CZ will also step down as chairman of the board of directors of Binance

lupafilotaxia (75)in Project HOPE • 10 months ago

Things seem to be going well in terms of the price action behavior of the major cryptocurrencies by market capitalization, however the situation faced by the major exchanges is what muddies in good behavior, I say this because of what has been happening to Binance.

The case of Binance and Changpeng Zhao is one of the most scandalous situations and I would even dare to say that the least expected, this because, beyond the bankruptcies and scams in which other exchange platforms have been involved, Binance had remained in total normality.

Now, this normality to which I refer today gives the feeling that irregular situations were occurring that have given or rather have led to the resignation of CZ, to the point that he will also resign from his position as chairman of the board of directors of BINANCE.

According to Turner Wright of Cointelegraph, "In a post on X (formerly Twitter) on Nov. 28, Binance.US reminded users that the exchange was not part of the USD4.3 billion deal between U.S. authorities, Binance and CZ announced on Nov. 21. However, Zhao agreed to step down as chairman and "will no longer be involved" in the governance of Binance.US, transferring his voting rights through a proxy."

In this regard Wright also referenced that "On November 21, Zhao pleaded guilty to a felony for failing to maintain an effective anti-money laundering program during his time as CEO of Binance. The court is currently weighing whether CZ will be allowed to travel to the United Arab Emirates while awaiting sentencing. The former Binance CEO could face up to 18 months in prison."