Changpeng Zhao steps down as Binance's chairman.American board of directors

Binance.US will remain under the direction of Norman Reed and its current management group.

Changpeng Zhao, the founder and former CEO of Binance, resigned from his position as chairman of the Binance.

US board of directors, the company stated on November 28. Zhao gave up his right to vote by means of a proxy, denoting a move away from participation in the company's governance and toward a strictly financial stake.

Binance.US thanked CZ in an X release, saying, "We are incredibly grateful to CZ for his guidance and counsel over the years." 

With his help, we have made Binance.US the go-to website for US clients looking for an exceptional cryptocurrency trading experience.

Zhao agreed to pay a $4.3 billion fine and enter a guilty plea to federal charges brought by the US Department of Justice (DoJ). 

 Binance agreed to pay $4.3 billion settlement charges for failing to adhere to anti-money laundering (AML) regulations and violating sanctions law.

In light of this, Binance.US informed users that the exchange was not involved in the settlement between CZ, Binance, and US officials.

They also didn't have any pending enforcement cases with the Department of Justice (DOJ), the Commodity Futures Trading Commission (CFTC), the Office of Foreign Assets Control (OFAC), 

the Treasury Department's Financial Crimes Enforcement Network (FinCEN).

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