Binance.US: CZ steps down as board chairman days after pleading guilty

November 28, 2023

By Priya NV

• CZ steps down from the Chairman position days after bidding goodbye to Binane.com

• This decision would bring down his role in the crypto exchange to that of an economic one

Days after Changpeng Zhao aka CZ stepped down as the CEO of the world’s biggest exchange – Binance, another similar move has followed. In an announcement made today, CZ will be stepping down as the Chairman of the Board of Directors for Binance.US, the American affiliate of the global crypto exchange.

The announcement follows CZ’s decision to plead guilty to the money laundering charges brought against him and the crypto exchange by the US Government last week. And, one of the settlement conditions for Binance was to accept the resignation of CZ. In addition to this, the global entity was required to bar him from management or operational roles for a period of three years.

However, the US government’s case was solely against CZ and the global crypto exchange – Binance.US. This aspect was even made clear during the press conference held regarding the prosecution.

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