CZ' Zhao Resigns from Binance.US Board: A New Era Begins

• Changpeng 'CZ Zhao Resigns as Chairman of Binance.US
• Zhao's Transition and Resignation
• Binance's Settlement with U.S. Regulators
• Binance.US Exclusion from Binance's Settlement
• SEC Enforcement Action Against Binance.US
• Continued Operation Under Current Leadership

Changpeng 'CZ Zhao Resigns as Chairman of Binance.US

Founder and ex-CEO of Binance, Changpeng 'CZ' Zhao, has stepped down as the chairman of Binance.US. This development was announced via a tweet from Binance.US, an affiliate of the global exchange.

Zhao's Transition and Resignation

Zhao will relinquish his voting rights to a proxy as he transitions to life after Binance. His decision to exit his position as Chairman of the Board of Directors means his interest in the company will now be purely economic, and his involvement in the company's governance has ended.

Binance's Settlement with U.S. Regulators

Last week, Binance settled a multibillion-dollar case with various U.S. regulators and law enforcement entities. The company, which had been accused of operating in the U.S. without proper registration, thereby enabling U.S. crypto investors to transact with Binance customers from sanctioned regions, agreed to pay $4.3 billion as part of this settlement.

Additionally, the settlement saw Binance commit to a complete exit from the U.S. market and accept Zhao's resignation as CEO.

Binance.US Exclusion from Binance's Settlement

A senior Treasury official clarified that Binance.US, being a registered business, was not part of Binance's settlement.

SEC Enforcement Action Against Binance.US

Despite not being involved in last week's settlement, Binance.US continues to face an enforcement action from the U.S. Securities and Exchange Commission. The regulator has accused the company of offering unregistered securities to U.S. investors. This case, which also implicates Binance and Zhao, is currently ongoing.

Continued Operation Under Current Leadership

Norman Reed and the existing leadership team will continue to steer Binance.US. The company, which is well capitalized, is committed to building its platform and growing with renewed momentum and clarity, while maintaining a customer-first approach.

Edited by Jonathan Stoker