Zhao Steps Down as Binance.US Chair in Fallout of DOJ Settlement

Billionaire Changpeng Zhao stepped down as chairman of crypto exchange Binance.US a week after pleading guilty to Department of Justice charges and relinquishing his chief executive officer role at Binance’s global business.

Zhao retains an economic interest in Binance.US but has transferred his voting rights via a proxy arrangement and will no longer be involved in governance, the platform said Tuesday in a post on social media service X.

WATCH: Former Binance.US CEO Brian Brooks talks about fallout from the DOJ settlement.

Source: Bloomberg

Binance Holdings Ltd. and Zhao last week pleaded guilty to US anti-money laundering and sanctions violations and will pay fines of $4.3 billion and $50 million respectively. Zhao faces up ...