Binance.US says CEO Shroder to depart, 100 jobs will be cut. After being sued by authorities, the business’s U.S. affiliate announced that its chief executive officer, Brian Shroder, would be leaving the company and that it will be slashing more than 100 employees, which is nearly a third of employment. These developments highlight the operational issues that the company is facing.
On an interim basis, Shroder will be succeeded by general counsel Norman Reed, who joined the business in December 2021. Shroder’s departure is scheduled for January 2022.
According to a statement released by Binance.US, “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.”
Binance. n.The United States did not provide a justification for Shroder’s departure.
In June, the United States Securities and Exchange Commission (SEC) filed a civil lawsuit against the world’s biggest cryptocurrency exchange, Binance, as well as its creator, Changpeng Zhao. The SEC accuses Binance and Zhao of establishing Binance.US as part of a “web of deception” in order to circumvent securities rules that are designed to protect investors in the United States.
Binance and Binance are synonymous.The US has always asserted that each operates independently.
Additionally, a number of top staff members have left Binance in recent months. Mayur Kamat, who was the company’s global head of product, departed at the beginning of this month, while Patrick Hillmann, who was the company’s chief strategy officer, left in July.