Binance.US chief executive leaves company amid layoffs

Binance.US chief executive Brian Shroder has left his post. He was temporarily replaced by Norman Reid, head of the legal affairs department, according to Bloomberg.

The CEO’s resignation occurred alongside mass layoffs. The American exchange laid off about a third of staff, or around 100 people.

Brian Shroder joined the company in 2021. Previously he was head of business development at Ant Group and head of strategy and business development for the Asia-Pacific region at Uber.

According to the publication, this is already the second round of layoffs at Binance.US in 2023.

“The aggressive attempts by the SEC to harm our industry and the resulting consequences for our business are having a strong impact on jobs in America and the development of innovation,” said a company spokesperson.

On June 5, the SEC filed a lawsuit against Binance and its CEO Changpeng Zhao. The commission leveled 13 charges, including the sale of unregistered securities. On June 6, the regulator filed a motion to freeze the digital assets of the exchange’s U.S. unit.

On June 9, users of the platform lost the ability to deposit dollars, prompting selling by those seeking to withdraw funds in fiat. In this context, on the platform a discount formed in the Bitcoin quotes against the USD — the indicator reached about $2,200 (7.3%).

On June 17, the SEC and Binance reached an agreement on customer funds in the United States. The exchange resumed withdrawals of assets, though the company warned that the situation could change.

Earlier in September, Binance announced the departure of Gleb Kostarev, head of Eastern Europe, and Vladimir Smerkis, head of the CIS. Both were responsible for the company’s business in Russia.