{"id":21502,"date":"2024-05-29T11:00:42","date_gmt":"2024-05-29T08:00:42","guid":{"rendered":"https:\/\/coinengineer.io\/?p=21502"},"modified":"2024-05-29T09:53:54","modified_gmt":"2024-05-29T06:53:54","slug":"new-shareholders-for-binance-france-after-cz-exit","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/new-shareholders-for-binance-france-after-cz-exit\/","title":{"rendered":"New Shareholders for Binance France After CZ Exit"},"content":{"rendered":"

Aiming to guarantee compliance with European Union<\/a> regulatory criteria, Binance France<\/strong> has undergone a major restructuring. The company today (Tuesday) revealed the decision, which entailed two new shareholders replacing Co-Founder Changpeng Zhao<\/a>.<\/p>\n

The action coincides with attempts to protect Binance’s activities in France, the second-largest EU economy, where laws requiring the majority shareholder of a firm to have no criminal record mandate Previously owning 100% of Binance France<\/strong>, Zhao admitted in November to breaking US financial regulations.<\/p>\n

Complying with French rules, Yulong Yan and Lihua He, each with a half-interest, are the new Binance France<\/strong> shareholders. Familiar with the bitcoin scene, Yan, sometimes known as Allan Yan, has been connected to the founding team of Binance<\/strong> and was the was the past co-founder and product director of Bijie Tech, a now-closed Chinese exchange services company.<\/p>\n

Conversely, his background is less clear; the original Binance<\/strong> whitepaper from 2017 makes no reference to him. Binance<\/strong> refused to divulge more information about this shareholder, including if Zhao got paid for giving his shares back.<\/p>\n

Ownership Change Reflects Binance’s New Compliance Strategy<\/h2>\n

The shareholder rearrangement shows more general attempts by Binance<\/strong> to move past the Zhao era, which resulted in legal consequences for the business and its former CEO last year. After entering a guilty plea for aiding in illegal trade, Binance<\/strong> paid a hefty fine and promised to put strict anti-money laundering policies into effect under new leadership.<\/p>\n

Former Singapore Central Bank regulator Richard Teng took over as CEO in late 2023. According to a recent business blog post, the ownership change fits Binance’s bigger “global restructuring project” under progress this year.<\/p>\n

Binance France<\/strong> has responded to regulatory demands by trying to fit the regulatory scene, especially in view of the Markets in Crypto-Assets rule (MiCA). With consequences for licensing and operating systems, MiCA is poised to present thorough regulatory rules for digital asset service providers all throughout the EU.<\/p>\n","protected":false},"excerpt":{"rendered":"

Aiming to guarantee compliance with European Union regulatory criteria, Binance France has undergone a major restructuring. The company today (Tuesday) revealed the decision, which entailed two new shareholders replacing Co-Founder Changpeng Zhao. The action coincides with attempts to protect Binance’s activities in France, the second-largest EU economy, where laws requiring the majority shareholder of a<\/p>\n","protected":false},"author":6,"featured_media":21504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[22,6453,23],"class_list":["post-21502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-binance-france","tag-cz"],"yoast_head":"\nNew Shareholders for Binance France After CZ Exit - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Binance France restructures to comply with EU regulations, replacing Co-Founder Changpeng Zhao with new shareholders Yulong Yan and Lihua He.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/new-shareholders-for-binance-france-after-cz-exit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Shareholders for Binance France After CZ Exit - 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