Changpeng Zhao receives lifetime ban from Binance following DOJ settlement

Former Binance CEO and founder Changpeng Zhao has been issued a lifetime ban from the cryptocurrency exchange, according to current CEO Richard Teng in an interview with Axios. According to Watcher.Guru, the ban was part of a settlement agreement with the U.S. Department of Justice (DOJ) after Binance pleaded guilty to multiple federal crime violations. The settlement included over $4 billion in financial penalties and a condition preventing Zhao from holding any leadership position within the company. This decision marks a significant leadership shift for Binance, which had been under investigation for years.