Binance.US, a branch of the major cryptocurrency exchange Binance, is currently experiencing substantial transformations. Among these changes is the exit of its CEO, Brian Shroder. This move coincides with reports of the exchange reducing its workforce by a third, which amounts to around 100 positions being eliminated.

Furthermore, these shifts come in the wake of several challenges. Notably, there is a lawsuit filed by the US Securities and Exchange Commission (SEC) against Binance’s parent company and its head, Changpeng “CZ” Zhao. The lawsuit involves various allegations, such as mishandling of customer funds and violations of securities law.

Moreover, according to a company representative, these actions are aimed at providing Binance.US with a solid financial foundation. Their goal is to ensure its ability to operate as a crypto-only exchange for over seven years.

Binance.US CEO Departure and Leadership Changes Amid SEC Lawsuit

Federal Judge Proposes Q2 2024 Trial Period for SEC Case against Ripple Executives

The representative also lamented the SEC’s aggressive stance. They expressed concerns about its impact on the industry, American jobs, and innovation. In the absence of Binance.US CEO, Brian Shroder, who took the helm of the exchange in 2021, the interim leadership will be assumed by Norman Reed, the Chief Legal Officer.

Shroder’s responsibilities included overseeing the company’s strategy, fundraising, business development, and more. Before joining Binance.US, Shroder held prominent roles at Ant Group and Uber. He is also known for his affiliations as an angel investor and startup advisor.

This development is part of a broader trend of departures from Binance. More than 10 executives from various departments have reportedly resigned in 2023 alone.

Recent Executive Departures and Controversies at Binance

Helen Hai, the Executive Vice President, and Gleb Kostarev, Head of Eastern Europe and Russia, both left the company on September 6. Notably, Earlier in the month, Product Lead Mayur Kamat departed, citing personal reasons. He also expressed a desire for a seamless transition to the next generation of leaders.

In July, a group of high-ranking executives left Binance. They expressed dissatisfaction with CZ’s response to an ongoing Department of Justice investigation, as reported by Fortune. Subsequently, CZ refuted these reports on Twitter, labeling them as fear, uncertainty, and doubt (FUD).

Read More:

Lazarus Group from North Korea Linked to $55 Million CoinEx Breach

Mode Domains Unveils User-friendly Solutions For Blockchain