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.
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.
