Binance.US CEO Brian Shroder is taking a break after a successful tenure at the company, according to Binance Holdings CEO Changpeng Zhao (CZ). Addressing speculation surrounding Shroder’s departure, CZ emphasized that the move was amicable and that Shroder had accomplished the goals he set out to achieve during his two-year tenure.
“Under his leadership, Binance.US raised capital, improved its product and service offerings, solidified internal processes, and gained significant market share, all of which helped to build a more resilient company for the benefit of customers. We are grateful for his contributions,” CZ said in a statement on Twitter.
The departure of Shroder comes amid a series of executive changes at Binance.US and ongoing lawsuits from the Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC). Both the SEC and CFTC have accused Binance of various violations, including the sale of unregistered securities and mishandling of customer funds. The SEC also alleged that Binance’s US and international branches illegally mixed funds between each other.
In addition to Shroder’s departure, Binance.US announced layoffs affecting one-third of its staff on September 13. The company also saw the resignation of its head of legal, Krishna Juvvadi, and chief risk officer, Sidney Majalya, on September 14. These departures have fueled speculation about the extent of Binance’s legal troubles.
Recognizing the current regulatory environment for crypto firms, CZ acknowledged that the industry has undergone significant changes in the past two years. He expressed confidence in the appointment of the new CEO for Binance.US, Norman Reed, stating that Reed is the right person to lead the exchange in this new era.
Binance, the world’s largest crypto exchange by volume, has faced mounting criticism and allegations of lack of transparency in its business practices. Critics argue that the exchange has not proven its solvency, particularly in light of the bankruptcy of the third-largest exchange, FTX, in November and the subsequent fraud charges against FTX executives. However, CZ has dismissed these concerns, asserting that Binance has no liquidity issues and that claims against the company are unfounded.
It is important to note that Binance.US has been subject to legal action and regulatory scrutiny, but it is crucial to consider multiple credible sources for a comprehensive understanding of the situation.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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