The U.S. subsidiary of the world’s largest crypto exchange, Binance wants to reduce regulatory pressure with a change in ownership structure, according to a media report. Company founder and majority shareholder Changpeng Zhao is planning a partial exit from Binance.US, news portal The Information reported, citing insiders.
The whole thing was triggered by a lawsuit filed by the U.S. derivatives regulator CFTC. It accuses the crypto exchange and its chief Zhao of “intentionally circumventing” laws. Binance.US managers hoped this would make it easier for regulators to grant requested approvals. Reducing Zhao’s involvement could make them more lenient.
U.S. authorities have been targeting Binance for some time. They accuse the crypto exchange of money laundering and evading sanctions, among other things. In February, they banned the company from issuing the digital currency BinanceUSD because it was not licensed security.
