Changpeng Zhao Resigns as Binance.US Chairman

By: Isha Das

Changpeng 'CZ' Zhao has resigned from his role as Chairman of Binance.US's board of directors. This move comes shortly after his departure from Binance Holdings as part of its settlement with the U.S. Department of Justice (DOJ). Despite stepping away from governance roles, Zhao retains an economic interest in Binance.US, having transferred his voting rights via a proxy agreement. Binance.US expressed their gratitude towards Zhao for his guidance and leadership, noting his significant contributions towards establishing the platform as a prominent U.S. crypto trading platform.

Binance.US emphasized its operational independence, particularly in relation to recent financial settlements involving its global partner. It assured its customers and stakeholders of its sustained regular operations and product offerings, stating it is not involved in any pending enforcement actions with significant U.S. regulatory bodies like DOJ, Financial Crimes Enforcement Network (FinCEN), Office of Foreign Assets Control (OFAC), or the Commodity Futures Trading Commission (CFTC).

In the meantime, U.S. prosecutors are arguing to retain Zhao in the U.S. until his sentencing in early 2024 due to concerns about him being a flight risk. The final decision still awaits a federal judge's approval. Despite recent events, Zhao's defense team maintains that he has no intention of evading sentencing and will appear as scheduled.