CEFIREGULATION

Zhao Changpeng resigns as Chairman of the Board of Binance.US, will transfer voting rights and no longer participate in governance

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Zhao Changpeng resigns as Chairman of the Board of Binance.US, will transfer voting rights and no longer participate in governance

Binance.US stated that it is not a part of the settlement between Binance and the U.S. Department of Justice, with no pending issues with U.S. regulatory bodies such as FinCEN, OFAC, or CFTC, emphasizing that there is sufficient capital for the continued establishment and development of the platform in the future.

Zhao Changpeng Resigns as Chairman of Binance.US Board

Binance.US emphasized the following points:

  1. Binance.US operates independently from Binance.com.

  2. The clear purpose of Binance.US is to comply with regulations and provide services to US users.

  3. Binance.US is not part of the settlement with the Department of Justice, and there are no pending issues with FinCEN, OFAC, or CFTC.

  4. As CZ departs from Binance, he has also decided to resign as Chairman of the Binance.US board and transfer voting rights through proxy arrangements.

Following this, CZ's relationship with Binance.US will be purely for economic interests, and he will no longer be involved in governance. Binance.US expressed gratitude for CZ's guidance and advice over the years.

Will Binance.US Continue to Operate?

Binance.US stated that former Chief Legal Officer Norman Reed will temporarily serve as CEO in the future, emphasizing that there is sufficient capital to continue building and developing the platform.

Back in September, Binance.US saw the departure of its CEO, Chief Legal Officer, and Chief Risk Officer, along with significant layoffs.

With the resignation of the Binance.US CEO and another round of layoffs, what is the current situation?

Data analytics firm Kaiko previously noted that Binance.US trading volume has dropped from a yearly high of $5 billion to $40 million.

The future prospects of Binance.US seem quite bleak.