The head of Binance.US has resigned – Kommersant
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Head of the American branch of the largest crypto exchange Binance Brian Schroder removed from his post, and, in addition, the company announced the layoff of almost a third of its employees. The post of CEO of Binance.US will be temporarily filled by the company’s legal adviser, Norman Reed.
The company does not indicate the reasons for Brian Schroder’s resignation. But, as noted in her statement regarding the reshuffles and cuts, this year has been very difficult for crypto exchanges in the United States, “and it was Binance.US that felt particular pressure.” So, in June, the US Securities and Exchange Commission (SEC) filed suing Binance and its founder Changpeng Zhao.
Mr. Zhao was charged with violating US law on 13 counts, including misleading US regulators and customers about the operating principles of the Binance.com and Binance.US trading platforms, as well as operating without a standard business license and unauthorized release and trading in the US a number of products tied to cryptocurrencies. After this lawsuit, the American authorities began a large-scale reform regulation of the country’s cryptocurrency market. Checks Regulators in a number of other countries, including France, Canada and Australia, have also started to crack down on Binance branches. In June and July from Binance gone several representatives of top management at once.
Commenting on the decision to leave Brian Schroder, Binance.US said that the measures taken “will provide Binance.US with more than seven years of financial growth and allow us to continue to serve clients of our cryptocurrency exchange.” As the company noted, “The SEC’s aggressive efforts to disrupt our industry and the consequences for our business have real consequences for American jobs and innovation, and this situation is a sad example of that.”
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