Zhao has hit back at reports about staff departures, rumours about plans for market withdrawals and some product closures. Fortune reported that the exodus was sparked in part by disquiet within the company about the way Zhao has handled an investigation into the exchange by the US Department of Justice. Eleven top staff have left since July with four of them exiting last week. The US staff cuts and Shroder’s departure last week came as an exodus of staff globally from the firm gathered pace. The securities regulator raised concerns over Binance’s use of the Ceffu custody service that links to, saying it violates an earlier deal to stop Binance.US assets from commingling with those of. The SEC filed a lawsuit against it in June, alleging that it violated securities laws, while in March the US Commodity Futures Trading Commission charged Binance and CEO Changpeng Zhao with ”willful evasion of federal law.”Ĭourt filings unsealed on Thursday accused Binance.US of not cooperating with the SEC’s investigation. Parent Binance, the world’s biggest cryptocurrency exchange, has faced an almost perfect storm in the US this year. Under his leadership, raised capital, improved its product…
There has been some speculation regarding recent management changes at Brian Shroder is taking a deserved break after accomplishing what he set out to do when he joined two years ago. The company is ”more resilient” as a result, he added. Zhao said that Shroder is taking a “deserved break” after accomplishing what he set out to do when he joined two years ago, listing his accomplishments as raising capital, improving products and service offerings, strengthening internal processes, and gaining significant market share. “Norman Reed – former SEC, New York Fed, Ripple, and DTCC executive – is the right person to lead.” “The crypto market is in a different place now than it was two years ago, with a rapidly evolving and increasingly hostile regulatory environment,” Zhao said. Shroder left last week as the company slashed 30% of its workforce amid lawsuits and a regulatory crackdown that is squeezing its revenues. Binance.US appointed a new CEO as founder Changpeng Zhao lashed out at critics for creating ”FUD” around the beleaguered company.Ĭhief legal officer Norman Reed will replace former CEO Brian Shroder, Zhao said in a tweet.
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