Changpeng Zhao resigns as the Chairman of Binance.US board of directors

Founder and former CEO of Binance Changpeng Zhao. Image: Antonio Masiello/Getty Images

On November 28, Binance.US announced the resignation of Changpeng Zhao, the founder and former CEO of Binance, as chairman of the Binance.US board of directors. Zhao transferred his voting rights through a proxy, signifying a shift from involvement in governance to a purely economic interest in the company.

In an announcement on X, Binance.US expressed gratitude to CZ, “We are exceptionally grateful to CZ for his guidance and counsel over the years. With his support, we have established Binance.US as a destination of choice for US customers seeking a superior crypto trading experience.”

The move comes after Zhao pleaded guilty to federal charges imposed by the US Department of Justice (DoJ) and agreed to pay a $4.3 billion fine. In the same case, Binance agreed to pay $4.3 billion settlement charges for failing to adhere to anti-money laundering (AML) regulations and violating sanctions law.

On that note, Binance.US reminded its users that the exchange was not a party to the settlement between US officials, Binance and CZ. Nor did they have any outstanding enforcement matters with the DOJ, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), and the Commodity Futures Trading Commission (CFTC).

Binance.US is a separate crypto exchange created for users within the United States. It was launched to serve US customers and follows US rules and regulations. While it shares a brand and industry-leading technology stack, it operates independently from its parent company, Binance.