Layoffs Continues at Binance.US: CEO Departs

Brian
Shroder, the CEO of Binance.US (the American arm of the cryptocurrency exchange Binance), has left his position and has been temporarily replaced by Norman
Reed, the Chief Legal Officer, as per a company spokesperson. This leadership
change comes amid significant challenges for Binance.US, which is formally
known as Bam Trading Services.

Binance.US
has decided to reduce its workforce by approximately one-third amounting to over
100 job cuts. These layoffs are anticipated as part of the company’s response to
growing regulatory pressures that have been affecting its business operations.

Earlier
in the year, Binance.US faced legal troubles when the U.S. Securities and
Exchange Commission (SEC) filed allegations against Binance Holdings, Changpeng Zhao (its
Co-Founder also known as CZ), and Binance.US. The SEC accused
them of mishandling customer funds, misleading investors and regulators, and
violating securities regulations. However, Zhao and the companies denied these
allegations.

In
addition to the SEC’s legal action, the U.S. Commodity
Futures Trading Commission (CFTC) charged Binance and CZ with ‘willful evasion of federal law’ in
March. The U.S. Department of Justice has initiated a probe into Binance. No
criminal accusations have been made against the company as of now.

Following
the lawsuits by the US regulators, the American arm of Binance dropped support
for fiat and became a crypto-only exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
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