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Binance CEO Changpeng Zhao Attempted to Shutter U.S. Exchange

Katie Lin

Summary: Binance founder and CEO Changpeng Zhao made an effort earlier this year to close down its U.S. exchange, showing his commitment to safeguarding the larger global exchange in the face of increasingly strict regulatory oversight. Insiders disclosed that the Binance.US board of directors, for which Zhao serves as chair, held a vote on whether to liquidate ...

Binance founder and CEO Changpeng Zhao made an effort earlier this year to close down its U.S. exchange, showing his commitment to safeguarding the larger global exchange in the face of increasingly strict regulatory oversight. Insiders disclosed that the Binance.US board of directors, for which Zhao serves as chair, held a vote on whether to liquidate the company. However, they failed to obtain the unanimous support necessary to finalize the decision. Binance.US CEO Brian Shroder stood as the sole dissenter, expressing concerns that a sudden closure could have negative repercussions on the U.S. exchange's customer base, forcing them to quickly move or liquidate their crypto assets.

Author: Katie Lin

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