Earlier, it was reported that Changpeng Zhao intends to shut down the company’s U.S. division to shield the global cryptocurrency exchange from regulatory pressure. The Binance.US board of directors, chaired by Zhao, reportedly supported the idea almost unanimously, while Brian Shroder, head of the US division, spoke out against it.
Zhao, however, did not comment on the vote itself. He only noted that Schroeder is not a board member at all, so his opinion would not have mattered in this matter. He wouldn’t have been invited to the meeting at all if there had been one.
“The quality of research, verification or even logical thinking in this ‘news’ is appalling,” Zhao wrote.
The exchange is now under scrutiny from U.S. regulators, including the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Earlier, Binance announced that it had withdrawn its application for a license from the German Financial Services Authority (BaFin).
It was recently revealed that Chinese users of Binance, the largest crypto exchange, account for about 20% of the platform’s transactions.