Binance US was weighing selling CZ’s stake, report says
The company considered selling Changpeng Zhao’s shares to continue with growth plans but decided to lay off one-third of its staff instead. Binance US was weighing selling shares controlled by Binance co-founder Changpeng Zhao (CZ) to stick to the company’s growth plans, The Block has learned, citing sources familiar with the matter. During an all-hands meeting, the firm’s staff was report edly presented with a presentation describing three options for what to do next. The first option was to continue the work as planned. Still, it would require CZ to “resolve” his issues with US regulators, put his shares in Binance US into a blind trust (a trust established by the owner giving another party full control of the trust), or sell them entirely. The second one described a scenario where the firm would have to slow down its burn rate while keeping investing in the platform even despite the bear market, the report notes. The third option was to go into ...