Crypto Billionaire CZ Resigns as Chairman of Binance.US
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 Confirms CZ’s Exit
Binance.US confirmed CZ’s exit in a post on Tuesday, addressing concerns related to the Justice Department’s settlement with its parent company last week. The company stated that CZ has decided to step down from his role as chairman and transferred his voting rights through a proxy arrangement. His interest in Binance.US will now be purely economic, and he will no longer be involved in the firm’s governance.
Binance.US and Independence
Binance.US is an independent entity from Binance, although lawsuits this year have alleged that both firms were effectively run by CZ. However, Binance.US maintains that it operates independently of Binance.com.
Binance.US Not Involved in Settlements
Binance.US clarified that it was not a party to the settlements announced last week and does not face any outstanding enforcement matters with government agencies. However, its lawsuit with the Securities and Exchange Commission (SEC) is still ongoing.
CZ’s Guilty Plea
CZ pleaded guilty to anti-money laundering violations at Binance and agreed to pay a $50 million fine alongside his exchange’s $4.3 billion penalty.
CZ’s Future Plans
CZ has expressed interest in exploring decentralized finance but has no plans to launch another crypto venture. His sentencing is scheduled for February, with an expected prison term of less than 18 months.
Hot Take: Crypto Billionaire CZ Steps Down as Chairman of Binance.US
Crypto billionaire Changpeng Zhao, known as CZ, has resigned as the chairman of Binance.US. This move follows his earlier resignation as CEO of Binance. Binance.US confirmed CZ’s exit and emphasized that he will no longer be involved in the firm’s governance. While lawsuits have claimed that CZ effectively ran both Binance and Binance.US, the latter maintains its independence from the former. Notably, Binance.US was not part of the recent settlements and does not face any outstanding enforcement matters, except for its ongoing lawsuit with the SEC. CZ’s guilty plea to anti-money laundering violations resulted in a substantial fine for both him and his exchange. Despite stepping down from his roles, CZ remains interested in decentralized finance and awaits his sentencing in February.
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