Top Executives Depart Binance.US Amid SEC and CFTC Legal Challenges
Summary:
Two more top executives are leaving Binance.US amid ongoing legal challenges from the SEC and CFTC. Head of legal Krishna Juvvadi and chief risk officer Sidney Majalya are stepping down. Binance.US has objected to SEC legal tactics and faced issues with banking partners and deposits/withdrawals. Executives have left and layoffs have occurred.
Two additional high-ranking officials are set to leave Binance.US, following the recent departure of CEO Brian Shroder and staff layoffs, according to the Wall Street Journal. Krishna Juvvadi, Head of Legal, and Sidney Majalya, Chief Risk Officer, are reportedly stepping down from their roles. Juvvadi, who joined the company in May 2022 from Uber, where he served as Global Head of Compliance, was one of the main points of contact for the company's communication with the United States Securities and Exchange Commission (SEC). Meanwhile, Majalya, who joined Binance.US in December 2021 after holding the position of Intel Chief Compliance Officer, is leaving the company as well. Binance.US has been the subject of legal action by the SEC, and earlier in the year, the Commodity Futures Trading Commission (CFTC) also filed a lawsuit against Binance, alleging violations of trading and derivatives rules. The company has faced challenges with its banking partnerships and U.S. dollar deposits and withdrawals. Binance.US has raised objections to the SEC's legal tactics and has sought a protective order against the agency. Executives have departed from Binance throughout the year, and there have been layoffs as well.
Published At
9/14/2023 9:43:35 PM
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