The former Binance CEO faces one felony count in the United States as part of a settlement with local officials and regulators.
Changpeng “CZ” Zhao, the former CEO of major cryptocurrency exchange Binance, will also step down from his position as chair of the board of directors for United States-based exchange Binance.US.
In a Nov. 28 X — formerly Twitter — post, Binance.US reminded users the exchange was not a party to the $4.3 billion settlement between U.S. officials, Binance, and CZ announced on Nov. 21. However, Zhao agreed to step down as chair and “will no longer be involved” in the governance of Binance.US, transferring his voting rights through a proxy.
“We are exceptionally grateful to CZ for his guidance and counsel over the years,” said the exchange. “Binance.US continues to be led by Norman Reed and our existing, experienced management team.”
— Binance.US (@BinanceUS) November 28, 2023
This is a developing story, and further information will be added as it becomes available.