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Finance

Binance.US Explores Ways to Decrease CZ's Dominant Share: The Information

Since the summer of 2022, Zhao has been attempting to offload at least a portion of his shares in order to make the firm look better in the eyes of U.S. authorities.

By Sam Reynolds
AccessTimeIconMay 11, 2023 at 11:04 p.m. UTC
Updated May 12, 2023 at 2:26 p.m. UTC
Changpeng Zhao, CEO of Binance, at Consensus Singapore 2018 (CoinDesk)
Changpeng Zhao, CEO of Binance, at Consensus Singapore 2018 (CoinDesk)

Binance.US and its founder, majority shareholder, and chairman, Changpeng Zhao, are looking into strategies for decreasing Zhao's ownership in the crypto exchange, The Information reported.

CZ has been looking to offload his shares since last summer, before the U.S. Commodity Futures Trading Commission sued the exchange.

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    • According to The Information's reporting, executives at Binance.US have deliberated on how this potential reduction in Zhao's stake might enhance the company's reputation amongst U.S. regulatory authorities.

    Zhao is a Canadian citizen, but his exact residence is unknown.

    A Binance.US spokesperson declined to comment when contacted by CoinDesk.

    Edited by Nick Baker.


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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.