Binance CEO in the US must resign
Binance, one of the world's largest cryptocurrency exchanges, is under the scrutiny of governments around the world. Recently, Binance.US CEO Brian Shroder has resigned. The interim CEO position has been handed over to legal director Norman Reed.
The move comes as Binance CEO Changpeng Zhao is purging his staff. It is estimated that this layoff could result in one-third of Binance's employees being laid off.
Binance is facing many difficulties in the US (Photo TL)
This is believed to be the result of increasingly strict legal regulations that have limited Binance's business operations.
“To prepare for the next bull cycle, we need to focus on talent density within the organization to ensure a dynamic organizational structure,” Binance said in a statement.
Binance has received a lot of criticism in the US.
The operations of the Binance cryptocurrency exchange in the US have faced some criticism from regulatory agencies. Specifically, the US Securities and Exchange Commission has accused Binance Holdings and Binance.US of mishandling customer deposits.
At the same time, the agency also said that Binance.US caused confusion for investors and regulators and violated basic securities principles. CEO Changpeng Zhao has denied these allegations.
In March, the U.S. Commodity Futures Trading Commission also charged Binance and CEO Chanpeng Zhao with evading federal law. According to Jacob Joseph, an analyst at CCData, Binance.US’s global market share fell from 2.39% to just 0.6% in April, indicating a clear decline in the U.S. cryptocurrency exchange.
The difficulties encountered in the US market have forced Binance.US to put its ambitious plans on hold. The company had previously planned to hire 2,000 more employees, but that plan has been put on hold. Binance even had to plan to cut staff to reduce salary costs.
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