Binance.US CEO Steps Down Amidst Second Round of Layoffs

Brian Shroder’s departure from Binance.US as its CEO heralds another round of layoffs at the company as more than 100 positions, a third of its workforce, will be eliminated.

“The US wing of Binance was established in 2019 helping American users, however, it has encountered difficulties this year. In June the US Securities and Exchange Commission leveled accusations against Binance Holdings, its CEO Changpeng Zhao and Binance.US including the mishandling of customer funds, deceptive practices towards investors and violations of securities regulations,” explained a spokesperson.

This was followed by a hefty downsizing but the number remains undisclosed. The exchange has also lost several of its key executives includingMayur Kamat the global head of product, Hon Ng the general counsel, Patrick Hillmann the chief strategy officer and Steven Christie Senior Vice President for compliance, the spokesperson continued.

Dispite the departures, Norman Reed, the Chief Legal Officer of Binance.US will ensure a smooth management by taking over the role left vacant by Brian Shroder.

Robert Wilson author
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