PANews reported on May 28 that according to DL News, a Binance spokesperson said that Binance's French subsidiary has replaced co-founder Zhao Changpeng with two new shareholders. This move is aimed at ensuring that Binance does not lose the right to operate in the second largest economy in the European Union. According to French regulations, the company's major shareholders cannot be criminals. The EU's Crypto Asset Market Regulation (MiCA) allows companies to "passport" their licenses from one base country to 27 other EU countries.
"The new shareholders of Binance France are all members of the co-founding team of Binance," a Binance spokesperson said on Tuesday. An official update from the French Commercial Registry shows that Binance France shares are split between Yulong Yan and Lihua He, who each hold 50%. Yulong Yan (English name Allan Yan) is identified as a team member in the Binance white paper. He was the co-founder and product director of the now-closed Chinese exchange service company Bijie Tech. Lihua He's name was not mentioned in the original Binance white paper released in 2017. A Binance spokesperson declined to provide any information about the shareholder and did not immediately respond to a request for comment on whether Zhao Changpeng was compensated for his shares.
