Changpeng Zhao, often called CZ, is said to have considered the closure of Binance's U.S. operations earlier this year for the sake of safeguarding its international interests.
In Brief
Binance’s CEO, Changpeng “CZ” Zhao, had reportedly made moves to close the U.S. arm of the exchange to better protect the firm’s global business interests.
The head of Binance.US, Brian Shroder, was against CZ's decision, fearing that an unexpected shutdown would negatively impact customers by forcing them to quickly convert or liquidate their cryptocurrency holdings.
Following up on the discussions earlier, the decision was primarily to shield Binance's overarching global operations from potential fallout. The Information CZ, who also chairs the Binance.US board, allegedly voted for the U.S. arm's liquidation, but his decision didn't garner enough backing from other board members, leading to the U.S. division remaining operational.
Brian Shroder, the CEO of Binance.US, voiced strong opposition to CZ's plan, concerned that an abrupt closure could lead to difficulties for customers forced to manage their assets under pressure.
In March of this year, the Commodity Futures Trading Commission in the U.S. filed a lawsuit against Binance and its CEO, accusing them of knowingly facilitating unregistered trading.
Then in June, the Securities and Exchange Commission began its investigation into Binance, which culminated in a legal complaint against the exchange as well as its U.S. counterpart and Zhao himself. They were charged with acting as unregistered securities exchanges and involved in unauthorized offers and sales of crypto asset securities, alongside other financial services without the necessary SEC approvals. wrote Binance CEO CZ on X on August 2.
Interestingly, this legal action coincided with a major announcement by a significant asset management firm filing for a Bitcoin Exchange-Traded Fund. crypto derivatives products in the country.
On a different note, just recently, Binance made history by becoming the first virtual asset exchange to obtain an operational Minimum Viable Product license in Dubai. lawsuit In a significant move, Binance.US is set to acquire assets from Voyager. BlackRock Meanwhile, Huobi Global is preparing to invest a whopping $1 billion into Decentralized Finance (DeFi) and Web3 initiatives.
The SEC is scrutinizing BlackRock, raising questions about the safety of their investment with the ETF potentially at risk. became In corporate news, Disney appears to be shutting down its Metaverse division as part of efforts to streamline operations and reduce costs.
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Disclaimer
In line with the Trust Project guidelines This year marks Blum's impressive first-year anniversary, celebrated with accolades such as ‘Best GameFi App’ and ‘Best Trading App’ at the Blockchain Forum 2025.
