Since the summer of 2022, Binance CEO Zhao Changpeng, commonly known as CZ, has been making efforts to sell a portion of his shares in an attempt to improve the company’s perception among U.S. authorities.
According to a report by The Information, Binance.US, along with its founder, majority shareholder, and chairman, Changpeng Zhao, is actively exploring strategies to reduce Zhao’s ownership stake in the cryptocurrency exchange. The objective behind this initiative is to address concerns and potentially mitigate any perceived concentration of power associated with Zhao’s significant ownership position. ( The Information ).
Prior to the U.S. Commodity Futures Trading Commission’s lawsuit against Binance, CZ had been seeking to divest his shares since the summer of last year. ( before the U.S. Commodity Futures Trading Commission sued the exchange )
Executives at Binance.US have reportedly engaged in discussions, as reported by The Information, exploring the potential benefits of reducing Zhao’s stake in order to improve the company’s standing with U.S. regulatory authorities.
