Changpeng Zhao, known across the industry as CZ, stepped down as chairman of Binance.US's board of directors on Nov. 28, 2023, the exchange said in a post on X1. Binance.US said Zhao had transferred his voting rights through a proxy arrangement, “whereby his interest in the company is purely economic and he will no longer be involved in our governance”. Crypto.news confirmed the move on Nov. 28, 2023, too, reporting that Zhao had "stepped down as Chairman of Binance.US's Board of Directors"2.
Eight of Binance's 17 leadership moves on the record came in 2023, its busiest year
Leadership moves CryptoLately has verified at Binance, by year
- 2023: 8
- 2021, 2022, 2024, 2025, 2026
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2021 | 4 |
| 2022 | 1 |
| 2023 | 8 |
| 2024 | 2 |
| 2025 | 1 |
| 2026 | 1 |
Two board exits on the record in 2023
Board exits CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2023: 2
- 2019, 2020, 2021, 2022, 2024, 2025, 2026
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 1 |
| 2020 | 2 |
| 2021 | 4 |
| 2022 | 0 |
| 2023 | 2 |
| 2024 | 4 |
| 2025 | 7 |
| 2026 | 10 |
The move
Binance.US framed the change as a response to events at its sister exchange. “We wanted to provide an update to the Binance.US community in light of last week's news regarding CZ and Binance.com,” the company wrote, pointing to settlements Binance.com and Zhao had reached days earlier1. Binance.US was careful to draw a line around itself. “We are not a party to the settlements announced last week, nor do we have any outstanding enforcement matters with the DOJ, FinCEN, OFAC, or CFTC,” the company said2. Binance.US added that it "operate[s] independently of Binance.com" despite sharing a brand and technology stack.
Why did Binance.US thank its departing chairman in the same post that cut his governance role? Binance.US credited Zhao for the company's early growth even as it removed his vote. “We are exceptionally grateful to CZ for his guidance and counsel over the years. With his support, we have established Binance.US as a destination of choice of U.S. customers seeking a superior crypto trading experience,” the company said1.
Binance.US before and after
Day-to-day leadership stayed the same, the company said. “Binance.US continues to be led by Norman Reed and our existing, experienced management team,” it said, adding that it remained "well capitalized to continue to build and grow our platform"1. Zhao's departure from the board came amid what crypto.news called “a landscape of regulatory scrutiny and market uncertainty in the crypto world”2.
What came next
Zhao pleaded guilty in November 2023 to violating the Bank Secrecy Act as part of Binance's settlement, stepped down as Binance's chief executive, paid a $50 million fine and served a four-month prison sentence in 2024, CoinDesk reported3. U.S. President Donald Trump pardoned Zhao on Oct. 23, 2025, nearly two years after Zhao left the Binance.US board and transferred his voting rights through the proxy arrangement the exchange had announced in 2023. Zhao posted about the pardon on social media within hours of the announcement. “Deeply grateful for today's pardon and to President Trump for upholding America's commitment to fairness, innovation, and justice,” he wrote, adding that he would “do everything we can to help make America the Capital of Crypto”. A Binance spokesperson called the pardon "incredible news" and said Zhao's “vision not only made Binance the world's largest crypto exchange but shaped the broader crypto movement”.
Sources
- Binance.US, post on X, Nov. 28, 2023, https://x.com/BinanceUS/status/1729530641526435859
- Bralon Hill, "Changpeng Zhao resigns as chair of Binance.US," crypto.news, Nov. 28, 2023, https://crypto.news/changpeng-zhao-resigns-as-chair-of-binance-us/
- "U.S. President Donald Trump Pardons Binance Founder CZ," CoinDesk, Oct. 23, 2025, https://www.coindesk.com/policy/2025/10/23/binance-s-cz-wins-pardon-from-u-s-president-donald-trump