The US affiliate of crypto giant Binance said its chief executive, Brian Shroder, will leave and that it is cutting more than 100 jobs – roughly a third of the worforce, underscoring the company’s operational challenges after being sued by regulators.
Shroder will be replaced by general counsel Norman Reed, who joined the company in December 2021, on an interim basis.
“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,” a Binance US spokesperson said.
“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.”
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The US Securities and Exchange Commission (SEC) in June filed a civil complaint against the world’s largest crypto exchange, Binance, and its founder Changpeng Zhao, accusing them of creating Binance.US as part of a “web of deception” to evade securities laws aimed at protecting US investors.
Binance and Binance.US have maintained that they operate separately. Binance has also seen a number of executive exits. Its global head of product, Mayur Kamat, resigned early this month and its chief strategy officer, Patrick Hillmann, left in July.
