Bitcoin News and Finance
Binance US CEO Quits, Crypto Exchange Cuts Third of Jobs Skip to main content

Binance US CEO Quits, Crypto Exchange Cuts Third of Jobs

Binance US CEO Quits, Crypto Exchange Cuts Third of Jobs

Chief Executive Officer of Binance US, Brian Shroder, has left the company amid an ongoing regulatory crackdown and more job cuts. Shroder’s departure comes two years after he joined the American subsidiary of the world’s largest cryptocurrency exchange by daily trading volume.

Shroder Departs Binance US as Unit Eliminates Over 100 Positions

The CEO of Binance US, Brian Shroder, has quit his job and has been replaced on the post by an interim appointment, the exchange’s Chief Legal Officer, Norman Reed, Bloomberg revealed in a report quoting a company spokesperson.

Shroder is leaving while the Miami-based entity is reducing its workforce by a third, or more than 100 employees, amid persisting pressure from regulators that has hurt its business. Its monthly trading volume has fallen below early 2020 levels.

Binance US’s market share dropped to 1.5% in June, according to digital assets market data provider Kaiko, and currently stands at around 0.6%, down from 2.39% in April of this year, said Jacob Joseph, an analyst at researcher Ccdata.

This is the second round of job cuts this year at Binance’s crypto trading platform for U.S. users which launched in 2019 and is operated by BAM Trading Services. “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, adding:

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.

The company representative was referring to Binance’s legal and operational challenges in the United States. In June, the U.S. Securities and Exchange Commission (SEC) took legal action against Binance, its founder Changpeng Zhao (CZ), and its U.S. subsidiary for mishandling customer funds, misleading investors and regulators, and breaking securities regulations.

In March, the U.S. Commodity Futures Trading Commission (CFTC) sued Binance and Zhao for “willful evasion of federal law” while the Department of Justice is investigating the exchange for Russia sanctions evasion. Binance and CZ have denied these allegations and accused U.S. authorities of employing “regulation by enforcement” tactics.

A number of executives have left in the past few months, including Chief Strategy Officer Patrick Hillmann, Senior Vice President for Compliance Steven Christie, Binance’s General Counsel Hon Ng, Leon Foong, who ran the crypto behemoth’s Asia-Pacific business, and Product Lead Mayur Kamat. The latest to quit were Binance’s managers for Eastern Europe and Russia. The exchange reportedly laid off over 1,000 employees earlier this year.

What future do you see for Binance US and what are your thoughts on its CEO’s departure? Tell us in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory