Brian Shroder, the CEO of Binance’s U.S. division, has reportedly stepped down from his position. After taking charge of Binance.us in 2021, Shroder has now been replaced on an interim basis by Norman Reed, the company’s chief legal officer. Binance.us did not provide an immediate response for confirmation or comment on the matter.
In addition to Shroder’s departure, Binance.us has announced another wave of job cuts. Reports suggest that over 100 employees, accounting for approximately one-third of the company’s workforce, have been laid off as part of this restructuring.
Binance has been grappling with legal challenges over the past few months. In May, the U.S. Commodity Futures Trading Commission filed a lawsuit against Binance for allegedly violating commodity trading laws. Soon after, in June, the Securities and Exchange Commission (SEC) sued both Binance and its founder, Changpeng Zhao, for multiple securities violations.
“We allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” stated SEC Chairman Gary Gensler.
Both Binance and Zhao have refuted these claims.
July witnessed a series of high-level departures at Binance as the regulatory pressure intensified. Notably, the company bid farewell to its chief strategy officer, compliance officer, and legal counsel.
As Binance navigates these challenges, it remains to be seen how the crypto exchange will adapt and move forward under new leadership.