TechFlow news, according to DL News, a Binance spokesperson said its French subsidiary has replaced co-founder CZ with two new shareholders to ensure Binance does not lose the right to operate in the EU's second-largest economy.
Under French regulations, a company’s major shareholder cannot be a criminal. The EU's Markets in Crypto-Assets (MiCA) regulation allows firms to "passport" their license from one home country to the other 27 EU nations.
A Binance spokesperson said on Tuesday: The new shareholders of Binance France are both members of Binance’s founding team. Official updates from the French commercial registry show that Binance France’s shares are split between Yulong Yan and Lihua He, each holding 50%. Yulong Yan (English name Allan Yan) was listed as a team member in Binance’s white paper and was formerly co-founder and product director at Bijie Tech, a now-defunct Chinese exchange services company.
