Binance.US CEO Leaves Amid Layoffs

Binance.US President and CEO Brian Shroder has resigned from the company, according to a Bloomberg report. The news of his departure comes as Binance CEO Changpeng 'CZ' Zhao has worked to dismiss negative news or FUD (Fear, Uncertainty, and Doubt) about his crypto empire.

Taking over Shroder's position is Binance.US Chief Legal Officer Norman Reed. In addition to Shroder's departure, Binance.US is going through another round of layoffs, cutting over 100 positions, one-third of its staff.

Launched in 2019, Binance.US is the Florida-based U.S. arm of the Binance trading ecosystem. While Binance.US does not have the volume of its parent company, it allows US citizens access to the Binance brand when they would otherwise be cut off due to legal restrictions.

Binance has lost other top executives this year, including global head of product Mayur Kamat, general counsel Hon Ng, chief strategy officer Patrick Hillmann, and SVP for compliance Steven Christie.

Shroder took over the role of CEO of Binance.US in September 2021 after the departure of then-CEO Brian Brooks and the firm's first CEO, Catherine Coley, earlier that year.

"There have been a lot of negative news/rumors, bank runs, lawsuits, closing of fiat channels, product wind downs, employee turnover, exit markets, etc.," Zhao wrote on Twitter. "Guess what we don't have? No liquidity issues. All withdrawals (and deposits) are properly handled. All customer funds are #SAFU, and 100% reserved."

In June, Binance entered a legal battle with the U.S. Securities and Exchange Commission, which accused the cryptocurrency exchange and its CEO of violating U.S. securities rules—including selling unregistered crypto assets and failing to restrict U.S. investors from accessing the Binance.com platform.

(Source: Decrypt)