Cryptocurrency News

Binance.US cuts third of staff as CEO Brian Shroder leaves: Report

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Binance.US, the United States arm of the crypto exchange has reportedly cut around a third of its staff — or 100 positions — with its president and CEO Brian Shroder also departing the firm.

On Sep. 13, Bloomberg reported, citing a Binance.US spokesperson, that Shroder was replaced on an interim basis by chief legal officer Norman Reed.

Shroder joined Binance.US in September 2021 and his departure comes amid a slew of regulatory actions taken against the firm in recent months.

Related: Binance’s Richard Teng denies FTX comparisons: ‘We welcome the scrutiny’

Earlier this year, the Securities and Exchange Commission and the Commodity Futures Trading Commission sued Binance, Binance.US, and its co-founder Changpeng “CZ” Zhao alleging it operated an illegal exchange, sold unregistered securities, violated commodities laws and mishandled customer funds.

Binance.US did not immediately respond to a request for comment.

This is a developing story, and further information will be added as it becomes available.

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