In the latest development involving Changpeng Zhao (CZ), founder and former CEO of Binance, it has been announced that he has decided to resign as Chairman of the Board of Directors of Binance.US.
Binance.US Affirms Independence From Enforcement Matters
As announced, Binance.US, an independent entity from Binance.com, was launched with a primary focus on serving customers in the United States while adhering to all applicable US rules and regulations.
The platform emphasizes that it is not subject to any outstanding enforcement matters with the Department of Justice (DOJ), Financial Crimes Enforcement Network (FinCEN), Office of Foreign Asset Control (OFAC), or Commodity Futures Trading Commission (CFTC).
As such, Binance.US will remain “fully operational,” and the exchange has reaffirmed to its users its commitment to providing US customers with “uninterrupted access” to its products and services.
As CZ embarks on life after Binance, the US-based exchange states that Zhao has decided to step down as Chairman of the platform’s Board of Directors. To maintain transparency and corporate governance, CZ will transfer his voting rights through a proxy agreement.
According to the announcement, this arrangement ensures that CZ’s involvement in the company’s governance is “purely economic,” allowing the platform to operate independently with its existing management team.
Norman Reed At The Helm
Binance.US is grateful to CZ for his “invaluable guidance and counsel” throughout the years. With CZ’s support, the platform stated that it established itself as a preferred destination for US customers seeking a “superior crypto trading experience”.
However, the exchange will continue to be led by Norman Reed and the management team. The platform further stated that it remains “well-capitalized” and committed to modernizing and democratizing the financial system.
The recent announcement of CZ stepping down as Chairman of the Board of Directors for Binance.US marks a significant development in the ongoing saga. The ongoing investigations by US authorities regarding the exchange’s activities raise questions about potential outcomes and future developments.
It is yet to be determined how these investigations will impact the exchange and what decisions may be made regarding its leadership. As the situation unfolds, further clarity and information will emerge regarding the potential implications for the platform.
At the time of writing, the BNB token has successfully recovered to reach the $230 level, bouncing back from its Monday low of $222.5, representing a decline of over 11%. Notably, the native token of the exchange has shown a 1.8% increase in value over the past 24 hours.
Featured image from Shutterstock, chart from TradingView.com