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 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.
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