Binance CEO Changpeng ‘CZ’ Zhao addressed the rumors surrounding the departure of Binance.US CEO Brian Shroder and stated that the changing regulatory landscape in the US necessitated new leadership for the exchange. CZ highlighted that the regulatory environment in the US is becoming increasingly hostile towards the crypto industry, and Binance.US needs a leader equipped with the skills to navigate these challenges effectively. Shroder was appointed to fulfill responsibilities related to raising capital, improving product and service offerings, and solidifying internal processes. CZ acknowledged Shroder’s contribution to growing Binance.US’ market share and establishing the company as a leading crypto exchange in the US.
To replace Shroder, Binance.US has appointed Norman Reed, who brings a wealth of experience from his previous roles at the SEC, New York Fed, Ripple, and DTCC. Reed’s diverse background uniquely positions him to lead Binance.US through the maze of regulatory challenges and the rapidly evolving market. This leadership change comes after several top executives, including the CEO and legal head, left Binance.US. The departures are seen as providing the platform with a solid financial runway for continued operations.
The US Securities and Exchange Commission (SEC) has recently accused Binance.US of non-cooperation, alleging that the company has submitted mostly unmarked screenshots and has failed to produce key witnesses. The SEC is seeking a court order to compel Binance.US to provide the necessary documents and has asked for a 14-day extension for the discovery period. Binance.US had previously sought court protection against the SEC’s requests, labeling them as “troubling and inappropriate.”
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