Brian Shroder, the Chief Executive Officer of Binance.US, has departed from the cryptocurrency trading platform, and an interim replacement, Chief Legal Officer Norman Reed, has assumed the role, as confirmed by a spokesperson from the company.
Binance US CEO has left the company, and 1/3 of its staff have been cut
9/13/2023
This leadership change occurs amidst significant workforce reductions at the company, which is under the control of the embattled digital entrepreneur Changpeng "CZ" Zhao. Binance.US, officially known as BAM Trading Services Inc., was established in 2019 to serve US users, who are not permitted to use Binance Holdings.
This marks the second round of job cuts this year for the Miami-based company, a response to a growing array of legal and operational challenges. In June, the US Securities and Exchange Commission (SEC) leveled accusations against Binance Holdings, Zhao, and Binance.US, alleging mishandling of customer funds, misleading investors and regulators, and violating securities regulations. Zhao and the affiliated companies have denied these allegations.
Earlier in March, the US Commodity Futures Trading Commission (CFTC) brought charges against Binance and Zhao for "willful evasion of federal law." Additionally, the Justice Department has initiated an investigation into Binance, though it has not yet accused the company of any wrongdoing.
Following the SEC's action, Binance.US customers encountered difficulties in depositing or withdrawing dollars due to multiple banking partners severing ties with the platform. Consequently, the company had to implement alternative methods to allow Binance.US users to convert dollars into cryptocurrencies.
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