Crypto exchange Binance has suspended its founder Changpeng Zhao (CZ) from management for life, current company CEO Richard Teng confirmed to Axios.

At the same time, Zhao will remain the majority shareholder of Binance, although he will not be formally listed on the board of directors.

Zhao is serving a four-month sentence in the US and is due to be released on September 29. The US Justice Department's indictment did not directly require a permanent ban on Zhao's participation; it was intended to limit him in office only for three years.