Binance's French subsidiary has replaced Zhao Changpeng with two new shareholders to maintain its foothold in Europe

ChainCatcher news, according to DL News, a Binance spokesperson stated that Binance's French subsidiary has replaced co-founder Zhao Changpeng with two new shareholders, a move aimed at ensuring that Binance does not lose its right to operate in the EU's second-largest economy.

According to French regulations, major shareholders of a company cannot be criminals. The EU's Markets in Crypto-Assets regulation (MiCA) allows companies to "passport" their licenses from one home country to the other 27 countries in the EU.

A Binance spokesperson said on Tuesday, "The new shareholders of Binance France are all members of Binance's co-founding team." An official update from the French commercial registry shows that Binance France's shares are split between Yulong Yan and Lihua He, each holding 50%. Yulong Yan (English name Allan Yan) is identified as a team member in the Binance white paper. He was a co-founder and product director of the now-defunct Chinese exchange service company Bijie Tech.