Binance.US Distances Itself from Binance.com; CZ Steps Down as Chairman
Zach Anderson Dec 01, 2023 08:35
Binance.US declares operational independence from Binance.com, reassures customers, and remains compliant with U.S. regulations, following a $4.3 billion settlement. Chairman Changpeng Zhao steps down.
Binance.US, the American arm of the globally renowned cryptocurrency exchange Binance, has made a significant announcement concerning its operations and leadership structure. This news comes in the wake of recent settlements involving Binance.com and its founder, Changpeng "CZ" Zhao.
Binance.US took to Twitter on November 29, 2023, to clarify its position and operational independence from Binance.com. Emphasizing its commitment to abide by U.S. regulations, Binance.US stated that it operates independently, sharing only the brand name and technology with Binance.com. This clarification holds importance as it assures U.S. customers of Binance.US's compliance with local regulatory standards.
Addressing recent events, Binance.US confirmed that it was not involved in the settlements between Binance.com, CZ, and U.S. regulators. These settlements, announced on November 21, 2023, involved a sum of $4.3 billion. Binance.US maintains that it has no outstanding enforcement matters with major U.S. regulatory bodies like the DOJ, FinCEN, OFAC, or CFTC, ensuring customers of its regulatory compliance.
In a major leadership shift, CZ announced his decision to step down as Chairman of the Board of Directors for Binance.US. He will transition to a role where his involvement is limited to an economic interest, transferring his voting rights through a proxy. This decision comes after CZ's guilty plea on November 21 to a felony charge related to anti-money laundering policy failures during his tenure as CEO of Binance.
With CZ stepping down, Binance.US will continue under the leadership of Norman Reed and the current management team. The company is poised for growth, focusing on its mission to modernize and democratize the financial system. It reassures customers of its commitment to provide a superior crypto trading experience.
In a response to a customer's query on November 30, Binance.US addressed concerns about crypto withdrawals. The company invited customers facing issues to contact their Support Center, highlighting their commitment to customer service.
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