- Binance France has replaced Zhao with new shareholders, Yulong Yan and Lihua He.
- Regulatory compliance prompted the shareholder to change to keep operational rights.
- The move aligns Binance France with local laws, ensuring future growth under MiCA.
Binance France, the European arm of the world’s largest cryptocurrency exchange, has undergone a significant ownership reshuffle in response to regulatory hurdles faced by its founder, Changpeng Zhao.
Previously the sole owner of Binance France, Zhao acknowledged violating US banking regulations. French law prohibits companies from having majority shareholders with criminal records.
To ensure continued operations in France and the broader European Union (EU), Binance France has brought in Yulong Yan and Lihua He as new shareholders, replacing Zhao. This strategic decision mitigates potential legal risks associated with Zhao’s past actions, especially as new regulations are set to take effect in the EU.
Public filings reveal that Yan and He each hold a 50% stake in Binance France. Yan, also known as Allan Yan, was a key contributor to the initial Binance whitepaper and co-founded Bijie Tech, a Chinese cryptocu…
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