Changpeng Zhao Resigns as CEO of Binance.US

CZ steps down as Binance.US board chair after the $4.3-billion settlement, assigning his voting rights via a proxy.

Nov 28, 2023 - 17:32
Changpeng Zhao Resigns as CEO of Binance.US
Reading time - 2 min

Changpeng “CZ” Zhao, previously the CEO of the prominent cryptocurrency exchange Binance, has announced his departure from the role of board chair at Binance.US, the United States-based branch of the exchange.

In a recent post on X (previously known as Twitter) dated Nov. 28, Binance.US clarified its non-involvement in the $4.3-billion settlement reached on Nov. 21 between U.S. authorities, Binance, and CZ. Following this settlement, Zhao has decided to relinquish his position as chair and will cease his governance role in Binance.US, assigning his voting rights via a proxy.

Binance.US expressed its appreciation for Zhao's leadership and advice, stating that the exchange will continue its operations under the direction of Norman Reed and the current management team.

As of this report, Zhao has not made any public statements regarding his resignation. His latest communication on X mentioned having “a lot more free time” after stepping down as CEO of Binance.

On Nov. 21, Zhao admitted guilt to a felony charge related to the failure to implement an effective Anti-Money Laundering program during his tenure as Binance CEO. The court is deliberating on whether to permit CZ to travel to the United Arab Emirates while he awaits sentencing, with a potential prison term of up to 18 months.

Although Binance.US was not directly involved in the settlement with the U.S. Justice Department, it is currently facing a lawsuit initiated in June by the Securities and Exchange Commission. This lawsuit targets the crypto exchange, Binance, and CZ, investigating allegations of a concealed mechanism to control user assets at Binance.US, reminiscent of the situation at FTX.

Philip Bohmer Philip is a seasoned journalist that brings clarity to the complex world of cryptocurrencies through his articulate and insightful articles. His passion for blockchain technology fuels his writing, making him a trusted voice in the rapidly evolving digital currency landscape.