Binance.US, a cryptocurrency exchange set up by Binance chief Changpeng Zhao to serve U.S. clients, is reportedly exploring ways to cut Zhao’s ownership stake in the company, The Information reported on Thursday, citing two sources familiar with the matter.
See related article: Binance.US cites ‘hostile’ regulator, yanks US$1.3 billion deal to buy Voyager Digital
- One unnamed source told the media outlet that Zhao, who’s the majority owner of Binance.US, has been trying to offload some of his stake in the firm since last summer.
- Another person familiar with the matter said the company executives have explored how such a move could help with the firm’s image in the eyes of U.S authorities.
- Binance.US did not immediately respond to Forkast’s request for comment.
- In March, the U.S. Commodity Futures Trading Commission sued Zhao and Binance, the world’s largest crypto exchange, for allegedly offering unregistered cryptocurrency derivatives in the U.S.
- Zhao rejected the allegations, saying the regulator’s complaint “appears to contain an incomplete recitation of facts.”
- Last month, Binance.US said it had pulled out of a US$1.3 billion deal to buy bankrupt crypto lender Voyager Digital, citing a lack of clear regulations in the country for the crypto industry.
See related article: Mythical Games CEO says U.S. regulatory uncertainty accounted for firm’s conservative stance on crypto