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News

CZ Role In Binance.US Now Changed Following Recent Legal Pressures

November 28, 2023 - Around 2 mins mins to read
Key Points:
  • CZ role in Binance.US has changed now that he is no longer Chairman, reducing involvement to economic interests via proxy voting.
  • Despite Binance’s regulatory challenges, Binance.US assures customers of continued independent operations.
  • Norman Reed leads Binance.US, ensuring stable growth and emphasizing an unwavering commitment to customer service.
In a recent update, Binance.US has announced that Changpeng Zhao (CZ) will be stepping down from his position as Chairman of the Board of Directors. 

CZ Role In Binance.US Has Now Changed Following Recent Legal Pressures

CZ Role In Binance.US Change Amidst Economic Focus

CZ role in Binance.US has completely changed, he transferred his voting rights via a proxy arrangement, signaling a shift to a purely economic interest with no further involvement in the governance of the company.
 
Despite the settlements and enforcement matters with the Department of Justice (DOJ), Financial Crimes Enforcement Network (FinCEN), Office of Foreign Assets Control (OFAC), and Commodity Futures Trading Commission (CFTC) involving Binance, Binance.US remains unaffected. The company is fully operational, assuring customers of continued service with the same products and offerings.

Norman Reed Takes Lead at Binance.US

The leadership transition leaves Norman Reed at the helm, supported by the existing experienced management team. Despite the changes, Binance.US reassures stakeholders that the platform is well-capitalized, poised for growth, and remains dedicated to its customer-first commitment.
 
The change in the CZ role in Binance.US is the result of a series of shocking events last week. The former Binance CEO announced his resignation as CEO of Binance exchange. This move is part of an agreement between the US Department of Justice (DOJ) and the Binance exchange. On the same day, CZ also appeared before a Seattle court and pleaded guilty to non-compliance with anti-money laundering regulations.
 
Zhao is currently a citizen of the UAE and Canada. Zhao also wants to return to the UAE to take care of his family and mentally prepare the members before the sentencing. Binance received a $4.3 billion fine, while Zhao agreed to a $150 million fine.
 

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Binance

Binance.US

Changpeng Zhao

CZ

DOJ

Norman Reed

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

CZ Role In Binance.US Now Changed Following Recent Legal Pressures

Key Points:
  • CZ role in Binance.US has changed now that he is no longer Chairman, reducing involvement to economic interests via proxy voting.
  • Despite Binance’s regulatory challenges, Binance.US assures customers of continued independent operations.
  • Norman Reed leads Binance.US, ensuring stable growth and emphasizing an unwavering commitment to customer service.
In a recent update, Binance.US has announced that Changpeng Zhao (CZ) will be stepping down from his position as Chairman of the Board of Directors. 

CZ Role In Binance.US Has Now Changed Following Recent Legal Pressures

CZ Role In Binance.US Change Amidst Economic Focus

CZ role in Binance.US has completely changed, he transferred his voting rights via a proxy arrangement, signaling a shift to a purely economic interest with no further involvement in the governance of the company.
 
Despite the settlements and enforcement matters with the Department of Justice (DOJ), Financial Crimes Enforcement Network (FinCEN), Office of Foreign Assets Control (OFAC), and Commodity Futures Trading Commission (CFTC) involving Binance, Binance.US remains unaffected. The company is fully operational, assuring customers of continued service with the same products and offerings.

Norman Reed Takes Lead at Binance.US

The leadership transition leaves Norman Reed at the helm, supported by the existing experienced management team. Despite the changes, Binance.US reassures stakeholders that the platform is well-capitalized, poised for growth, and remains dedicated to its customer-first commitment.
 
The change in the CZ role in Binance.US is the result of a series of shocking events last week. The former Binance CEO announced his resignation as CEO of Binance exchange. This move is part of an agreement between the US Department of Justice (DOJ) and the Binance exchange. On the same day, CZ also appeared before a Seattle court and pleaded guilty to non-compliance with anti-money laundering regulations.
 
Zhao is currently a citizen of the UAE and Canada. Zhao also wants to return to the UAE to take care of his family and mentally prepare the members before the sentencing. Binance received a $4.3 billion fine, while Zhao agreed to a $150 million fine.
 

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.