The United States arm of crypto exchange Binance, Binance.US, has announced that Changpeng “CZ” Zhao has stepped down as chairman of the board.
“That said, as CZ transitions to life after Binance, he has decided to step down from his role as Chairman of our Board of Directors and transferred his voting rights through a proxy arrangement,” the statement noted.
CZ’s Contributions Recognized by Binance.US
In a recent statement, Binance.US acknowledged the work that founder Zhao did for the US arm of the exchange:
“We are exceptionally grateful to CZ for his guidance and counsel over the years. With his support, we have established Binance.US as a destination of choice of U.S. customers seeking a superior crypto trading experience.”
Learn more: Binance Review 2023: Is It the Right Crypto Exchange for You?
Furthermore, the exchange stated that CZ will “no longer be involved in our governance.”
CZ and Binance Navigate Continuing Legal Challenges
This comes not long after Zhao stepped down from his role as global CEO of Binance. The news comes amid Binance and Zhao facing legal troubles with the U.S. Department of Justice (DoJ).
Binance and Zhao agreed to settle with the DoJ for a $4.3 billion penalty.
Meanwhile, CZ has an upcoming sentencing date over charges toward him, that could potentially see him spend time in prison.
Zhao pleaded to one count of violating the Bank Secrecy Act. BeInCrypto recently reported that legal experts predict 12–18 months at a minimum security prison for Zhao.
His sentencing date is in February 2024.
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