Changpeng Zhao Plans to Reduce its Control Over Binance.US

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The Information has reported that Binance.US and its founder Changpeng Zhao are seeking to reduce Zhao’s stake in the platform due to tight scrutiny from US regulators.

This follows the CFTC lawsuit against Binance and Zhao on March 27, 2023, in which the regulator accused the crypto exchange of “deliberate evasion of US law” and non-compliance with the rules.

Zhao responded by saying that the Commission’s claims contained “an incomplete statement of the facts.”

Binance also withdrew their bid to take over the bankrupt crypto broker Voyager Digital due to a “hostile and uncertain regulatory climate in the US.”

Additionally, the NYDFS recently directed their attention to Binance USD (BUSD) issuer Paxos and ordered them to stop issuing the stablecoin.