Former Binance CEO CZ’s X Account Restricted Following Guilty Plea

1:44 am
November 24, 2023

Binance founder and former CEO Changpeng ‘CZ’ Zhao’s X (formerly Twitter) account has been restricted after he pleaded guilty to money laundering charges and stepped down from his position. The development has raised questions and concerns among many, especially given the recent legal issues the company has faced.

On Thursday, US prosecutors sought to prevent CZ from leaving the US for the UAE, citing concerns that he may be a flight risk. This request came after CZ’s guilty plea and release on a $175 million bond.

In addition to CZ’s legal troubles, Binance is set to pay a $4.3 billion penalty as part of a settlement with the US Department of Justice (DOJ).

Following CZ’s resignation, Richard Teng, the former head of Abu Dhabi Global Market, UAE, has taken over as the new CEO of Binance.

An update revealed that CZ’s account restriction was due to several name changes, as noted in his comment addressing the issue and urging against spreading fear, uncertainty, and doubt (FUD).

Source: Coin Journal

**FAQs**

1. **Why was CZ’s X account restricted?**
CZ’s X account was restricted due to several name changes, as he mentioned in a comment on the issue.

2. **What legal troubles does CZ and Binance face?**
CZ pleaded guilty to money laundering charges, and Binance is set to pay a $4.3 billion penalty as part of a settlement with the US Department of Justice.

3. **Who has taken over as the new CEO of Binance?**
Richard Teng, the former head of Abu Dhabi Global Market, UAE, has succeeded CZ as the CEO of Binance.


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