Changpeng Zhao is stepping down as Chairman of Binance.US, stating that his interest in the company will now be “purely economic”. Zhao recently pleaded guilty to violations of the U.S. Bank Secrecy Act and relinquished his position as CEO of Binance, alongside a $50 million fine to be paid out of his own pocket.
Changpeng Zhao now steps down from his responsibilities at Binance.US
The Binance.US X account informs us that Changpeng Zhao, ex-CEO of Binance, has relinquished his role as Chairman of the Board of the US subsidiary of the world’s largest exchange in terms of volume traded. In doing so, CZ will no longer be involved at all in the company’s operational process, and his interest in the company will henceforth be “purely economic”, according to the statement.
We wanted to provide an update to the https://t.co/AZwoBOgsqS community in light of last week’s news regarding CZ and https://t.co/IZwa5M2U8b
As you know, https://t.co/AZwoBOgsqS was launched with the express purpose of serving United States customers in accordance with all…
– Binance.US (@BinanceUS) November 28, 2023
” CZ has decided to step down as Chairman of the Board of Binance and transfer his voting rights through a proxy agreement. […] We are exceptionally grateful to CZ for the advice he has given us over the years. Thanks to his support, we’ve made Binance.US a destination of choice for U.S. customers looking for a superior cryptocurrency trading experience. “
As a result, Binance.US announced that it will continue to operate under the leadership of Norman Reed and his “experienced management team”. The exchange emphasized its commitment to customer service as its top priority, and that it was well capitalized to continue building and developing its platform, and to do so “with renewed clarity and momentum. “
Last week, Changpeng Zhao pleaded guilty to violating the Bank Secrecy Act and inciting Binance to do the same, even though the exchange had its own local branch. On top of this, CZ, a key figure in the crypto ecosystem, was forced to relinquish his position as CEO of Binance and personally pay a $50 million fine.
On this subject, Binance.US has made it clear that it is not concerned by the various setbacks encountered by Binance and its former CEO:
“Binance.US is not a party to the settlements announced last week, nor does it have any ongoing dealings with the DOJ, FinCEN, OFAC or CFTC. “
For the time being, Changpeng Zhao finds himself forced to remain in the United States until further notice, although he has taken up residence in the United Arab Emirates. It is still possible that the judge will finally decide to give him full freedom, but in any case, the former Binance CEO is now awaiting his sentencing on February 24
