Binance.US Streamlines Operations Amidst Regulatory Pressure, CEO Departs
Summary:
Binance.US cuts around 100 jobs and sees CEO departure amidst regulatory actions, with interim replacement announced.
Binance.US, the US division of the cryptocurrency exchange, has reportedly laid off around 100 employees, representing roughly a third of its workforce. Additionally, the company's president and CEO, Brian Shroder, has left the firm. The interim replacement for Shroder is Norman Reed, who currently serves as the chief legal officer at Binance.US. Shroder's departure comes amidst a series of regulatory actions taken against the exchange in recent months. Earlier this year, Binance and Binance.US, along with co-founder Changpeng "CZ" Zhao, were sued by the Securities and Exchange Commission and the Commodity Futures Trading Commission. The allegations included operating an illegal exchange, selling unregistered securities, violating commodities laws, and mishandling customer funds. Binance.US has not yet commented on this news. Stay tuned for updates on this developing story.
Published At
9/13/2023 12:24:34 AM
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