Binance CEO and founder Changpeng “CZ” Zhao came close to shuttering the crypto exchange’s U.S. arm earlier this year in order to protect the wider company, The Information reported on Tuesday.
A person familiar with the matter told the outlet that the board of directors of Binance.US, the U.S. affiliate of the massive exchange, voted on whether to liquidate the company but could not come to a unanimous decision, with Binance.US CEO Brian Shroder blocking the decision. Zhao serves as chair for the Binance.US board of directors.