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The former CEO of Binance, Changpeng “CZ” Zhao, has resigned as head of the board of directors of Binance US. This comes after Binance and CZ announced a $4.3 billion settlement with US regulators, although Binance US was not a party to this settlement. CZ has agreed to give up his position as chair and will no longer be involved in Binance US’s management, instead voting through a proxy. The company expressed gratitude to CZ for his mentorship and advice, stating that Binance US will continue to be led by Norman Reed and the existing management team. CZ has not made any public remarks regarding his resignation, but he did mention having more free time after stepping down as CEO of Binance. CZ recently pleaded guilty to one felony count for failing to maintain a successful anti-money laundering program while serving as CEO. The court is currently considering whether to grant CZ permission to visit the UAE before his punishment, which could include up to 18 months in prison. Binance US is also facing legal action from the SEC, which alleges that the exchange had a backdoor through which it could control user assets. The SEC is still investigating this claim.