Brian Shroder Resigns
According to a report published by Bloomberg on Wednesday, Binance US CEO Brian Shroder stepped down from his position at the start of the week. His departure comes at a time when Binance boss Changpeng Zhao has been refuting claims that his cryptocurrency empire is in danger.
Shroder is set to be replaced by Norman Reed, who currently serves as Binance US Chief Legal Officer. While Shroder has left the company willingly, more than 100 employees have been laid off over the last few days.
Binance US began its operation in 2019 to serve Americans since its parent company, Binance, was legally restricted from operating in the United States. Binance and its US-based entity have lost several top employees since the start of the year, including Director for Compliance Steven Christie, Chief Strategy Officer Patrick Hilmann, and Global Head of Product Mayur Kamat.
Shroder assumed office in October 2021, replacing Brian Brooks, who took over from Catherine Coley in July of that year.
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Binance Regulatory Battles
Meanwhile, Binance has crossed paths with the US authorities multiple times this year. In June, the United States Securities and Exchange Commission accused the crypto exchange of violating securities policies, including the sale of unlicensed securities and failing to prevent Americans from accessing its platform.
At the time, the Commission’s Director of Division of Enforcement, Gurbir Grewal, alleged that Zhao and his company knew the securities regulations but still chose to ignore them, putting their users at risk.
In July, Binance US was accused by the Securities and Exchange Commission of commingling customer funds. A few weeks after the accusations, the crypto exchange announced it would no longer accept USD deposits and that it had become a crypto-only trading platform.
In August, Binance appointed Kristen Hecht as its new compliance officer to help the company navigate the complex regulatory sphere.
Binance Remains the Market Leader Amid Current Troubles
Despite Binance’s legal troubles and the departures of top executives, the crypto exchange remains the largest by trading volume.
While addressing rumors about bank runs and product wind downs on Monday, Zhao said on his X account that the fake stories haven’t affected liquidity on Binance and assured users that their funds were safe.
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