CZ resigns as Chairman of the Board of Directors of Binance US

Binance US trends

On the 29th, Binance US, the American arm of the cryptocurrency exchange Binance, announced that Changpeng Zhao (CZ) will step down as chairman of the company’s board of directors.

The company explained that CZ made the decision to step down. He has stated that he will no longer be involved in Binance US’s governance (corporate governance).

We wanted to provide an update to the https://t.co/AZwoBOgsqS community in light of last week’s news regarding CZ and https://t.co/IZwa5M2U8b.

As you know, https://t.co/AZwoBOgsqS was launched with the express purpose of serving United States customers in accordance with all…

— Binance.US (@BinanceUS) November 28, 2023

Last week, the global version of Binance settled with the Department of Justice and other regulators for violating US law, and CZ also stepped down as Binance’s CEO. On the other hand, Binance US complies with US regulations as an independent entity and was not subject to the enforcement action at this time.

Therefore, Binance US has stated that it is currently continuing business as usual and will continue to provide similar products and services to US investors.

connection: SEC Crypto Mom and Coinbase CEO comment on Binance’s settlement with the US Department of Justice and CZ’s resignation

The company also explained that it has sufficient funds to grow the platform and will continue to prioritize its users. He said he would work to modernize and democratize the financial system.

The U.S. Securities and Exchange Commission (SEC) is not among the regulatory agencies that have reached a settlement with Binance. As a result, the dispute between Binance, Mr. CZ, Binance US, and the SEC continues.

connection: SEC lawsuit between Binance and Coinbase | Summary of the current state of virtual currency regulation and industry reaction

Trends surrounding Mr. CZ

On the 27th, a judge ordered CZ to remain in the United States.

He lives in the United Arab Emirates (UAE), but the US government has filed a motion for reconsideration over the conditions under which a magistrate judge allowed him to return. He was ordered to remain in the United States until the court resolves the motion.

CZ has admitted to violating U.S. law and agreed to pay a fine of approximately 7.4 billion yen ($50 million) in a settlement with authorities.

connection: Binance’s CZ officially announces retirement as CEO, explains successor and future plans

Although Mr. CZ has stepped down as CEO of Binance, he says that he will continue to be involved in the cryptocurrency industry, and yesterday posted on social media, “I am researching biotechnology, and am planning to use cryptocurrency technology to accelerate research funding.” I’m thinking about ways to make it happen,” he posted.

Been reading about biotech, thinking about how to use crypto to accelerate research funding there.

Keep building!

— CZ BNB (@cz_binance) November 27, 2023

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