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Cryptocurrency investors‘ agenda, which has been occupied by the Binance settlement for days, also stirred the markets. One of the most prominent figures of crypto, CZ, is no longer present. Moreover, he is not allowed to leave the US until the court decision in February. Today, Binance US exchange shared a new announcement.
CZ and Binance
The founder and former CEO of Binance exchange, Changpeng Zhao, stepped down from his position at Binance US exchange according to today’s announcement. It was unexpected for CZ to resign from his presidency. There was no detail in the settlement terms announced last week that required him to step down from the management of Binance US. The official announcement says:
“Nevertheless, CZ has decided to resign from his position as Chairman of the Board while continuing his life without Binance and has transferred his voting rights. Thus, his connection to the company is solely economic. Binance US is still being managed by Norman Reed and our current experienced management team. We will continue to build and grow our platform.”
A senior Treasury official told reporters that Binance US is not part of the settlement because it is a registered business. However, the Binance branch still faces numerous allegations in its ongoing battle with the SEC.
- CZ resigns from Binance US leadership.
- Unexpected move follows recent settlement.
- Binance US continues under new management.