Co-founder and former Binance CEO Changpeng Zhao has stepped down as chair of the Binance.US board.
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.
As you know, https://t.co/AZwoBOgsqS was launched with the express purpose of serving United States customers in accordance with all…
— Binance.US ?? (@BinanceUS) November 28, 2023
According to the statement, the entrepreneur handed over his votes to a trusted person and retains a purely economic interest in the company.
Binance.US noted that the platform is not a party to the settlement of the United States authorities’ claims against Zhao and the exchange he previously led.
Under the agreement, Binance will pay $4.3 billion. The co-founder and former CEO agreed to a $50 million fine and to step down.
The American firm noted that it shares the brand and technology stack with the largest crypto-trading platform, but operates independently.
«We have no unresolved enforcement issues with the DOJ, FinCEN, OFAC or the CFTC. We remain fully operational and will continue to serve customers with the same products and services as always», according to the Binance.US statement.
The company’s top management, led by CEO Norman Reed, retained their positions.
Zhao posted a $175 million bond to stay free until the verdict on February 23, 2024. Prosecutors sought to bar him from leaving the United States, fearing flight. He faces up to ten years in prison.
The judge barred Zhao from leaving the United States pending the DOJ’s motion.
As previously reported, after his resignation as Binance’s CEO, Richard Teng took the helm of the exchange.