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Changpeng Zhao will step down as Chairman of the Board of Directors of Binance.US

Former Binance CEO Changpeng Zhao (CZ) will also step down as chairman of the exchange’s US division. This was stated by the press service of Binance.US.

“Binance.US is not a party to the agreement announced last week. We have no unresolved issues with the Department of Justice, the Financial Crimes Enforcement Network and the US Office of Foreign Assets Control,” the company said in a statement.

The division also emphasized that the platform operates independently of the global exchange. Consequently, the site will continue to function fully, the publication says.

“As CZ enters a new phase of his life, he has decided to relinquish his role as Chairman of the Board of Directors and transferred his votes by proxy. As a result, his interest in the company is purely economic in nature, and he will no longer take part in its management,” Binance.US noted.

According to the official statement, Norman Reed remains the head of the division. He replaced Brian Schroder in this post, whose departure caused a lot of gossip.

Let us remind you that the former head of Binance pleaded guilty to violating the Bank Secrecy Act. He will pay a fine of $50 million, and CZ also faces a prison sentence. He will remain in the United States until the next court hearing.

Source: Cryptocurrency

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