Binance CEO Changpeng Zhao reportedly tried to shut down the company's U.S. exchange earlier this year to protect the global exchange from increasing regulatory scrutiny. The Binance.US board of directors, chaired by Zhao, voted on whether to liquidate the $4.5 billion-valued U.S. exchange, but failed to achieve unanimous support.

Binance.US CEO Brian Shroder opposed the decision, citing concerns about the impact on customers who would have to quickly move or liquidate their crypto assets. This move highlights the challenges faced by global crypto exchanges amid regulatory pressure.