The United States Arm of Binance Announces CZ’s Resignation
The United States division of cryptocurrency exchange Binance, known as Binance.US, has made an announcement regarding the resignation of Changpeng “CZ” Zhao as chairman of the board. According to a statement, CZ has decided to step down from his position and transfer his voting rights through a proxy arrangement. Binance.US expressed gratitude for CZ’s contributions and recognized his role in establishing the exchange as a preferred destination for US customers.
CZ and Binance Face Legal Challenges
This news follows CZ’s recent resignation as global CEO of Binance and comes at a time when both Binance and Zhao are dealing with legal issues involving the US Department of Justice (DoJ). In an agreement with the DoJ, Binance and Zhao agreed to pay a $4.3 billion penalty. Furthermore, CZ is awaiting sentencing for charges related to violating the Bank Secrecy Act, which could result in a prison sentence of 12-18 months in a minimum security facility. His sentencing date is scheduled for February 2024.
Hot Take: CZ Steps Down Amidst Legal Troubles
Changpeng “CZ” Zhao’s decision to step down as chairman of the board for Binance.US comes at a critical time for both him and the exchange. With ongoing legal challenges and an upcoming sentencing date, CZ’s resignation reflects the need for stability and strategic decision-making within the organization. While Binance.US expresses gratitude for CZ’s contributions, it remains to be seen how these legal troubles will impact the future of the exchange and its leadership.
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