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.
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.
Di più per voi
As stablecoins evolve into core financial infrastructure, North America leads. This report maps the regulation, market shifts, and players driving adoption.
Perché è importante:
Stablecoins are entering their third phase of evolution - the institutionalization era - becoming increasingly embedded into core financial infrastructure. As institutions prioritize transparency and compliance, regulated issuers like USDC, RLUSD, and PYUSD are steadily gaining share with RLUSD surpassing $1B in market cap within its first year. North America, leading in regulatory frameworks and institutional distribution, is at the center of it all.
More For You
Crypto’s latest bear cycle is a mere blip when compared with the existential threat AI now poses to traditional software services, says Ravi Tanuku, CEO of KRAKacquisition Corp.
What to know:
- KRAK, a Nasdaq-listed special purpose acquisition company, is ready to explore potential deals with crypto-native firms valued between $2 billion and $10 billion.
- Crypto is a clear survivor amid the AI disruption hitting SaaS companies that traditionally formed a part of the IPO pipeline, CEO Ravi Tanuku said.
- The SPAC...
Top Stories
