Binance Holdings Ltd.'s United States-based business announced on Tuesday that its founder and former CEO Changpeng Zhao (pictured) will also resign from the role of the chairman of the board.
He "transferred his voting rights through a proxy arrangement, whereby his interest in the company is purely economic and he will no longer be involved in our governance," Binance.US said on social media. Binance.US pointed out that it "is not a party to the settlements announced last week, nor do we have any outstanding enforcement matters" with the US authorities and regulatory agencies. The unit also revealed that Norman Reed will keep leading it alongside its "existing, experienced management team."
Binance.US assured clients it will remain "fully operational" and "well capitalized to continue to build and grow our platform," as well as "committed to continuing to serve our customers with the same products and services as we always have."
