Crypto News: Changpeng Zhao (CZ), CEO of Binance is reportedly seeking to dump its shareholdings in its U.S arm. CZ holds the majority of stakes in Binance.US. This move comes in when the Commodity Futures Trading Commission (CFTC) sued the world’s largest crypto exchange and its founder CEO for operating the alleged illegal exchange.
Is Binance In Trouble?
According to the report, Binance CEO has been seeking ways to sell some number of his share since the summer of 2022. It added that CZ is actively exploring ways to cut down its holding in the exchange.
CFTC announced that it has filed a civil enforcement action against Changpeng Zhao with three other entities that operate the Binance platform. It added that CZ and others have violated the Commodity Exchange Act (CEA) and CFTC regulations. However, the authority also charged Binance’s ex-Chief Compliance officer, Samuel Lim.
(THIS IS A DEVELOPING STORY)
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