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Binance.US CEO Exits as Crypto Giant Navigates Turbulence

Binance.US CEO Exits as Crypto Giant Navigates Turbulence

Brian Shroder, the former CEO of Binance.US, has resigned from the crypto trading platform. According to a company spokesperson, Norman Reed, the Chief Legal Officer, has stepped in as an interim leader.

This change comes amid a major workforce reduction of over 100 positions, approximately one-third of the workforce, as Binance.US faces regulatory challenges under the leadership of Changpeng “CZ” Zhao. Binance.US, originally BAM Trading Services Inc., was established in 2019 for U.S. users due to restrictions on Binance Holdings.

This marks the second round of layoffs for the Miami-based firm this year, triggered by mounting legal and operational issues. In June, the U.S. Securities and Exchange Commission (SEC) accused Binance Holdings, Zhao, and Binance.US of various violations, allegations that Zhao and the companies have contested.

In March, the U.S. Commodity Futures Trading Commission (CFTC) charged Binance and Zhao with “willful evasion of federal law,” and the Justice Department also investigated Binance.

Following the SEC’s actions, Binance.US users faced limitations on depositing or withdrawing dollars, prompting the adoption of alternative methods for converting dollars into cryptocurrency. According to analyst Jacob Joseph, Binance.US’s global market share has plummeted from about 2.39% in April to approximately 0.6%, with monthly trading volume falling below early 2020 levels.

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A spokesperson stated that these measures aim to secure Binance.US’s financial stability for over seven years and enable it to operate as a crypto-only exchange. They also criticized the SEC’s aggressive actions, highlighting their impact on American jobs and innovation.

Bloomberg reported layoffs at Binance.US following the SEC’s actions, while Binance Holdings has seen multiple executive departures in recent months. Brian Shroder joined Binance.US two years ago, bringing prior experience from Ant Group and Uber, following the departure of the previous CEO, Brian Brooks, after a four-month tenure.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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