Per a recent report from The Information, the CEO of crypto exchange Binance, Changpeng “CZ” Zhao, considered closing its U.S. subsidiary. The possibility was reflected due to the increasing hostilities from regulators against Zhao and the trading venue in the country.
A U.S. Company No More? Binance CEO Reviews Options
According to the report, Zhao thought about leaving the U.S. in early 2023 in a potential move to “protect” the international arm. However, Brian Shroder, current CEO of Binance.US, allegedly opposed the decision to safeguard the platform’s customers.
In the past two years, the crypto space saw the bankruptcy of major companies, including FTX, Celsius, and others. In that sense, crypto investors and the nascent industry’s reputation were negatively impacted; closing Binance.US would have probably added salt to injury and might have triggered another capitulation event.
In practice, the report stated,…
