In a stunning tweet, Changpeng Zhao (CZ), the influential founder of Binance and former CEO of the leading cryptocurrency exchange, voiced his unanticipated reluctance to reclaim his position as CEO despite a recent suggestion that he be pardoned and cleared to lead the company once again.
“No wish to be CEO again. But definitely wouldn’t mind a pardon,” the tweet read.
CZ Welcomes Potential Pardon
CZ’s shocking tweet came as a reply to an earlier tweet made by John Lilic, a member of The Telos Foundation, a few days ago.
Lilic proposed that newly elected United States President Donald Trump consider pardoning CZ and allowing him to return to his position as CEO of Binance. His influence will help the crypto industry grow and reach its full potential. Additionally, it’s implied that the legal system has unfairly targeted CZ.
However, in response to the suggestion, CZ stated that he would not mind being pardoned while he was unwilling to return to the CEO role.
Binance Bans CZ from Future CEO Role
Binance’s board of directors permanently banned CZ from managing the platform in September as part of its agreement with US authorities.
Although CZ stepped down from his position as the exchange’s CEO, his status as Binance’s largest shareholder still affords him significant sway over the company’s operations and direction. He retains significant authority to propose changes to the management team, appoint new board members, and steer the company’s overall strategy.
After stepping down from Binance, CZ announced that he would invest in emerging industries like blockchain, AI, and biotechnology as his next career chapter.
The news of CZ’s ban as Binance CEO came from his issue with the authorities. Earlier this year, Changpeng Zhao (CZ) pleaded guilty and was sentenced to four months in prison for violating US money laundering laws.
US authorities claim that Binance’s deficient anti-money laundering program exposed the financial system to risk by allowing illegal transactions. CZ settled with the US government in November, which included his resignation as Binance CEO and a substantial fine of $4.3 billion.
After completing his term, CZ was finally released two days ahead of schedule due to a policy allowing early release over weekends.
Leave a Reply