Changpeng Zhao, the CEO of Binance, is reportedly studying the possibility of reducing his stake in Binance US. This potential move is being considered as part of efforts to improve the company’s image in the eyes of US regulators, according to The Information.
Read CRYPTONEWSLAND onZhao has reportedly been contemplating selling at least some of his stake since last summer. This potential decision comes as part of Binance’s broader attempts to enhance its compliance and regulatory standing, particularly within the United States.
In 2022, Binance US raised over $200 million in seed funding rounds, resulting in a pre-money valuation of $4.5 billion. The funding rounds saw participation from notable investors, including RRE Ventures, Foundation Capital, Origin Capital, Vaneck, and Circle Ventures, among others.
This move by Zhao could be seen as a significant step towards ensuring the company’s compliance with US regulations. It remains to be seen how this potential stake reduction will influence Binance US’s future operations and regulatory standing. As the situation unfolds, it will undoubtedly be closely watched by stakeholders in the crypto industry.
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