Changpeng 'CZ' Zhao has officially stepped down as chairman of the board of Binance.US, the cryptocurrency exchange's American affiliate, the company stated on Tuesday. Zhao has ceded his voting rights through a proxy agreement as part of his departure, reducing his influence on Binance.US governance and rendering his role exclusively economic.
Zhao pleaded guilty to breaching the Bank Secrecy Act and causing a financial institution to do the same in a Seattle court last week. He agreed to pay a $50M fine and step down as CEO of Binance. Binance.US explains that it was not a party to any of the settlements announced last week and that it has no pending enforcement issues with the DOJ, FinCEN, OFAC, or CFTC. The business is still fully running.
Binance.US remains committed to meeting client needs while developing and expanding its platform under the direction of Norman Reed and the management team. Moving ahead, the business will stress openness and resiliency.
Zhao must remain in the United States until his February sentencing, according to a US judge. Judge Richard Jones of the US District Court for the Western District of Washington ordered that Zhao's request to return to the UAE be considered by the court before he was allowed to travel.
