Changpeng ‘CZ’ Zhao has stepped down as chairman of the board of directors of Binance.US, the U.S. branch of the cryptocurrency exchange. said On Tuesday.
The former Binance CEO transferred his voting rights through a proxy agreement, the company added. The move removes Zhao’s influence in Binance.US’ governance and makes his interest in the company “purely economic.”
Zhao plead guilty He was charged in a Seattle court last week with violating the Bank Secrecy Act and causing a financial institution to violate the Bank Secrecy Act. He also agreed to pay a $50 million fine and stepped down as CEO of Binance.
“Binance.US is not a party to the settlement announced last week and has no outstanding enforcement issues with DOJ, FinCEN, OFAC or CFTC,” the company wrote on the social media platform. X. It said it was fully operational.
“Binance.US continues The team will be led by Norman Reed and the experienced existing management team,” the company added. “We will continue to build and grow the platform and do so with new clarity and momentum, while also delivering on the same customer experience. First of all, we have sufficient capital to sustain our commitments. “
court sentence
Yesterday, the judge said Mr Zhao must remain in the US at least until further review ahead of his sentencing in February.
Judge Richard Jones of the U.S. District Court for the Western District of Washington in Seattle ordered Zhao’s condition allowing him to return to his home in the United Arab Emirates before sentencing “remain in place until this court resolves the government’s motion.” For review,” according to documents filed in court Monday.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.