Developments related to Binance, occupying the agenda of cryptocurrency investors, have stirred the markets. One of the prominent figures of the crypto sector, CZ, is no longer with Binance, and he is not allowed to leave the US until the court decision in February. Today, Binance US exchange published a new announcement.
Changpeng Zhao, the founder and former CEO of Binance exchange, has resigned from his position as chairman of Binance US, according to an announcement made today. CZ’s resignation from the chairmanship was an unexpected move. There was no detail in the terms of the deal announced last week that would require him to step down from the management of Binance US. The official statement is as follows:
“Nevertheless, CZ has decided to resign from his chairman position and will continue his life without Binance, and he has transferred his voting rights. Thus, his connection with the company remains solely economic. Binance US is still managed by Norman Reed and the current experienced management team. We will continue to build and grow our platform.”
A senior Treasury official told reporters that Binance US, being a registered business, was not part of the deal. However, the Binance branch continues to face many allegations in its ongoing battle with the SEC.
CZ’s resignation from the leadership of Binance US has been recorded as a significant development in the crypto world, indicating that Binance US continues its operations under new management and still faces many allegations in its ongoing fight with the SEC.