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Binance.US Explores Ways to Decrease CZ's Dominant Share: The Information
Since the summer of 2022, Zhao has been attempting to offload at least a portion of his shares in order to make the firm look better in the eyes of U.S. authorities.
by Sam Reynolds
Updated May 12, 2023, 2:26 p.m. Published May 11, 2023, 11:04 p.m.
Binance.US and its founder, majority shareholder, and chairman, Changpeng Zhao, are looking into strategies for decreasing Zhao's ownership in the crypto exchange, The Information reported.
CZ has been looking to offload his shares since last summer, before the U.S. Commodity Futures Trading Commission sued the exchange.
According to The Information's reporting, executives at Binance.US have deliberated on how this potential reduction in Zhao's stake might enhance the company's reputation amongst U.S. regulatory authorities.
Zhao is a Canadian citizen, but his exact residence is unknown.
A Binance.US spokesperson declined to comment when contacted by CoinDesk.
Sam Reynolds
Sam Reynolds is a senior reporter based in Taipei. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
