BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

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

by BlockNews Team
September 14, 2023
in Business, Crypto, Media
A A
Binance.US cuts third of staff as CEO Brian Shroder leaves
1
SHARES
Share on TwitterShare on Reddit
  • Binance.US Chief Executive Officer Brian Shroder has left the firm.
  • This comes at a time when the Binance.US has laid off about a third of its workforce.
  • The crypto firm has intimated that legal aggression by the Security Exchange Commission (SEC)’s is to blame.

The pressure of legal action against Binance.US, the United States arm of Binance seems to have began to affect the firm publicly. Up to now, the crypto firm had been putting a strong face despite the onslaught from the regulator.

The pressure has come in form of layoffs of about a third of its staff. According to Associated Press, Binance.US CEO Brian Shroder has already left the company. This was confirmed to them by the crypto firm’s spokesperson, who also added that the chief legal officer Norman Reeds is now serving as the interim CEO.

Shroder joined Binance.US as president in September 2021 and was named CEO in October. This month marks the completion of his second year with the Crypto firm

“The actions we are taking 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,” the spokesperson said in a statement.

Legal Actions by US  Regulators are to Blame

The crypto firm pointed out that the legal action by the U.S. Securities and Exchange Commission (SEC) earlier this year has impacted their business negatively. It is no secret that Binance.US has trended for the better part this year for the wrong reasons.

Bad news, legal action from the U.S. regulator and accusations from the same agency that there is a likelihood of financial misappropriations have painted the crypto firm in a bad light.

Binance, the world’s largest cryptocurrency exchange, and its founder Changpeng Zhao have faced extensive litigation from U.S. regulators this year.

The company claims the SEC’s aggressive attempts to cripple their industry and the resulting impact on their business has had real-world consequences and in this case, it has come in the form of redundancies.

The agency in June filed a civil complaint against Binance, and its founder Changpeng Zhao, accusing them of creating Binance.US as part of a “web of deception” to evade securities laws aimed at protecting U.S. investors. The regulator also accused the crypto firm and its majority shareholder of “conflict of interest, lack of disclosure and calculated evasion of the law”.

Even though the Crypto firm has denied Zhao’s involvement in Binance.US, arguing that the US arm of the firm operates independently, Zhao is the main shareholder of both entities.

This move by Shroder, whether intentional or coincidental is likely to dampen the spirits of the investors as well as users of the crypto trading platform.

Steady Decline

Binance.US has seen a steady decline in its offering and market share. In June, the exchange suspended dollar deposits and at the same time informed its customers it would suspend fiat withdrawal as the battle with the SEC continued. The crypto exchange then transitioned to a crypto-only exchange for two months and only opened a path for USD ramps again in August when it formalized a partnership with MoonPay.

In July, Reuters reported that Binance.US’ market share had plummeted as of June 26  to 0.9% from 22% in April according to data from Kaiko.

Tags: Binance.USBrian ShroderLayoffs
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

Michael Saylor Hints at Another Bitcoin Buy as BTC Nears ATH
Bitcoin

Michael Saylor Hints at Another Bitcoin Buy as BTC Nears ATH

May 12, 2025
HBAR Price Rebounds, Hits Highest Point Since March
Crypto

HBAR Price Rebounds, Hits Highest Point Since March

May 10, 2025
Memecoins Steal the Spotlight as Ethereum Surges: PEPE and BONK Lead the Charge (Still Early?)
Crypto

Memecoins Steal the Spotlight as Ethereum Surges: PEPE and BONK Lead the Charge (Still Early?)

May 10, 2025
Sui (SUI) Gains 10% Amid Market Optimism — But Is a Selloff Looming?
Crypto

Sui (SUI) Gains 10% Amid Market Optimism — But Is a Selloff Looming?

May 10, 2025
TRON’s USDT Dominance Grows as Whales Tighten Grip
Crypto

TRON’s USDT Dominance Grows as Whales Tighten Grip

May 10, 2025
Cardano ADA Just Broke a KEY Resistance Level: Here is the Next Price Target You Need to Watch
Cardano

Cardano ADA Just Broke a KEY Resistance Level: Here is the Next Price Target You Need to Watch

May 10, 2025
Load More

Related News

Michael Saylor Hints at Another Bitcoin Buy as BTC Nears ATH

Michael Saylor Hints at Another Bitcoin Buy as BTC Nears ATH

May 12, 2025
HBAR Price Rebounds, Hits Highest Point Since March

HBAR Price Rebounds, Hits Highest Point Since March

May 10, 2025
Memecoins Steal the Spotlight as Ethereum Surges: PEPE and BONK Lead the Charge (Still Early?)

Memecoins Steal the Spotlight as Ethereum Surges: PEPE and BONK Lead the Charge (Still Early?)

May 10, 2025
Sui (SUI) Gains 10% Amid Market Optimism — But Is a Selloff Looming?

Sui (SUI) Gains 10% Amid Market Optimism — But Is a Selloff Looming?

May 10, 2025
TRON’s USDT Dominance Grows as Whales Tighten Grip

TRON’s USDT Dominance Grows as Whales Tighten Grip

May 10, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Newsletter
  • Advertise
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin Meme Coin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.