Brian Shroder, the Chief Executive Officer of Binance US, has left the crypto trading platform. A company spokesperson has stated that Chief Legal Officer Norman Reed will serve as his temporary replacement.
The CEO’s departure is happening alongside the elimination of roughly 100 positions, which amounts to one-third of the workforce. This downsizing is in response to increased SEC regulatory scrutiny.
This move has triggered speculation within the crypto community. Some are questioning the timing, while others propose that it could signal a gradual wind-down of operations.
Will Clemente stated in a post on X (formerly Twitter) that it is “pretty obvious” the US arm has been winding down operations. “They do like $15 million of daily volume, not worth the regulatory and legal risk for CZ/Binance who’s already under pressure,” he stated.
This is a developing story and more information will be added as it becomes available.
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