Share this article
Binance.US Explores Ways to Decrease CZ's Dominant Share: The Information
Since the summer of 2022, Zhao has been attempting to offload at least a portion of his shares in order to make the firm look better in the eyes of U.S. authorities.
By Sam Reynolds
Updated May 12, 2023, 2:26 p.m. Published May 11, 2023, 11:04 p.m. 1 min read
Binance.US and its founder, majority shareholder, and chairman, Changpeng Zhao, are looking into strategies for decreasing Zhao's ownership in the crypto exchange, The Information reported.
CZ has been looking to offload his shares since last summer, before the U.S. Commodity Futures Trading Commission sued the exchange.
According to The Information's reporting, executives at Binance.US have deliberated on how this potential reduction in Zhao's stake might enhance the company's reputation amongst U.S. regulatory authorities.
Zhao is a Canadian citizen, but his exact residence is unknown.
A Binance.US spokesperson declined to comment when contacted by CoinDesk.
More For You
Lenders are particularly interested in blockchain's back-office applications, but security failures are blocking wider adoption.
What to know:
- Industry executives say DeFi’s long-term value lies in overhauling banks’ back-office operations rather than in speculative trading.
- Institutional capital will remain sidelined, however, until DeFi addresses persistent security flaws.
- Societe Generale said regulated banks can close these gaps with tokenized assets and bank-issued stablecoins, offering the safety and custody that...
Top Stories
