Title: CZ Steps Down from Chairman Position at Binance.US
Changpeng Zhao’s Decision to Step Down
After recently stepping down as the CEO of Binance, the world’s largest crypto exchange, Changpeng Zhao, also known as CZ, has now announced his resignation from his position as the Chairman of the Board of Directors for Binance.US, the American affiliate of the global exchange.
Legal Troubles and Resignation
This decision comes on the heels of CZ pleading guilty to money laundering charges by the US government, which also required Binance to accept his resignation and bar him from management or operational roles for three years. While the case was solely against CZ and Binance.US, the global exchange was also implicated.
CZ’s New Role and Binance.US Legal Troubles
As part of the announcement, it was revealed that CZ’s voting rights would be transferred through a proxy arrangement, reducing his role to an economic interest only. Binance.US clarified that it was not part of the $4 billion settlements with the US government and does not have any outstanding enforcement matters with various regulatory bodies. However, they are currently facing a pending case with the SEC, which is investigating potential fraud and securities law violations.
Gratitude for CZ’s Support
In a post on X (formerly Twitter), Binance.US expressed their gratitude for CZ’s guidance and support over the years, emphasizing their commitment to providing a superior crypto trading experience for U.S. customers.
As CZ takes a step back from his leadership roles within Binance.US, the legal challenges facing the American entity continue, with ongoing investigations by the SEC. Despite these challenges, Binance.US remains committed to providing a top-tier crypto trading experience for its customers.
### News source: ambcrypto.com