The founder and main shareholder of Binance.US, Changpeng Zhao, is reportedly exploring options to decrease his stake in the company, according to a report by The Information.
Sources familiar with the matter indicate that Zhao has been trying to sell a part of his ownership position since the second quarter of last year.
The move comes after the Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance’s U.S. subsidiary in March, naming CEO Zhao and COO Samuel Lim.
The legal action alleges several violations and seeks to pierce the corporate veil, claiming that Binance.US disregarded registration and compliance requirements under U.S. federal law.
Binance.US executives are now discussing the possibility of reducing Zhao’s ownership stake to improve relations with U.S. regulators. The company’s management reportedly fears that if Zhao remains the primary owner, Binance.US may struggle to obtain certain regulatory licenses.
