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Binance.US CEO Explores Options to Reduce Ownership Stake Amidst Ongoing Legal Challenges

12 May 2023
in Latest News, News
Reading Time: 3 mins read
103 6
Home News Latest News

Binance.US CEO and primary shareholder, Changpeng Zhao, is reportedly exploring options to reduce his stake in the company amid ongoing legal challenges. According to sources familiar with the matter, Zhao has been attempting to sell a portion of his controlling stake since the second quarter of 2022.

Some of the company’s legal challenges stem from a complaint filed by the Commodity Futures Trading Commission (CFTC) against Zhao and Binance COO Samuel Lim in March 2023. The complaint focuses on the company’s operations in the United States and includes allegations of violations and willful evasion of regulatory compliance.

The CFTC claimed that Binance.US generated substantial profits by leveraging key business relationships in the United States but failed to register and comply with federal laws. The complaint also accuses the company, Zhao, and Lim of aiding American customers while disregarding federal regulations and using virtual private networks to bypass Binance’s geographical restrictions. The agency further alleges that Binance obscured its ownership and organizational structure by utilizing “a maze of corporate entities.”

This CFTC indictment has been tied to approximately $850 million in withdrawals that have been made from the exchange platform since its announcement. The lawsuit has also prompted current and former executives to take legal action against the agency. Catherine Coley, a former executive, has requested representation by James McDonald of Sullivan & Cromwell in the CFTC’s case against Binance.

Meanwhile, in an interview with the Financial Times, Binance’s Chief Strategy Officer, Patrick Hillmann, criticized the ambiguous stance of the U.S. government on crypto industry regulations. Hillmann cited the government’s recent activities, including the SEC’s investigation into Coinbase for allegedly breaking securities laws, as evidence of its hostility towards cryptocurrencies. He contrasted the U.S. with the UK, which he presented as a more welcoming country for crypto industry regulation.

Binance faces allegations from multiple regulatory bodies in the United States, including the Internal Revenue Service (IRS) and the Justice Department. The company’s ability to navigate these legal challenges and obtain regulatory approval will be crucial for its continued success in the U.S. market.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Durotimi Aribisala

Durotimi Aribisala

Durotimi is a writer who is interested in writing about emerging technologies such as blockchain, Web3, crypto, and AI. He studied business administration and management. He desires to be an entrepreneur and movie director sometime in the future.

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