Binance Holdings CEO Changpeng Zhao (CZ) refuted speculation that Binance.US CEO Brian Shroder is leaving, noting that he is “taking a well-earned break” after a successful tenure at the company .
Binance.US is a subsidiary of Binance Holdings, and several other executives at the U.S. exchange recently resigned amid lawsuits from the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.
In a statement posted via “will leave the company amicably. years ago. “
“Under his leadership, Binance.US has raised capital, improved products and services, solidified internal processes, and gained significant market share, all of which has helped build a more resilient company that delivers value to its customers. Come benefit. We appreciate his contribution,” CZ said.
There has been some speculation regarding recent management changes @BinanceUS. Brian Shroder is enjoying a well-earned break after completing the goals he set when he joined two years ago. Under his leadership, https://t.co/hSHrrlF7o7 raised funding, improved its product…
— CZ Binance (@cz_binance) September 15, 2023
Binance is facing multiple lawsuits from the SEC and the CFTC for alleged violations of SEC and CFTC laws, including alleged sales of unregistered securities and mishandling of customer funds. As part of the lawsuit, the SEC alleged that Binance’s U.S. and international affiliates illegally commingled funds with each other.
Amid the lawsuit, Binance US announced on September 13 that it would lay off one-third of its staff, and Schroeder would also resign as CEO. On September 14, it was reported that two more senior executives had left, with legal director Krishna Juvvadi and chief risk officer Sidney Majalya deciding to exit the company. The departures sparked speculation on Twitter that Binance may be facing more serious legal troubles than previously understood.
related: The U.S. SEC stated in the document that Binance.US would not cooperate with the investigation
CZ appeared to reference the lawsuits in his In his view, Binance.US’ new CEO Norman Reed is the “right person” to lead the U.S. exchange in this new era.
Binance is the world’s largest cryptocurrency exchange by trading volume. FTX, the third-largest exchange, has come under increasing criticism since it went bankrupt in November and FTX executives were accused of fraud. Critics say Binance is not transparent enough about its business practices and has failed to demonstrate its solvency. However, CZ dismissed these concerns, saying the company had “no liquidity issues” and that the allegations against the company were baseless.
