The Clash for Dominance: Binance.US and Changpeng Zhao's Stake

Once again highlighting Changpeng Zhao's role, he remains the CEO and one of the co-founders of Binance, the leading exchange in the crypto space, and is the mastermind behind its global reach.

Changpeng Zhao The founder of Binance.US, who holds approximately 15% ownership in the company, is actively exploring options to reduce his stake while facing heightened scrutiny from U.S. federal regulators over the past year, as recent reports suggest. news reports According to a May 11 report by Information, Ben Chang, who heads Binance US, has been attempting to lessen his involvement with the firm since the previous summer, as U.S. regulators have intensified their investigation into Binance and Changpeng Zhao for the last year.

Earlier this year in March, the Commodity Futures Trading Commission (CFTC) initiated legal action against CZ, claiming he managed an 'illegal' exchange equipped with a 'facade' compliance initiative.

An investigation revealed that the company deliberately avoided compliance and engaged in a strategy of regulatory arbitrage, benefiting commercially from these actions. U.S. law With his growing power within the organization, staff at Binance US are reportedly worried that he may not secure necessary regulatory approvals if he continues to hold the majority of shares, based on various news reports.

The company behind Binance's stablecoin BUSD has stopped minting new coins. Meanwhile, Voyager Digital—a crypto lending firm in bankruptcy—was denied permission for Binance.US to acquire its assets. The SEC seems poised to impose stringent regulations on American-based crypto platforms akin to those applied to banks and stock brokerages.

In February, the SEC sued Paxos In light of the ongoing crackdown on crypto, prominent firms like Gemini, Coinbase, Ripple, and Galaxy Digital are contemplating moving operations offshore. In fact, other major exchanges, including Kraken and Bittrex, have already scaled back or fully ceased their services in the U.S.

The Binance platform in the U.S. has rolled out a new feature that allows American users to create personalized web3 domain names. This innovative tool is powered by Unstoppable Domains, which boasts an inventory of 3.4 million existing web3 domains.

• Binance.US has formally agreed to take over assets from Voyager. web3 Changpeng Zhao, the Founder and CEO of Binance.

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