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COINTURK NEWS > Binance > Binance Faces Leadership Changes After Legal Challenges
Binance

Binance Faces Leadership Changes After Legal Challenges

In Brief

  • Binance resolved a major issue in the cryptocurrency world last year.

  • The US Department of Justice penalized Binance for rule violations.

  • CZ plans to invest in blockchain, AI, and biotech companies after his release.

COINTURK NEWS
COINTURK NEWS 10 months ago
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At the end of last year, one of the biggest issues in the cryptocurrency world was resolved. This was painful for Binance and CZ but did not turn into a fatal blow. The Binance CEO resigned, the exchange paid its fine, and an external compliance monitor was appointed. A clean slate has now been opened.

Contents
The Future of Binance ExchangeCZ No Longer at BinanceWhat Will Binance CEO CZ Do?

The Future of Binance Exchange

In the newly opened white page, with the last signed decision, CZ’s name will no longer appear as a manager for life. Current Binance CEO Richard Teng confirmed that they were compelled to take this step. The US Department of Justice penalized Binance for rule violations that started in its early days and continued for years, thus opening a clean slate.

Binance faced numerous charges following a comprehensive investigation. Paying the billion-dollar fine was not enough; the Department of Justice demanded CZ’s resignation. Moreover, a prison sentence set to end on September 29 was also issued.

CZ is now in the spotlight as Binance signed the decision to ban him from managing the company for life, just 25 days before his release.

CZ No Longer at Binance

The decision made by the Department of Justice for the Binance CEO was initially “cannot manage the company for 3 years.” However, the current Binance management states that the 3-year issue essentially did not change the lifetime ban. Current CEO Richard Teng says they took this step because the Department of Justice forced the lifetime ban decision.

Nonetheless, CZ still has the right to propose resolutions as a shareholder. Richard stated the following on this matter:

“As a shareholder, he will look at the company’s performance, and if things do not go as expected, as an investor, it is always his right to appoint a new board or a new CEO. Shareholders can always propose a resolution.”

What Will Binance CEO CZ Do?

Before going to prison, CZ had a long period to explain what he would do next. While waiting for the court decision for days and weeks, he wrote about his plans, including launching an online education platform. This platform will serve people who have difficulty accessing education from elementary to high school. It will be free, and CZ will employ the teachers.

At the same time, CZ aims to invest in blockchain, artificial intelligence, and biotechnology companies. After being released, he will continue doing what he knows best. While he is expected to stay away from direct crypto-related businesses, we may see him as an investor or advisor in blockchain-related ventures.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 5 September, 2024 - 1:07 am 5 September, 2024 - 1:06 am
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