Binance.US, the United States arm of the crypto exchange has cut around a third of its staff \u2014 or 100 positions \u2014 with its president and CEO Brian Shroder also departing the firm.<\/p>\n
A Binance.US spokesperson confirmed the layoffs and Shroder’s departure to Cointelegraph, adding it took the actions to give the exchange “more than seven years of financial runway” amid its move to a crypto-only exchange.<\/p>\n
“The [Securities and Exchange Commission’s] aggressive attempts to cripple ourindustry and the resulting impacts on our business have real-world consequences for American jobs and innovation, and this is an unfortunate example of that.\u201d<\/p><\/blockquote>\n
The spokesperson confirmed Shroder was replaced on an interim basis by chief legal officer Norman Reed.<\/p>\n
Shroder joined Binance.US in September 2021 and his departure comes amid a slew of regulatory action taken against the firm in recent months.<\/p>\n
Related: Binance\u2019s Richard Teng denies FTX comparisons: \u2018We welcome the scrutiny\u2019<\/em><\/strong><\/p>\nEarlier this year, the SEC and the Commodity Futures Trading Commission sued Binance, Binance.US, and the exchange’s co-founder Changpeng “CZ” Zhao alleging it operated an illegal exchange, sold unregistered securities, violated commodities laws and mishandled customer funds.<\/p>\n
On June 9, the exchange\u00a0suspended dollar deposits and notified its customers it would also be pausing fiat withdrawal channels amid the battle with the SEC. <\/p>\n
Binance.US then transitioned to a crypto-only exchange for two months, only opening a path for USD ramps again in August when it secured a partnership with MoonPay.\u00a0<\/p>\n
In July, a report from Reuters citing Kaiko data suggested that Binance.US’ market share in the U.S. dropped from\u00a0more than 22% in April to roughly 0.9% as of June 26.\u00a0<\/p>\n
Update (Sep. 13, 12:30 am UTC): This article has been updated with a comment from a Binance.US spokesperson. <\/p>\n
Additional reporting by Felix Ng. <\/p>\n
Magazine: Deposit risk: What do crypto exchanges really do with your money?<\/em><\/strong><\/p>\nSource: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Binance.US, the United States arm of the<\/p>\n","protected":false},"author":3,"featured_media":181296,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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