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Changpeng Zhao, commonly known as “CZ,” has stepped down as Chairman of Binance.US’s Board of Directors.
The recent announcement by Binance.US regarding Changpeng Zhao, known as “CZ,” is stepping down as Chairman of its Board of Directors, marking a significant moment in the cryptocurrency sector.
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.
— Binance.US 🇺🇸 (@BinanceUS) November 28, 2023
As you know, https://t.co/AZwoBOgsqS was launched with the express purpose of serving United States customers in accordance with all…
The company stated, “As [Zhao] transitions to life after Binance, he has decided to step down from his role as Chairman of our Board of Directors and transferred his voting rights through a proxy arrangement.” The move comes amidst a landscape of regulatory scrutiny and market uncertainty in the crypto world.
Binance.US emphasized its operational independence from Binance.com, stating, “While we share a brand and industry-leading technology stack, we operate independently of Binance.com.”
Binance.US further clarified its regulatory status, asserting, “We are not a party to the settlements announced last week, nor do we have any outstanding enforcement matters with the DOJ, FinCEN, OFAC, or CFTC.”
Zhao’s decision to step down and change his involvement to “purely economic” raises questions about the motives and future implications for Binance.US. The announcement also highlighted the continuity of leadership at Binance.US, “Binance.US continues to be led by Norman Reed and our existing, experienced management team.”