Binance France, a subsidiary of the world’s largest cryptocurrency exchange, has removed Changpeng Zhao as its sole shareholder. This move aligns with French regulations, which prohibit individuals with criminal charges from holding majority shares.
The decision ensures Binance France can continue operating within the European Union’s second-largest economy. The new shareholders, co-founders Yulong Yan and Lihua He, each hold 50% of the shares. This restructuring follows charges against Zhao by U.S. authorities, leading to his four-month prison sentence for money laundering.
This change is part of a global restructuring effort to comply with local regulations. Despite these challenges, Binance remains the top cryptocurrency exchange by trading volume, generating $9 billion in revenue last year. The strategic restructuring highlights Binance’s commitment to regulatory compliance and long-term stability.
