The CEO of Binance US, Brian Shroder has reportedly cut ties with the crypto exchange giant, stepping down as the firm’s Chief Executive Officer. This development comes amid plans to cut over 100 positions as reported by a company spokesperson. Also, this comes shortly after Binance US successfully transitioned to a crypto-only exchange.
As reported by Bloomberg, Shroder has been replaced by Norman Reed – the Chief Legal Officer on an interim basis. Significantly, Binance US is carrying out these shake-offs as its legal battle with the Securities and Exchange Commission continues.
This notable development could have a significant implication for the company. In June 2023, the SEC accused Binance and its CEO Changpeng “CZ” Zhao of mishandling customers’ funds and breaking securities law.
Binance US was established in 2019 as the United States arm of the global exchange to navigate regulations and cater to users who are residents of the country. However, the firm still finds itself grappling with regulatory battles.
Binance US representative said in a statement,
“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.”
He added that the crackdown from the SEC is an “aggressive attempt to cripple the crypto industry” and has real-life consequences for American jobs and innovations, citing the staff lay-offs as a typical example.
Brian Shroder Leaves Binance US
Brian Shroder joined the company in June 2021, two years after it was formed. He worked as the President and CEO of the firm supervising business strategy and corporate developments.
In addition, he also managed the company’s Product and technology functions, as well as HR. Before joining Binance US, Shroder worked at Ant Group and Uber, holding high executive positions.
Sadly, on September 13, 2023, Brian Shroder departed from Binance US, leaving his position as CEO taken over by Norman Reed.
Meanwhile, Binance US is doing all it can to keep the company afloat. Cutting over one-third of its staff is a major move to achieve this. Ultimately, the departure of its CEO and other staff members underscores the challenges the crypto exchange giant is currently facing in the country and globally.
Finally, the attention of the entire crypto community is fixed on the firm to see how well it navigates these challenging times.
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