Brian Shroder, who served as the CEO of Binance.US, has reportedly departed from the exchange. This development coincides with a series of high-ranking executives leaving the company earlier this year. Norman Reed, the Chief Legal Officer of Binance.US, will assume the role vacated by Shroder.
JUST IN: 🇺🇸 Binance US CEO resigns.
— Watcher.Guru (@WatcherGuru) September 13, 2023
Alongside Shroder’s departure, Binance.US is undergoing another round of layoffs. This will result in the elimination of more than 100 positions, which accounts for one-third of its workforce. Elaborating on the same, a spokesperson said,
“The actions we are taking today provide Binance.US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange.”
Also Read: Binance.US Market Dominance Declines Amidst SEC Legal Battle
Binance.US vs regulators
The US wing of Binance was established in 2019. This platform was created with the intention of specifically catering to American users, as they were not permitted to access Binance Holdings. While Binance Holdings was aggressively expanding worldwide, its US branch encountered difficulties. In June, the US Securities and Exchange Commission [SEC] leveled accusations against Binance Holdings, its CEO Changpeng Zhao, and Binance.US. The wide range of accusations included mishandling of customer funds, deceptive practices towards investors and regulators, along with violations of securities regulations.
It’s worth mentioning that following the SEC’s actions, Binance.US downsized its workforce in June. However, the exact number of affected employees remains undisclosed. The spokesperson further added,
“The SEC’s aggressive attempts to cripple our industry and the resulting impacts on our business have real world consequences for American jobs and innovation, and this is an unfortunate example of that.”
Additionally, throughout this year, Binance has seen the departure of several key executives, including Mayur Kamat, who served as the global head of product, Hon Ng, the general counsel, Patrick Hillmann, the chief strategy officer, and Steven Christie, who held the position of Senior Vice President for compliance.
Also Read: Binance.US Fires Employees Amidst SEC Lawsuit: Report