Binance.US CEO Leaves as Crypto Firm Downsizes Staff by 30%


NEW YORK (AP) – The CEO of Binance’s U.S. affiliate has left the crypto trading platform following another round of job cuts.

Binance.US confirmed to The Associated Press Wednesday that Brian Shroder is no longer with the company, without specifying when or why he departed. Chief legal officer Norman Reed is now serving as interim CEO.

Shroder joined Binance.US as president in September 2021 and was appointed CEO the following month. His departure comes after the elimination of about one-third of the company’s workforce, with more than 100 employees affected.

In a statement, a spokesperson said the actions taken “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.” They argued that the U.S. Securities and Exchange Commission’s “aggressive attempts to cripple our industry” had “real-world consequences.”

Binance, the world’s largest crypto exchange, and its founder Changpeng Zhao have faced extensive litigation from U.S. regulators in 2021. In March, the Commodity Futures Trading Commission sued the company, while in June, the SEC accused Binance and Zhao of misusing investor funds, operating as an unregistered exchange and violating a slew of federal securities laws.

Weeks later, a court deal allowed the exchange to continue U.S. operations as it battles the SEC’s charges. This week’s job cuts are not the first seen at Binance.US this year, with Reuters reporting an unconfirmed number of layoffs following the SEC’s June suit.

Binance.US maintains that it operates independently from Binance, but Zhao is the majority owner for both.

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