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
Recommended for you:
- Crypto Investors Can Rely on ‘Frankly Nothing’ in Current Regulatory Environment, Says Former FDIC Official
- Crypto’s Banking Problem Is Not Ironic
- What the Tornado Cash Sanction Means for Privacy Coins
Edited by Nick Baker.
