Binance.US CEO Quits Amid Another Round of Job Layoffs: Report

President and CEO of Binance.US, Brian Shroder, has exited the cryptocurrency exchange as the company faces legal actions from US regulators.

• Shroder, who assumed his position in 2021, will be replaced by the Chief Legal Officer of Binance.US, Norman Reed, on an interim basis, according to Bloomberg, citing the exchange’s spokesperson.
• Binance.US also slashed one-third of its workforce or over 100 positions, making it the second round of layoffs by the crypto exchange.
• A statement from a spokesperson for the American exchange said:

“The actions we are taking today provide Binance.US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange. The SEC’s aggressive attempts to cripple our industry and the resulting impacts on our business have real-world consequences for American jobs and innovation, and this is an unfortunate example of that.”

• The latest development comes as both Binance.US and the international platform Binance are facing legal and regulatory pressure, especially from US federal authorities.
• However, Binance CEO Changpeng Zhao recently took to X (formerly Twitter) to dismiss negative news and rumors about the company, stating instead some achievements attained so far in 2023.