Binance Holdings CEO Changpeng Zhao (CZ) has dismissed speculation about the departure of Binance.US CEO Brian Shroder, noting that he is “taking a well-deserved break” after a successful stint at the company.
Binance.US is a subsidiary of Binance Holdings, and the US-based exchange has recently seen a handful of other top executives resign from the company amid lawsuits from the Securities and Exchange Commission and the Trade Commission. of Commodity Futures.
In a September 15 statement via when he joined two years ago."
"Under his leadership, Binance.US raised capital, enhanced its product and service offerings, solidified internal processes, and gained significant market share, all of which helped build a more resilient company for the benefit of customers. We are grateful for their contributions." CZ said.
There has been some speculation about recent management changes at @BinanceUS. Brian Shroder is taking a well-deserved break after achieving what he set out to do when he joined two years ago. Under his leadership, https://t.co/hSHrrlF7o7 raised capital, improved its product...
- CZ Binance (@cz_binance) September 15, 2023
Binance is facing lawsuits from both the SEC and CFTC for various alleged violations of SEC and CFTC laws, including the alleged sale of unregistered securities and mishandling of client funds. As part of its lawsuit, the SEC claimed that Binance's US and international branches have illegally commingled funds with each other.
In the midst of this lawsuit, Binance.US announced on September 13 that it would be laying off a third of its staff and that Shroder steps down as CEO. September 14 two additional executive departures reported as both chief legal officer Krishna Juvvadi and chief risk officer Sidney Majalya decided to leave the company. The departures fueled speculation on Twitter that Binance could be facing worse legal problems than previously thought.
Related: Binance.US Not Cooperating with Investigation, US SEC Says in Document
Seemingly referencing the lawsuits in his In his opinion, the new CEO of Binance.US, Norman Reed, is the "right person" to lead the American exchange in this new era.
Binance is the largest crypto exchange by volume in the world. It has come under increasing criticism since the third largest exchange, FTX, went bankrupt in November and FTX executives were accused of fraud. Critics say Binance has not been transparent enough about its business practices and has not demonstrated that it is solvent. However, CZ has downplayed these concerns, stating that the company does not have “liquidity problems” and that the claims against him are unfounded.
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