Binance’s founder and former CEO, Changpeng “CZ” Zhao, is currently facing felony charges in the United States after pleading guilty to money laundering last week. With his ongoing trial and imminent sentencing, the crypto exchange confirmed that CZ will be stepping down as chairman of the company’s board in the U.S.

As per CoinTelegraph, Binance US made the announcement via a social media post on X, formerly known as Twitter. The company went on to clarify that it is not a party in the settlement between Binance, CZ, and U.S. officials, which led the Binance founder to plead guilty as part of the settlement deal.

Zhao’s Resignation from Board Chairmanship Post

While Binance US is not involved in the case, it was reported that CZ agreed to give up his remaining post in the company. Moreover, the American unit of the crypto exchange said its former chief will also move away and “will no longer be involved” in the administration and overall governance of the firm.

It was added that Zhao’s voting rights on the board will also be transferred through a proxy. Despite this development, Binance US expressed gratefulness to its former leader by saying they are “exceptionally grateful to CZ for his guidance and counsel over the years.”

They also acknowledge that through CZ’s support, the crypto exchange was able to set up Binance US, which has become the preferred destination for people who are looking for a platform that offers superior crypto trading.

Life After CZ: Binance to Continue Operations as Usual

Bloomberg reported that while Changpeng Zhao gave up his CEO role at Binance’s global operations, he retains an economic interest in the crypto exchange. But this week, as he also steps down as the board’s chair, he will not be involved in the firm.

Even without CZ, Binance US assured users they will continue to serve them for their crypto transaction needs. In a post on X on Wednesday, Nov. 29, Binance wrote, “We remain fully operational and are committed to continuing to serve our customers with the same products and services as we always have.”

It added, "As CZ transitions to life after Binance, his interest in the company is purely economic and he will no longer be involved in our governance. Binance.US continues to be led by Norman Reed and our existing, experienced management team.”

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