Changpeng Zhao Steps Down as Binance.US Chair
Changpeng Zhao Steps Down from Binance.US
Changpeng “CZ” Zhao, the former CEO of major cryptocurrency exchange Binance, has announced that he will be stepping down from his position as chair of the board of directors for the United States-based exchange Binance.US.
Binance.US Not a Party to Settlement
In a Nov. 28 X (formerly Twitter) post, Binance.US reminded users that the exchange was not a party to the $4.3-billion settlement between U.S. officials, Binance, and CZ announced on Nov. 21. However, Zhao has agreed to step down as chair and “will no longer be involved” in the governance of Binance.US, transferring his voting rights through a proxy.
More Details on the Situation
The situation has garnered a lot of attention in the cryptocurrency community, with many speculating about the reasons behind Zhao’s decision. This move comes after a period of regulatory scrutiny for Binance and its leadership, adding to the uncertainty surrounding the future of the exchange.
Despite the challenges, Binance and Binance.US continue to operate, serving millions of users worldwide. The impact of Zhao’s departure on the overall business strategy and operations of the exchanges remains to be seen.
As the cryptocurrency market continues to evolve, the industry will be closely watching how these developments unfold and their potential implications for the broader market.
