Lifetime Ban from Binance Management
This ban is more severe than earlier speculations, which suggested a temporary restriction of several years. Worth noting, the Department of Justice (DOJ) imposed this lifetime ban as part of Zhao’s plea deal, reflecting the seriousness of the charges against him.
Prior to this, some news outlets had reported that Zhao would face only a short-term prohibition from managing Binance. However, Teng clarified that the ban extends indefinitely, ensuring that Zhao will not return to any operational role at the exchange.
Zhao's Imminent Release and Continued Influence
However, Teng acknowledged that Zhao holds approximately 90% of Binance's shares. Although Zhao cannot manage the company directly, his position as a majority shareholder allows him to have a strong voice in the firm’s decisions.
Teng emphasized that Zhao could still affect the company’s trajectory by nominating new board members or CEOs if he is dissatisfied with the company’s performance.
Binance’s Compliance and Future Plans
Despite the regulatory hurdles, Binance remains profitable and continues to expand its global presence, according to Teng. The company is in the process of securing additional licenses and plans to hire 500 new employees before 2025.