Changpeng Zhao, the founder and CEO of Binance, the world’s largest cryptocurrency exchange by trading volume, is reportedly planning to resign from his position after the completion of the ongoing investigations by the US authorities, according to a Forbes article published on Wednesday.
The article, which cited anonymous sources familiar with the matter, claimed that Zhao, also known as CZ, has been in talks with potential successors for his role and that he intends to announce his decision in the next few months.
The article also suggested that Zhao’s departure could be part of a broader strategy to appease the regulators and avoid further legal troubles for Binance.
Binance has been under intense scrutiny from various regulators around the world, especially in the US, where it faces multiple investigations by the Department of Justice (DOJ), the Commodity Futures Trading Commission (CFTC), the Internal Revenue Service (IRS), and the Securities and Exchange Commission (SEC).
The investigations reportedly relate to Binance’s alleged involvement in money laundering, tax evasion, market manipulation, and offering unregistered securities to US customers.
Binance has denied any wrongdoing and has claimed to cooperate with the authorities.
However, the exchange has also faced several challenges in its operations, such as losing banking partners, suspending certain services, and facing customer complaints.
Binance has also been banned or warned by regulators in several countries, including China, Japan, Thailand, the UK, Germany, Italy, and Canada.
Zhao, who founded Binance in 2017 and has been its CEO ever since has been one of the most influential and controversial figures in the crypto industry.
He has been praised for his vision and innovation, as well as criticized for his aggressive expansion and lack of compliance.
He has also been vocal about his views on crypto regulation, often clashing with regulators and lawmakers on social media.
According to Forbes, Zhao’s decision to step down could be seen as a positive sign for Binance’s future, as it could signal a shift towards more compliance and transparency.
The article also speculated that Zhao could remain involved in Binance’s operations as a board member or an advisor, or focus on other projects, such as Binance Smart Chain, Binance Coin, or Binance Charity Foundation.
