The United States arm of the crypto exchange firm has parted ways with its chief executive to join the growing list of departing execs.
Binance.US has replaced its CEO, Brian Shroder, with Chief Legal Officer Norman Reed on an interim basis. This development has followed a recent downsizing exercise. Over a hundred staff, representing a third of the crypto exchange, were laid off as regulatory forces battled its founder, Changpeng “CZ” Zhao. This situation is only among the many times regulators have pressured the crypto firm this year.
This is the second time the Miami-based crypto firm would embark on similar activity in response to operational and legal issues. In June, the US Security and Exchange Commission accused Binance.US and its parent company of customer funds misappropriation, flouting securities rules, and misleading investors. CZ and the firms have denied allegations levelled against them.
Binance Holdings has also been shedding its executives and staff members in recent months. Two executives managing Eastern Europe and Russia left the firm this month. Binance has lost a significant batch of top execs between July and August. The list includes its Asia-Pacific head and chief strategy officer.
Do you think this pressure will worsen for the crypto exchange in the coming months? Let us know your thoughts in the comment section below.
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