Two more top executives will leave Binance.US, a day after the departure of CEO Brian Shroder and the layoff of a third of its staff, The Wall Street Journal reported. Binance.US is the American branch of the international cryptocurrency exchange. Chief legal officer Krishna Juvvadi and chief risk officer Sidney Majalya were said to be leaving.
Juvvadi was hired in May 2022, coming from Uber, where he was global head of compliance. Majalya joined the company in December 2021 after serving as Chief Compliance Officer at Intel. Before Intel, he had also worked for Uber.
Juvvadi, noted the WSJ, โwas one of the company's contacts to communicate with the SEC [United States Securities and Exchange Commission].โ Binance.US faces legal action from the SEC.
News:https://t.co/vjKMrUnANQ hires its first risk director
Crypto exchange Binance US has hired its first chief risk officer, Sidney Majalya, from Intel Corp to meet...https://t.co/hwdvPyS1b8#binance #cryptonews #daily News #cryptoexchange pic.twitter.com/z1YZluAvii
- CoinsCapture (@CoinsCapture) December 18, 2021
The agency requested to file sealed documents in the case in the U.S. District Court for the District of Columbia on Aug. 28, which a former SEC official interpreted as possibly indicating a criminal investigation by the Department of Justice. Bloomberg reported in May that a Justice Department The Binance investigation was underway..
The second sued Binance.US, Binance and CEO Changpeng Zhao in June, alleging that they engaged in unregistered securities trading and other irregularities. That led to issues with Binance.US banking partners and pauses in US dollar deposits and withdrawals that were not resolved until August. when the company joined with the crypto payment company MoonPay.
Related: Binance's Richard Teng Denies FTX Comparisons: 'We Welcome Scrutiny'
Binance.US has opposed the SEC's legal tactics. requesting a protective order against the agency in August and call SEC requests in an โunreasonableโ and โunduly burdensomeโ obligation and response motion on September 12.
The Commodity Futures Trading Commission sued Binance in March, alleging that it violated trading and derivatives rules. Binance also has seen the exits of executives this year, as well as layoffs.
Cointelegraph contacted Binance.US but did not receive a response in time for publication.
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