Ex-Binance CEO's Social Media Account Restricted Amidst Legal Troubles and Management Shift
Summary:
The social media platform X, formerly known as Twitter, has limited the access to the account of ex-Binance CEO, Changpeng “CZ” Zhao, citing potential rule violations. This follows Zhao's resignation from Binance on November 21, and admission of a felony charge, as part of a major legal settlement with U.S authorities. Zhao believes the restriction could be an automated response due to his change of profile name. Richard Teng, Binance’s global head of regional markets, has succeeded Zhao as CEO. The U.S Department of Justice recently announced a $4.3 billion settlement with Binance, with Zhao personally liable for $150 million.
X, the social media platform formerly recognized as Twitter, has limited the accessibility of ex-Binance CEO Changpeng “CZ” Zhao's account. The given reason for this was a potential infringement of the platform's rules, although specifics were not provided. On the 23rd of November, individuals attempting to view Zhao's account were met with a disclaimer that the account was "temporarily restricted", requiring users to acknowledge this before they could proceed.
This restriction came shortly after Zhao's resignation from Binance, the cryptocurrency exchange. The resignation occurred on the 21st of November, as part of a settlement in which Zhao pleaded guilty to a felony charge, resulting from discussions with U.S. legal authorities.
In response to the imposed limitations, Zhao issued an update on the 23rd of November in which he indicated that the restrictions might be due to an automated response caused by his recent change of profile name, from "CZ Binance" to "CZ BNB." He expressed concerns over the effectiveness of X's bot detection algorithm, arguing that it has not been successful in identifying harmful bots, and has instead mistakenly targeted authentic users.
It remains unclear whether Zhao's interactions on X will be reduced following his resignation. His role at Binance has been succeeded by Richard Teng, the crypto exchange’s global head of regional markets, who currently holds a lesser followership of 231,600 on X, compared to Zhao's 8.7 million.
On the 21st of November, there was an announcement by the U.S Department of Justice of a $4.3 billion settlement with Binance. As part of this estate settlement amongst regulators, Zhao had a $150 million charge against him. Additionally, he admitted to a felony offense in relation to a failure in ensuring an effective Anti-Money Laundering program at Binance.
Published At
11/23/2023 7:54:06 PM
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