Binance.US has recently announced that Changpeng Zhao, the CEO of global crypto exchange Binance, has stepped down from his role as Chairman of the Board of Directors. CZ has also transferred his voting rights and will no longer be involved in the US-based crypto platform’s governance, according to a statement posted on Tuesday.
The post noted that “as CZ 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, whereby his interest in the company is purely economic and he will no longer be involved in our governance.”
The update by the BinanceUS team also pointed out that although it may share the Binance brand and technology stack with the global company that recently agreed a $4.3 billion settlement with the US authorities, that’s as far as it goes. The post said that “Binance.US is not a party to the settlements announced last week, nor do we have any outstanding enforcement matters with the DOJ, FinCEN, OFAC, or CFTC.”
Furthermore, BinanceUS stated that it is “fully operational” and will continue to serve its customers with the same products as it did before recent developments.
The US Securities and Exchange Commission (SEC) sued BinanceFounder Changpeng Zhao and its US affiliate BinanceUS in June. The SEC’s charges include allegations that Binance operated unregistered exchanges and broker-dealers, clearing agencies. The world’s largest cryptocurrency exchange by trading volume also misrepresented trading controls to let high-value US customers trade on the Binance.com platform. The regulator also claimed that the crypto platforms sold and offered unregistered security.