A plea deal from November 2023 has led to prosecutors banning Changpeng Zhao, the CEO of Binance, from being involved in the management or operation of the exchange. This development marks a significant shift for Binance, one of the world's largest cryptocurrency exchanges.
Authorities have stipulated that Zhao cannot participate in Binance's current or future operations, a decision that may have substantial implications for the company and the broader cryptocurrency industry. The exact reasons behind the plea deal and the nature of Zhao's alleged misconduct were not detailed in the initial report.
