Binance US changes CEO and lays off a third of its workforce

The CEO from Binance US a left his post. The American platform of the Binance at the same time eliminated 100 jobs.

A spokesperson for Binance US announced on Tuesday that the CEO of the platformBrian Shroderhad been replaced by General Counsel Norman Reed.

At the same time, the American subsidiary of Binance carried out redundancieseliminating a of its workforcearound 100 jobs.

The changes come at a time when Binanceincluding its US branch, is being sued by the regulator Securities and Exchange Commission for violating the Securities Act.

Also charged with illegally transferring funds from its American usersthe crypto exchange said this week that the SEC had yet to produce any evidence of these accusations.

The recent steps we’re taking give Binance.US more than seven years of financial margin and allow us to continue to serve our customers while operating as an exclusively crypto exchange platform,” a Binance US representative told reporters.

More or less cut off from the US banking system, Binance USwhose market depth plummeted following the SEC complaint, now allows its customers to trade only in cryptocurrencies.

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Binance.US had already slashed its teams this summer, according to sources close to the matter. The crypto conglomerate headed by Changpeng Zhao has also recently lost several senior executives.

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