The media reported the departure of two top managers from Binance.US

binance_us-min
binance_us-min

The heads of Binance.US’s legal department, Krishna Juvvadi, and the heads of its risk department, Sidney Majalya, have left the company. The Wall Street Journal reports this, citing sources.

Juvvadi joined the US division of the exchange in May 2022 from Uber. According to the publication, he “was one of the contacts [Binance.US] With SEC” Majalya headed the direction a year earlier; before that he worked at Intel.

Bloomberg previously reported the departure of branch CEO Brian Schroeder in parallel with massive layoffs. According to media reports, the exchange fired about a third of its employees, or about 100 people.

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 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 platform resumed the withdrawal of assets, but the company warned that the situation could change.

In July, journalists reported the resignation of a number of Binance top managers, including Chief Strategy Officer Patrick Hillmann. At the same time, it became known about mass layoffs in the company; Zhao called previous reports of layoffs FUD.

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

As a reminder, according to an internal exchange presentation, Binance.US’ growth opportunities are limited due to the business’s ties to Zhao and the current regulatory environment.

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