Changpeng Zhao Resigns as Chairman of Binance.US Board of Directors
In a recent development, Changpeng Zhao (CZ), the founder and former CEO of Binance, has announced his resignation as Chairman of the Board of Directors of Binance.US.
Binance.US Emphasizes Independence and Compliance
Binance.US, which operates independently from Binance.com, focuses on serving customers in the United States while adhering to US rules and regulations. The platform asserts that it is not currently facing any enforcement matters with the DOJ, FinCEN, OFAC, or CFTC. As a result, Binance.US will continue to operate without interruption and provide US customers with access to its products and services.
CZ’s Departure and Proxy Agreement
As CZ begins a new chapter after leaving Binance, he has chosen to step down as Chairman of the Board of Directors at Binance.US. To maintain transparency and corporate governance, CZ will transfer his voting rights through a proxy agreement. This arrangement ensures that CZ’s involvement in the company’s governance is purely economic, allowing the platform to operate independently with its existing management team.
Leadership Transition: Norman Reed Takes Charge
While expressing gratitude for CZ’s guidance over the years, Binance.US states that Norman Reed and the management team will continue to lead the exchange. The platform assures users that it is well-capitalized and committed to modernizing and democratizing the financial system.
Uncertainty Surrounding Investigations and Leadership
CZ’s resignation as Chairman of the Board of Directors for Binance.US marks a significant development amid ongoing investigations by US authorities into the exchange’s activities. The outcome of these investigations and their impact on the exchange remain uncertain. As more information emerges, it will provide clarity on the potential implications for the platform.
Hot Take: BNB Token Recovers Amidst Leadership Changes
The BNB token has successfully bounced back to $230 from its Monday low of $222.5, representing a decline of over 11%. Additionally, the native token of the exchange has shown a 1.8% increase in value over the past 24 hours.
Featured image from Shutterstock, chart from TradingView.com
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