CZ resigns as Chairman of Binance.US

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According to an announcement on November 28, CZ resigned as chairman of the Board of Directors of Binance.US. This is XEM the final step in his process of transferring power over companies under Binance Holdings.

This move comes less than a week after CZ left the top leadership position at Binance Holdings, to resolve allegations with the US Department of Justice (DOJ). However, CZ's economic benefits at Binance.US are still maintained.

Binance.US also expressed deep gratitude to CZ during his tenure, emphasizing his important Vai in positioning Binance.US as a leading cryptocurrency trading platform in the US.

Binance.US emphasizes its operational independence, especially following recent agreements involving international partners. They affirmed that they are not involved in any enforcement measures by US regulatory agencies such as DOJ, FinCEN, OFAC or CFTC.

Previously, prosecutors filed a request for CZ to continue to stay in the US until the trial in early 2024, because of concerns about the risk of escape. They argue that the government cannot guarantee CZ's return, as his current nationality is the United Arab Emirates which does not have an extradition treaty with the US.

On the contrary, CZ's defense team affirmed that he has no intention of avoiding punishment, and will appear on the set date. Proved by the fact that CZ voluntarily appeared in court last week to plead guilty, proving that he is willing to accept responsibility for his actions.

Although the previous decision allowed CZ to return to the United Arab Emirates until sentencing, a federal judge reversed the decision on November 27.

Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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