Binance US Reports That 100 Positions Would Be Slashed And CEO Shroder Will Depart
Binance US Reports That 100 Positions Would Be Slashed And CEO Shroder Will Depart: The US subsidiary of cryptocurrency behemoth Binance announced that its chief executive, Brian Shroder, will resign and lay off over 100 employees, or almost a third of its workforce, emphasizing the company’s operating difficulties following a regulatory lawsuit.
Shroder will be temporarily replaced by Norman Reed, a general counsel who joined the business in December 2021.
A representative for Binance. US said, “The steps we are taking today give Binance US over seven years of fiscal runway and enable us to continue serving our customers as we operate as a crypto-only exchange.”
Shroder left for unspecified reasons, according to Binance US.
In a civil lawsuit filed in June, the US Securities and Exchange Commission (SEC) accused Binance, the largest cryptocurrency exchange in the world, and its founder Changpeng Zhao of establishing Binance US as part of a “web of deception” to circumvent securities regulations intended to safeguard US investors.
Binance and Binance US have insisted that they run their businesses independently. Also, a handful of executives have left Binance. Mayur Kamat, its global head of product, quit this month, while Patrick Hillmann, its chief strategy officer, left in July.
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