suggesting a three-year ban, CEO Richard Teng clarified that the ban is permanent. This means that CZ will never be able to resume a leadership role at the platform. However, as the largest shareholder of Binance, owning around 90% of the company, he still holds significant influence over key decisions and the direction of the firm.
Future Plans of Changpeng Zhao
While banned from managing Binance, CZ has stated that he does not plan to hold executive roles in other companies. Instead, he intends to invest in emerging sectors such as blockchain, artificial intelligence (AI), and biotechnology. He has already launched Giggle Academy, a non-profit educational platform aimed at addressing educational disparities in underprivileged communities. Despite his legal troubles and barred role at Binance, CZ remains committed to making a positive impact in these areas.
In other news, Binance’s Kazakhstan subsidiary has recently received formal approval from the Astana Financial Services Authority (AFSA) for a full regulatory license. This approval brings Binance Kazakhstan one step closer to becoming the country’s first fully regulated Digital Asset Trading Facility (DATF) operator. With new licenses in hand, Binance Kazakhstan will be able 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 rigorous review by regulators, ensuring compliance with AIFC Digital Asset Activities, Conduct of Business Rules, Anti-Money Laundering (AML) laws, and other relevant regulations. This commitment to regulatory compliance reflects Binance’s efforts to expand into new markets while adhering to local laws and rules. Despite the leadership changes and legal challenges faced by CZ, Binance continues to push forward with its global expansion and growth plans.