CZ Decides to Step Down From Chairman Role of Binance.US

Vignesh Karunanidhi
CZ Decides to Step Down From Chairman Role of Binance.US
Source: CryptoPotato

Binance.US sought to reassure its customer base this week that the U.S. cryptocurrency exchange remains fully operational and independent despite recent legal troubles for its sister company,

In a tweet on Wednesday, Binance.US emphasized that its platform was created specifically to serve American traders in compliance with domestic regulations. As such, the company claims no involvement in the settlement agreed to last week between Binance’s founder, Changpeng Zhao (CZ), and U.S. law enforcement agencies.

“We operate independently of,” the Binance.US statement read – a vital distinction meant to shelter the firm from the fallout of its former parent organization. The message pledged continued normal operations for its growing U.S. customer base.

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CZ steps down from Binance.US board

According to the tweet, Zhao has relinquished his formal role with Binance.US. The exchange announced that its founder would immediately resign from the American exchange’s board and transfer his voting rights to other shareholders.

The firm expressed gratitude toward its former chairman for providing startup guidance before handing full control to Norman Reed and his executive team.

“The team at Binance.US is as energized as we have ever been about the opportunity for our business and our mission,” the statement concluded about its future outlook.