Changpeng Zhao steps down as Binance.US chair
Summary
Changpeng “CZ” Zhao, the former CEO of Binance, is stepping down from his role as chair of the board of directors for Binance.US. Zhao pleaded guilty to one felony count for failing to maintain an effective Anti-Money Laundering program during his term as Binance CEO and could face up to 18 months in prison. Binance.US stressed that it was not involved in the $4.3 billion settlement between U.S. officials, Binance, and Zhao. Zhao's voting rights will be transferred through a proxy, and he will not participate in the governance of Binance.US. Binance.US, currently led by Norman Reed, is in the midst of a lawsuit filed by the Securities and Exchange Commission.
