CZ Exits Binance.US Board Directors After Regulatory Settlements

Changpeng “CZ” Zhao, founder of the largest crypto exchange in the world, Binance, has stepped down from his role as Chairman of the Board of Directors at Binance.US, the US affiliate of the company, according to an announcement by Binance.US today.

In transitioning away from Binance, CZ has exited his governance role at Binance.US. He has transferred his voting rights to a proxy arrangement where he maintains only an economic interest in the business.

CZ has served as Chairman of the Binance.US Board since the exchange was founded in 2019. The company expressed gratitude for his years of guidance in establishing Binance.US as a top US crypto trading platform.

Read Also: Richard Teng Likely To Take Over From CZ As Binance CEO

Binance.US will continue to be led by ex-SEC member Norman Reed and its current management team. The company says it remains well-capitalized and energized to continue building out its platform and mission of making crypto more accessible.

Binance.US was created to serve US crypto traders in compliance with American regulations. While the US exchange shares branding and technology with the global Binance platform, Binance.US operates independently.

Last week, Binance reached settlements with US authorities including the Department of Justice, FinCEN, and OFAC related to allegations that Binance violated US anti-money laundering laws and sanctions policies.

Binance.US was not involved in these settlements nor does it have any outstanding enforcement issues with US agencies.

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