Binance.US Distances Itself from Legal Turmoil Involving Global Exchange and Zhao

<p>Binance.US has made it clear that it is distinct from its
parent company, stating that it operates independently and is not involved in
the recent enforcement settlements against Binance and its Former CEO,
Changpeng Zhao. The exchange has emphasized that it is compliant with US
regulations despite sharing technology with Binance. </p><p>In light of the recent developments, Zhao has stepped
down from his position as Chairman of Binance.US's Board of Directors. This
decision involves transferring voting rights and relinquishing governance.</p><p>According to a statement issued by the company on X (formerly
Twitter), Binance.US has expressed gratitude for CZ's important role in guiding
the platform. Norman Reed, the new CEO of Binance.US, will continue to lead the
crypto exchange. </p><p>SEC Investigations, CZ's Legal Battles, and Penalties</p><p>Currently, the Securities and Exchange Commission
(SEC) is investigating Binance and Zhao. The regulator is probing alleged
control of Binance’s affiliate in the US by the global crypto exchange. Binance.US
faces ongoing regulatory actions from the SEC regarding alleged unregistered
securities offerings to US investors. </p><p>Meanwhile, a federal judge in the US has issued a ruling
<a href="https://www.financemagnates.com/cryptocurrency/binances-former-ceo-faces-sentencing-us-doj-addresses-flight-risk-concerns/" target="_blank" rel="follow">restricting CZ's return to the UAE</a>. Judge Richard Jones suspended a decision to
allow CZ to travel to the UAE until a ruling is made following his guilty
plea for anti-money laundering and US sanctions violations.</p><blockquote><p lang="en" dir="ltr">We wanted to provide an update to the <a href="https://t.co/AZwoBOgsqS">https://t.co/AZwoBOgsqS</a> community in light of last week’s news regarding CZ and <a href="https://t.co/IZwa5M2U8b">https://t.co/IZwa5M2U8b</a>.As you know, <a href="https://t.co/AZwoBOgsqS">https://t.co/AZwoBOgsqS</a> was launched with the express purpose of serving United States customers in accordance with all…</p>— Binance.US