Binance.US won’t be able to grow until CZ sells stake or resolves regulatory issues: sources | Headlines | News | CoinMarketCap
09/14/2023 05:25
Binance.US's options to grow are limited so long as Binance co-founder Changpeng "CZ" Zhao has a formal connection to the business, according to …
The Block7 minutes ago
CEO
Published on September 13, 2023 22:16 GMT+00:00edited on September 13, 2023 22:19 GMT+00:00
Binance.US's options to grow are limited so long as Binance co-founder Changpeng "CZ" Zhao has a formal connection to the business, according to sources familiar with a company all-hands this week.
The U.S. arm, which saw its president and CEO Brian Shroder exit the firm yesterday, has scaled back its operations and staff in the wake of the Securities and Exchange Commission's lawsuit against Binance and its allegations that Zhao can "divert customer assets" as he pleases. Binance said at the time of the suit that it would defend its platform "vigorously."
In any case, the regulatory environment and Zhao's connection to Binance.US will serve as an impediment to the firm's growth, according to sources. During a company all-hands, staff were presented with three potential options …