{"id":154863,"date":"2023-09-13T09:11:03","date_gmt":"2023-09-13T03:41:03","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=154863"},"modified":"2023-09-13T09:11:03","modified_gmt":"2023-09-13T03:41:03","slug":"binance-us-ceo-brian-shroder-steps-down-amid-layoffs-bloomberg-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/binance-us-ceo-brian-shroder-steps-down-amid-layoffs-bloomberg-crypto-news\/","title":{"rendered":"Binance US CEO Brian Shroder Steps Down Amid Layoffs: Bloomberg – Crypto News"},"content":{"rendered":"
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Binance US President and CEO Brian Shroder has resigned from the company, according to a Bloomberg <\/i>report<\/a> subsequently confirmed by Decrypt<\/i> on Tuesday. The news of his departure comes as Binance CEO Changpeng \u2018CZ\u2019 Zhao has worked to dismiss<\/a> negative news or FUD (Fear, Uncertainty, and Doubt) about his crypto empire.<\/p>\n

Taking over Shroder’s position is Binance US Chief Legal Officer Norman Reed. In addition to Shroder\u2019s departure, Binance US is going through another round of layoffs, cutting over 100 positions, one-third of its staff.<\/p>\n

Launched in 2019, Binance US is the Florida-based U.S. arm of the Binance trading ecosystem. While Binance US does not have the volume of its parent company, it allows US citizens access to the Binance brand when they would otherwise be cut off due to legal restrictions.<\/p>\n

Binance has lost other top executives this year, including global head of product Mayur Kamat<\/a>, general counsel Hon Ng, chief strategy officer Patrick Hillmann, and SVP for compliance Steven Christie.<\/p>\n

Shroder took over<\/a> the role of CEO of Binance US in September 2021 after the departure of then-CEO Brian Brooks and the firm’s first CEO, Catherine Coley<\/a>, earlier that year.<\/p>\n

\u201cThere have been a lot of negative news\/rumors, bank runs, lawsuits, closing of fiat channels, product wind downs, employee turnover, exit markets, etc.,\u201d Zhao wrote<\/a> on Twitter. \u201cGuess what we don\u2019t have? No liquidity issues. All withdrawals (and deposits) are properly handled. All customer funds are #SAFU, and 100% reserved.\u201d<\/p>\n

In June, Binance entered a legal battle with the U.S. Securities and Exchange Commission, which accused<\/a> the cryptocurrency exchange and its CEO of violating U.S. securities rules\u2014including selling unregistered crypto assets and failing to restrict U.S. investors from accessing the Binance.com platform.<\/p>\n

\u201cWe allege that Zhao and the Binance entities not only knew the rules of the road, but they also consciously chose to evade them and put their customers and investors at risk\u2014all in an effort to maximize their own profits,\u201d the Director of the SEC\u2019s Division of Enforcement, Gurbir S. Grewal, said at the time.<\/p>\n

\u201cShark Tank\u201d star and entrepreneur Kevin O\u2019Leary<\/a> predicted the SEC\u2019s lawsuit would starve Binance of oxygen.<\/p>\n

In December, during a Senate Committee on Banking, Housing, and Urban Affairs hearing, O\u2019Leary, a former ambassador and equity holder<\/a> for Sam Bankman-Fried\u2019s FTX, accused Binance of deliberately causing the collapse of the defunct cryptocurrency exchange after Zhao said on Twitter that Binance would liquidate<\/a> its FTX FTT token positions in November. FTX collapsed soon after.<\/p>\n

In June, amid continuing SEC troubles, Binance US transitioned to a \u201ccrypto-only\u201d platform after announcing it would suspend dollar deposits and temporarily halt fiat (USD) withdrawals. Last month, Binance announced the appointment of Kristen Hecht<\/a> as the company\u2019s new compliance and money laundering reporting officer.<\/p>\n

Last week, during a Twitter Spaces, Zhao shrugged off<\/a> naysayers, saying that Binance is \u201cway ahead of the game in terms of regulatory compliance.\u201d Zhao accused his critics of attempting to paint Binance as another FTX.<\/p>\n

Despite this latest executive departure and its legal troubles with the SEC, Binance remains the world’s largest cryptocurrency exchange by volume.<\/p>\n

“We are a much stronger company today than we were two years ago, I think,” Zhao said.<\/p>\n

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Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Binance US President and CEO Brian Shroder has resigned from the company, according to a Bloomberg report subsequently confirmed by Decrypt on Tuesday. The news of his departure comes as Binance CEO Changpeng \u2018CZ\u2019 Zhao has worked to dismiss negative news or FUD (Fear, Uncertainty, and Doubt) about his crypto empire. Taking over Shroder’s position […]<\/p>\n","protected":false},"author":2,"featured_media":154864,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-154863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=154863"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154863\/revisions"}],"predecessor-version":[{"id":154869,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154863\/revisions\/154869"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/154864"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=154863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=154863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=154863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}