Binance US, the US branch of the Binance cryptocurrency exchange, has undertaken significant restructuring measures, including the elimination of 100 positions and the departure of Brian Shroder, the President and CEO of Binance US. In response to the Securities and Exchange Commission’s (SEC) legal action, Binance US temporarily suspended dollar deposits and operated exclusively as a crypto-only platform for two months.
As a result of these regulatory challenges, the exchange’s market share in the US cryptocurrency market dropped from more than 22% in April to approximately 0.9% by June 26, according to a July report from Reuters citing data from Kaiko. A spokesperson representing Binance US confirmed these layoffs and Brian Shroder’s departure and stated that the actions were taken to bolster the exchange’s financial resilience.
Norman Reed, the Chief Legal Officer of Binance US, has assumed the role vacated by Brian Shroder on a temporary basis. The cryptocurrency exchange spokesperson also addressed the impact of the SEC’s regulatory action on the US cryptocurrency industry, noting that it has tangible repercussions on American jobs and innovation.
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