Changpeng “CZ” Zhao, former CEO of leading cryptocurrency exchange Binance, will also step down from his position as chairman of the board of directors of United States-based exchange Binance.US.
In an X (formerly Twitter) post on November 28, Binance.US reminded The exchange was not a party to the users $4.3 billion settlement Among US officials, Binance and CZ announced on November 21. However, Zhao agreed to step down as chairman and “will no longer be involved” in the governance of Binance.US, transferring his voting rights through a proxy.
“We are extremely grateful to CZ for his guidance and advice over the years,” the exchange said. “Binance.US continues to be led by Norman Reed and our existing, experienced management team.”
We wanted to provide an update to 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 clear aim of serving customers from USA according to all…
– Binance.US (@BinanceUS) 28 November 2023
At the time of publication, Zhao had not commented publicly on his decision to step down. his last reply on x Said He has had “a lot of free time” since resigning as Binance CEO.
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On November 21, Zhao convicted of a felony For failure to maintain an effective anti-money laundering program during his tenure as Binance CEO. The court is currently considering whether there will be a CZ or not allowed to travel Went to UAE while awaiting sentence. The former CEO of Binance could face up to 18 months in jail.
Binance.US, although not a party to the settlement with the US Justice Department, still faces a lawsuit filed in june by the Securities and Exchange Commission against crypto exchanges, Binance and CZ. The commission was reportedly Investigating whether Binance.US There was a backdoor to control user assets – as was the case in FTX.
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