Binance Secures License in Kazakhstan as CZ Faces Lifetime Ban from Management

Binance has won regulatory approval to operate in Kazakhstan, a key milestone for the exchange amid ongoing global scrutiny. Meanwhile, former CEO Changpeng Zhao (CZ) has been permanently banned from management following a U.S. legal settlement, though he retains shareholder rights and could influence future leadership choices.

Binance Gains Regulatory Win in Kazakhstan

In a significant regulatory victory, Binance, the world’s largest cryptocurrency exchange by trading volume, has received approval to operate in Kazakhstan. This move comes amidst continued scrutiny from authorities, especially in the U.S., and represents a crucial step forward for Binance in the global market.

The exchange has secured a full regulatory license from the Astana Financial Services Authority (AFSA), allowing it to function as a Digital Asset Trading Facility (DATF). With this approval, Binance Kazakhstan will be able to offer virtual asset trading, engage in principal investment activities, and provide custody services to better serve the country’s growing digital asset community.

Vishal Sacheendran, Binance’s Head of Regional Markets, expressed optimism about the approval, highlighting Binance’s commitment to maintaining high standards of compliance and security in Kazakhstan. “We eagerly anticipate receiving the full license and look forward to expanding our services,” he stated.

Changpeng Zhao (CZ) Permanently Banned from Management

While Binance celebrates its progress in Kazakhstan, former CEO Changpeng Zhao (CZ) faces new restrictions. Following a settlement with U.S. authorities, CZ has been handed a lifetime ban from managing the company, a significant development in his legal challenges. Although he will be released from prison on September 29, CZ will retain his shareholder rights but will no longer be involved in day-to-day operations.

Current CEO Richard Teng confirmed the lifetime ban, adding that while Zhao remains a shareholder, his role will be limited to passive influence. However, Teng acknowledged that Zhao could still nominate new board members or even a CEO, as he holds shareholder power.

Legal experts have weighed in, noting that the Department of Justice (DOJ) settlement’s language leaves a slight ambiguity, which could allow Zhao to reenter a leadership role in the future under certain circumstances. For now, Zhao has indicated no interest in returning to management, focusing instead on investments in blockchain, AI, and biotechnology.

Despite the legal drama, Binance Coin (BNB), the exchange’s native token, has experienced a 2.2% drop, trading at $500 as of writing, reflecting broader market declines led by Bitcoin (BTC).

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