Binance.US Announces Operational Independence and Leadership Structure
Binance.US, the American arm of the cryptocurrency exchange Binance, has made an important announcement regarding its operations and leadership structure. This news follows recent settlements involving Binance.com and its founder, Changpeng “CZ” Zhao.
Operational Independence and Compliance with U.S. Regulations
Binance.US took to Twitter on November 29, 2023, to clarify that it operates independently from Binance.com. It shares only the brand name and technology with its parent company. This clarification is crucial as it assures U.S. customers that Binance.US is committed to abiding by local regulatory standards.
No Involvement in Recent Settlements
Binance.US confirmed that it was not involved in the settlements between Binance.com, CZ, and U.S. regulators. The company maintains that it has no outstanding enforcement matters with major U.S. regulatory bodies, ensuring customers of its regulatory compliance.
CZ Steps Down as Chairman of the Board
CZ has announced his decision to step down as Chairman of the Board of Directors for Binance.US. He will retain an economic interest but transfer his voting rights through a proxy. This decision comes after CZ’s guilty plea related to anti-money laundering policy failures during his tenure as CEO.
Continued Leadership Under Norman Reed
With CZ stepping down, Binance.US will be led by Norman Reed and the current management team. The company remains focused on modernizing and democratizing the financial system while providing a superior crypto trading experience for its customers.
Addressing Customer Concerns
Binance.US responded to customer concerns about crypto withdrawals by inviting them to contact their Support Center. The company emphasized its commitment to customer service.
Hot Take: Binance.US Affirms Independence and Compliance Amid Leadership Changes
Binance.US has announced its operational independence from Binance.com and its commitment to comply with U.S. regulations. The company also addressed recent settlements involving its parent company and CZ, confirming that it was not involved in those legal matters. With CZ stepping down as Chairman of the Board, Binance.US will continue under the leadership of Norman Reed and the current management team. Despite these changes, the company reassures customers of its dedication to providing a superior crypto trading experience. Binance.US also emphasizes its commitment to customer service by addressing concerns and inviting customers to reach out for support.
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