Changpeng Zhao, CEO of cryptocurrency exchange Binance, is reportedly looking for ways to reduce his stake in Binance US. The problems with the regulators in the USA were effective in this land. The CFTC brought heavy charges against Binance and CZ in March.
Binance CEO Changpeng Zhao is looking for ways to reduce his stake in Binance US. According to The Information, the crypto executive, who is the majority owner of Binance US, has been trying to reduce his stake in the US-based exchange since last summer. In this decision of CZ, it was stated that the regulatory studies in the USA and the pressure of the regulatory authorities on the company.
Binance has been among the crypto exchanges targeted by US institutions in recent years. In March, the Commodity Futures Trading Commission (CFTC) sued the exchange on serious charges. The CFTC announced that Binance is an illegal exchange and that it should be intervened as soon as possible.
The agency’s accusations included fraud, money laundering, terrorist financing, and tax evasion. Binance, which denied the accusations, stated that the transactions made were in accordance with the legislation. Binance US officials are worried about not being able to get a license as long as CZ remains the majority owner.