Binance spokesperson stated that Binance's French subsidiary has replaced co-founder Zhao Changpeng with two new shareholders to ensure that Binance does not lose its operating rights in the second largest economy in the European Union. Under French regulations, major shareholders of a company cannot be criminals. The European Union's regulations on crypto assets markets (MiCA) allow companies to "passport" their licenses from one country to the other 27 countries in the European Union.
