Changpeng Zhao resigns from Binance.US board

9:04 pm
November 28, 2023

**Changpeng Zhao Steps Down from Binance.US Board**

Changpeng Zhao, the former Chief Executive Officer of global cryptocurrency exchange Binance, has reportedly resigned as Chairman of the Board of Directors in Binance.US. According to a statement released by Binance.US, Zhao has also forfeited his voting rights in the US affiliate and will no longer be involved in its governance decisions.

The announcement comes in the wake of Zhao’s decision to step down from his role as CEO of Binance amidst mounting regulatory challenges faced by the exchange. Binance.US emphasized that although it shares the Binance brand and technology, it is not part of the recent $4.3 billion settlement involving the global company and US authorities.

Furthermore, the company assured its customers that Binance.US remains unaffected by these developments and will continue to provide the same products and services as before, reassuring that it is “fully operational.”

**SEC Lawsuit Against Binance and Binance.US**

The US Securities and Exchange Commission (SEC) filed a lawsuit against Binance, founder Changpeng Zhao, and Binance.US in June. The charges include accusations of operating unregistered exchanges, broker-dealers, and clearing agencies. Additionally, the SEC alleged that the platforms offered and sold unregistered securities, and misrepresented trading controls to facilitate high-value US customers’ trading on the Binance.com platform.

*Binance.US: Frequently Asked Questions (FAQ)*

**Q: Will Binance.US continue to operate amid Changpeng Zhao’s resignation from the board?**
A: Yes, Binance.US assures that it remains fully operational and will continue providing its services as usual.

**Q: How does Changpeng Zhao’s resignation affect Binance.US?**
A: Zhao’s resignation as Chairman of the Board of Directors and the forfeiture of his voting rights does not impact Binance.US’s functionality and services.

**Q: What is the status of the SEC lawsuit against Binance and Binance.US?**
A: The SEC’s lawsuit against Binance, Changpeng Zhao, and Binance.US, filed in June, includes allegations of operating unregistered exchanges and the sale of unregistered securities.


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