Changpeng Zhao stepped down Tuesday from his role as the chairman of the board of directors of Binance.US, the American arm of the global cryptocurrency exchange Binance (CRYPTO: BNB).
This move comes on the heels of a series of settlements and regulatory actions involving Binance.
Binance Vs. Binance.US: Binance and Binance.US, while sharing a common name, are two distinct entities catering to different markets. Binance is a global cryptocurrency exchange that offers a vast array of cryptocurrencies and trading pairs, but it is not permitted to operate in the United States.
On the other hand, Binance.US is designed specifically for the U.S. market and operates exclusively within the United States.
Although it offers a smaller selection of cryptocurrencies and trading pairs compared to Binance, it still provides competitive fees and sufficient liquidity for most U.S. traders.
Binance.US is a separate entity that collaborates with BAM Trading Services, and it has slightly more limited functionality and coin offerings than its global counterpart.
Due to its restricted user base, Binance.US has a significantly lower trading volume than Binance.
The platform has emphasized its adherence to U.S. rules and regulations, distinguishing itself from the broader legal challenges faced by Binance.com.
Binance.US acknowledged the shared brand and technology with Binance.com but reiterated its operational independence in its Tuesday statement.
The company said it is not involved in the settlements announced last week and has no outstanding enforcement matters with major U.S. regulatory bodies such as the Department of Justice, the Financial Crimes Enforcement Network, the Office of Foreign Assets Control or the Commodity Futures Trading Commission.
Zhao Steps Back From Binance: Zhao’s decision to step down marks a significant shift in the governance of Binance.US.
He has transferred his voting rights through a proxy arrangement, indicating a move to a purely economic interest in the company.
This latest change underscores a broader transition for Zhao from his active roles in the Binance ecosystem.
Binance.US expressed gratitude towards Zhao for his guidance over the…
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