Binance.US, the American subsidiary of the cryptocurrency exchange, has reduced its workforce by approximately one-third, amounting to 100 job positions being cut. This move also involves the departure of its President and CEO, Brian Shroder.
A spokesperson representing Binance.US confirmed both the layoffs and Shroder’s exit to Cointelegraph. They explained that these actions were taken to ensure the exchange has more than seven years’ worth of financial resources available as it transitions into becoming a crypto-exclusive platform. Norman Reed, the Chief Legal Officer, has taken on the role of interim CEO after Shroder’s departure.
Shroder had joined Binance.US in September 2021, and his departure coincides with a series of regulatory actions taken against the exchange in recent months. Earlier this year, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) filed lawsuits against Binance, Binance.US, and the exchange’s co-founder, Changpeng “CZ” Zhao. These legal actions alleged that the exchange had been operating illegally, selling unregistered securities, violating commodities laws, and mishandling customer funds.
On June 9, Binance.US suspended dollar deposits and informed its customers that it would also temporarily halt fiat withdrawal channels during its dispute with the SEC. Consequently, Binance.US operated as a cryptocurrency-only exchange for two months. It reintroduced the ability to deposit USD in August after establishing a partnership with MoonPay.
A report from Reuters in July, citing data from Kaiko, indicated that Binance.US’ market share in the United States had dropped significantly, declining from over 22% in April to approximately 0.9% by June 26.
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