"Often people will defend their position, but this CZ is like relaxing."
Changpeng Zhao (CZ), the former Chief Executive Officer (CEO) of Binance has finally decided to resign as Chairman of Binance Holdings Ltd which is the United States (US) branch of the global cryptocurrency exchange.
In addition to agreeing to step down from the board, CZ also transferred its voting share through a proxy arrangement.
In explaining the settlement it signed with the DOJ, FinCEN and the CFTC, Binance US said that they are in no way a party to pending enforcement issues.
This is because its operations have not been affected following Norman Reed remaining as CEO of Binance US supported by a list of experienced management team members despite the latest reports regarding a reduction in market share.
Therefore, Binance US will continue to be committed to further strengthen its compliance so as not to get involved in any regulatory issues.
The announcement from Binance US has sent mixed signals to the broader crypto market as many critics view it as merely protecting itself in response to the regulatory crackdown imposed on CZ.
In the wake of the DOJ's actions against CZ, the Securities and Exchange Commission (SEC) is already looking for evidence of impropriety at Binance US to tighten its crackdown on prosecuting the global crypto exchange.
CZ has recently reiterated that he is not only mentally stable but plans to focus on new research efforts with crypto funding.
