Binance.US CEO Resigned, Crypto Exchange Fires 1/3 Of Staff

As reported by Bloomberg, the chief executive officer of Binance.US, Brian Shroder, has left the cryptocurrency trading platform. According to a business spokeswoman, Norman Reed, the chief legal officer, has taken over in the interim.

In the meantime, Binance.US eliminated roughly 100 roles in its second wave of layoffs in 2023, or around one-third of the staff. Under the direction of the troubled digital entrepreneur Changpeng “CZ” Zhao, the company is experiencing severe staff reductions at the same time as this change in leadership.

Binance.US, officially called BAM Trading Services Inc., was set up in 2019 to serve users in the United States who are not allowed to use BNB Holdings. In June, the US Securities and Exchange Commission (SEC) sued firms, Binance.US and CZ. Then, Binance.US’s banking partners cut ties with it, and the site started to change to a crypto-only exchange.

Binance.US Faces Significant Trading Volume Drop Amid SEC Scrutiny”

However, it has been a difficult year for cryptocurrency exchanges in the United States, with Firms experiencing the most pressure. According to data from TokenInsight, Binance.US’s trading volume has decreased significantly this year. During the last 90 days, the trading volume was only $969 million, whereas it was approximately $32.36 billion during the previous 90 days.

The firm released a statement saying, “The steps we are taking today give Binance.US more than seven years of financial runway and enable us to continue serving our customers while we operate as a crypto-only exchange.”

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Furthermore, the Firm has declared that “this is an unfortunate example of the real-world consequences for American jobs and innovation that result from the SEC’s aggressive attempts to cripple our industry and the resulting impacts on our business.”

“The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.”

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