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Changpeng Zhao will retain control of Binance despite the ban
The CEO of Binance said that Changpeng Zhao will not be able to manage the exchange, but will remain its key shareholder. Zhao pleaded guilty to facilitating money laundering through cryptocurrencies and violating US sanctions. The U.S. Department of Justice banned him from participating in Binance's activities, despite a previously proposed three-year ban.
Nevertheless, Zhao still owns 90% of the company's shares, which gives him voting rights and the ability to influence key decisions, including the appointment of top managers and the removal of the CEO.
Zhao, who has been imprisoned for four months, expects to be released at the end of September. He was recently transferred to a correctional center to prepare for life in freedom.
Despite pressure from US regulators, Binance CEO Richard Teng said that the company is ready to comply with all regulatory requirements and intends to obtain licenses around the world. By 2025, the exchange plans to increase its staff, with 20% focused on regulatory compliance.
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