Shroder joined Binance soon after the departure of prior CEO, Brian Brooks, who left the position after four months. He was previously head of business development, global partnerships, at Ant Group and head of strategy and business development in the Asia Pacific for Uber. In August, Binance lost its Asia-Pacific’s head and in July, a slew of executives including its chief strategy officer. This month, two executives overseeing regions including Eastern Europe and Russia left. “The SEC’s aggressive attempts to cripple our industry and the resulting impacts on our business have real world consequences for American jobs and innovation, and this is an unfortunate example of that.”īinance.US laid off an unspecified number of workers after the SEC action, Bloomberg reported in June.īinance Holdings has been shedding executives and other employees in recent months as well. “The actions we are taking today provide Binance.US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange,” a spokesperson said in a statement. Monthly trading volume has fallen below early 2020 levels, he said. The company has had to resort to an alternative method for Binance.US’s users to convert dollars into crypto.īinance.US’s share of the global market has shrunk to about 0.6% from around 2.39% in April, according to Jacob Joseph, an analyst at researcher CCData. Soon after the SEC action, customers of Binance.US became unable to deposit or withdraw dollars, a consequence of multiple banking partners cutting ties with the platform. In March, the US Commodity Futures Trading Commission charged Binance and Zhao with “willful evasion of federal law.” The Justice Department is probing Binance as well it hasn’t accused the company of any wrongdoing. Zhao and the companies have denied the allegations. In June, the US Securities and Exchange Commission accused Binance Holdings, Zhao and Binance.US with mishandling customer funds, misleading investors and regulators, and breaking securities rules. It’s the second round of job cuts this year at the Miami-based firm as it faces a series of mounting legal and operational challenges. The exchange, which is formally called BAM Trading Services Inc., was started in 2019 for US users, who are prohibited from using Binance Holdings. The company controlled by embattled digital entrepreneur Changpeng “CZ” Zhao is eliminating about one third of its workforce, or more than 100 positions, according to a spokesperson, as a regulatory crackdown erodes its business. ![]() House Republicans Prepare to Turn US Government Shutdown Into Immigration Clash The World Is Struggling to Make Enough Diesel US, Chinese Officials Meet in Malta in Bid to Keep Channels Open MGM Resorts Hackers Broke In After Tricking IT Service Desk ![]() Wall Street Comes to Grips With How Wrong It’s Been in 2023 (Bloomberg) - Binance.US Chief Executive Officer Brian Shroder left the company and has been replaced on an interim basis by Chief Legal Officer Norman Reed, moves that coincided with another round of job cuts at the struggling crypto platform.
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