Binance.US CEO Quits Amid Another Round of Job Layoffs: Report

2023-09-13 09:50:26

President and CEO of Binance.US, Brian Shroder, has exited the cryptocurrency exchange as the company faces legal actions from US regulators.

Shroder, who assumed his position in 2021, will be replaced by the Chief Legal Officer of Binance.US, Norman Reed, on an interim basis, according to Bloomberg, citing the exchange’s spokesperson.
Binance.US also slashed one-third of its workforce or over 100 positions, making it the second round of layoffs by the crypto exchange.
A statement from a spokesperson for the American exchange 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. 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.”

The latest development comes as both Binance.US and the international platform Binance are facing legal and regulatory pressure, especially from US federal authorities.
However, Binance CEO Changpeng Zhao recently took to X (formerly Twitter) to dismiss negative news and rumors about the company, stating instead some achievements attained so far in 2023.

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