The administration of Binance.US announced that Changpeng Zhao transferred his management powers, including voting rights, by concluding a subassignment agreement. This step deprives Zhao of the opportunity to influence the business management of the site and transfers his interest in the company to a “purely economic plane.”
The head of Binance.US, Norman Reed, addressed platform users with a statement that the events that led to the departure of Changpeng Zhao from all leadership positions will not affect the company’s operations and its financial stability.
“Binance.US is led by a legacy, experienced management team. We are well capitalized to successfully build and grow our platform while maintaining a primary commitment to our customers’ interests. We also do not have any outstanding enforcement issues with the US Department of Justice, FinCEN, OFAC or the CFTC,” Reed added.
Previously, a Seattle court banned the former CEO of Binance from leaving the United States. Judge Richard A. Jones said Changpeng Zhao is likely to remain in the United States until his final sentencing in February 2024.
Source: Bits
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