CZ Seeking To Dump Binance US Stakes Amid CFTC Probe

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.

Also Read: Ripple Exec Bids For EU’s MiCA Amid US SEC Crackdown; Ripple Moving Out?

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.

Also Read: Why Didn’t Ripple Register XRP With US SEC? Brad Garlinghouse Replies

Binance and CZ in a response to the CFTC complaint stated that it was an unexpected and a disappointing civil complaint. This objection comes in despite working cooperatively with the agency for two long years. It mentioned that the complaint holds incomplete recitation of facts and the defendants don’t agree with it. Read More Crypto News Here…

Coingape reported that the world’s biggest crypto exchange has landed under the probe of he U.S. Justice Department for evading Russian Sanctions. The authority is looking into whether Binance Holding was illicitly utilized by Russia in order to ditch U.S. issued sanctions to move funds.

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Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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