Friday , March 1 2024
Home / Crypto news / CZ Steps Down As Chairman From Binance.US Board

CZ Steps Down As Chairman From Binance.US Board

Summary:
Following his resignation as CEO of Binance, crypto billionaire Changpeng Zhao has now stepped down as the chairman of the board of directors at Binance.US – the exchange giant’s American arm. Binance.US confirmed CZ’s exit in a post to X on Tuesday, addressing various concerns related to the Justice Department’s historic settlement with its parent company last week. “[CZ] has decided to step down from his role as Chairman of our Board of Directors and transferred his voting rights through a proxy arrangement,” wrote the company. From now on, the founder’s interest in Binance.US will be “purely economic” leaving him uninvolved in the firm’s governance. Binance.US is formally an independent entity from Binance, though various lawsuits from government agencies this year have

Topics:
Andrew Throuvalas considers the following as important: , ,

This could be interesting, too:

Wayne Jones writes Chamber of Digital Commerce Backs Kraken in SEC Lawsuit

Chayanika Deka writes Ripple Partners Axelar to Boost Real-World Asset (RWA) Tokenization on XRP Ledger

Dimitar Dzhondzhorov writes Important Binance Updates Concerning Numerous Altcoin Traders

Chayanika Deka writes 3 Catalysts That Suggest More Gains for Bitcoin After Price Broke K

Following his resignation as CEO of Binance, crypto billionaire Changpeng Zhao has now stepped down as the chairman of the board of directors at Binance.US – the exchange giant’s American arm.

  • Binance.US confirmed CZ’s exit in a post to X on Tuesday, addressing various concerns related to the Justice Department’s historic settlement with its parent company last week.
  • “[CZ] has decided to step down from his role as Chairman of our Board of Directors and transferred his voting rights through a proxy arrangement,” wrote the company. From now on, the founder’s interest in Binance.US will be “purely economic” leaving him uninvolved in the firm’s governance.
  • Binance.US is formally an independent entity from Binance, though various lawsuits from government agencies this year have alleged that both firms were effectively run by CZ. Binance.US maintains that it operates “independently of Binance.com.”
  • The company noted that it was “not a party” to the settlements announced last week, nor does it face “any outstanding enforcement matters with the DOJ, FinCEN, OFAC, or CFTC.” Its lawsuit with the Securities and Exchange Commission (SEC) is still ongoing.
  • CZ pleaded guilty to anti-money laundering violations at Binance last Wednesday and agreed to pay a $50 million fine alongside his exchange’s whopping $4.3 billion penalty.
  • The billionaire has since expressed interest in exploring decentralized finance, though he has no further plans to launch another crypto venture. His sentencing is scheduled in February, which is expected to be less than 18 months in prison.

You Might Also Like:

Leave a Reply

Your email address will not be published. Required fields are marked *