Binance.US CEO Resigns Amidst Ongoing Job Cuts, According to Reports

President and CEO of Binance.US Departs Amidst Legal Actions

Brian Shroder, the President and CEO of Binance.US, has stepped down from his position as the cryptocurrency exchange faces legal challenges from US regulators. Shroder, who assumed his role in 2021, will be temporarily replaced by Norman Reed, the Chief Legal Officer of Binance.US, according to Bloomberg.

Workforce Reduction and Layoffs

In addition to Shroder’s departure, Binance.US has also implemented significant workforce reductions. Over 100 positions, accounting for one-third of the exchange’s staff, have been eliminated in the second round of layoffs. These measures are being taken as Binance.US prepares for a lengthy and costly legal battle with the US Securities and Exchange Commission (SEC).

“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. The SEC’s aggressive attempts to cripple our industry and the resulting impacts on our business have real-world consequences for American jobs and innovation, and this is an unfortunate example of that.”

Legal and Regulatory Pressure

Both Binance.US and its international counterpart, Binance, are currently facing significant legal and regulatory scrutiny, particularly from US federal authorities. Despite the challenges, Binance CEO Changpeng Zhao recently took to X (formerly Twitter) to dismiss negative news and rumors about the company. Instead, he highlighted some of the achievements the company has made in 2023.