Binance.US Remains Unaffected Amidst Legal Drama, CZ Steps Down

Published: Nov 28, 2023
Written By:
Vignesh Karunanidhi
Milk Road Writer

Binance.US took to X (formerly Twitter) to assure its community that it stands unaffected by the recent settlements. The official statement emphasizes the crypto exchange’s commitment to operating independently and adhering to all U.S. rules and regulations.

Launched with the explicit goal of serving United States customers, Binance.US has clarified that it is not implicated in the settlements disclosed last week.

The platform asserts that it has no outstanding enforcement matters with major regulatory bodies such as the Department of Justice (DOJ), the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), or the Commodity Futures Trading Commission (CFTC).

Binance.US remains fully operational, pledging to uphold its commitment to customers and continue offering products and services as before.

CZ steps down from Binance.US board

The tweet further reveals that CZ, amidst the transition to life after Binance, has chosen to step down from his role as Chairman of the Board of Directors at Binance.US. CZ has also transferred his voting rights through a proxy arrangement, making his involvement purely economic.

The platform expresses gratitude for CZ’s guidance over the years, highlighting his instrumental role in establishing Binance.US as a preferred destination for U.S. customers seeking a top-notch crypto trading experience.

With CZ’s departure, the exchange assures its community that the platform remains in capable hands, led by Norman Reed and the existing management team. The statement emphasizes the team’s enthusiasm and commitment to the platform’s mission of modernizing and democratizing the financial system.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 5 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.