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Changpeng “CZ” Zhao, the founder of Binance, the world’s largest cryptocurrency exchange, has stepped down as Chairman of the Board of Directors at Binance.US, the US affiliate of the company. This announcement was made by Binance.US today. CZ has transferred his voting rights to a proxy arrangement and will now only maintain an economic interest in the business. He had been serving as Chairman of the Binance.US Board since the exchange was founded in 2019. Binance.US will continue to be led by Norman Reed, a former member of the US Securities and Exchange Commission (SEC), and its current management team. The company remains well-capitalized and committed to its mission of making cryptocurrency more accessible. Binance.US operates independently from the global Binance platform and was created to comply with US regulations. It is important to note that Binance.US was not involved in the recent settlements reached by Binance with US authorities regarding allegations of violating anti-money laundering laws and sanctions policies.