Binance.US CEO leaves company amid layoffs


The CEO of the Binance.US cryptocurrency exchange, Brian Schroeder, has resigned from his position. He was temporarily replaced by legal chief Norman Reed, Bloomberg reports.

The resignation of the CEO occurred in parallel with massive layoffs. The American exchange laid off about a third of its employees, or about 100 people.

Schroeder joined the company in 2021. Previously, he was head of business development at Ant Group and head of strategy and business development for Asia Pacific at Uber.

According to the publication, this is the second staff cut at Binance.US in 2023.

“Aggressive attempts SEC harm our industry and the resulting impact on our business has a profound impact on American jobs and innovation,” a company spokesperson said.

On June 5, the SEC filed a lawsuit against Binance and its CEO Changpeng Zhao. The commission brought 13 charges, including the sale of unregistered securities. On June 6, the regulator sent a request to freeze the digital assets of the American division of the exchange.

On June 9, users of the platform lost the ability to deposit dollars, which caused sales from those wishing to withdraw funds in fiat. Against this background, a discount has formed on the platform in Bitcoin quotes paired with the US dollar – the figure reached ~$2200 (7.3%).

On June 17, the SEC and Binance entered into an agreement regarding client funds in the United States. The exchange resumed the withdrawal of assets, but the company warned that the situation could change.

Let us recall that at the beginning of September, the director in Eastern Europe, Gleb Kostarev, and the director in the CIS, Vladimir Smerkis, announced their departure from Binance. Both were also responsible for running the company’s business in the Russian Federation.

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