Binance US and founder Changpeng Zhao have reportedly been looking at ways to reduce his stake in the U.S.-based crypto exchange since last summer.
Crypto exchange Binance US and its founder Changpeng Zhao are reportedly looking for ways to reduce his stake in the firm, amid harsh scrutiny from United States federal regulators over the past year.
The crypto executive — Binance US’ majority owner — has reportedly been trying to reduce his stake in the U.S.-based exchange since last summer, according to aBinance and Changpeng Zhao have seen intense scrutiny from United States federal regulators over the past year. In March, the Commodity Futures Trading Commission sued Binance and CZ for operating what it alleged was an “illegal” exchange with a “sham” compliance program.
The firm was accused of willfully evading U.S. law, “while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit.”regulatory compliance, telling Cointelegraph, “We have implemented a robust ‘three lines of defense’ approach to risk and compliance,” at the time.
Cointelegraph reached out to global exchange Binance who did not comment on the matter related to Binance US and CZ as an individual and majority shareholder of the U.S. exchange. Binance US did not respond by the time of publication.
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