Another 2 Binance US Executives Leave Crypto Exchange

Another 2 Binance US Executives Leave Crypto Exchange – According to reports, two additional managers are resigning from their positions at Binance US, as the troubled cryptocurrency exchange undergoes another round of layoffs. These departures coincide with Binance’s ongoing regulatory challenges in the United States, which have adversely affected its operations. 

The Wall Street Journal recently disclosed the departure of the platform’s CEO, along with the exit of risk and legal executives from Binance US. The Head of Legal, Krishna Juvvadi, and the Chief Risk Officer, Sidney Majalya, are stepping down from their roles, as reported by the daily on Thursday, citing sources familiar with the management changes within the trading platform.

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Bloomberg also announced on Tuesday that Binance US CEO Brian Shroder has resigned, with an interim replacement named. This wave of executive departures aligns with another round of layoffs that reduced the company’s workforce by a third. These layoffs occur in the midst of significant legal and operational challenges faced by the leading digital asset exchange in the United States and beyond. 

I’mIn June, the U.S. Securities and Exchange Commission filed a lawsuit against Binance, its founder Changpeng Zhao (CZ), and its American division for alleged securities rule violations. The SEC has alleged that they diverted customer funds and provided misleading information to both investors and regulators while running an illicit trading platform within the United States. 

Among those responsible for liaising with the securities regulator at Binance US, Krishna Juvvadi was a notable figure. In March, the U.S. Commodity Futures Trading Commission (CFTC) took legal action against Binance and CZ for violating trading and derivatives regulations. Furthermore, media reports have indicated that the cryptocurrency giant is under investigation by the Justice Department for suspected sanctions evasion related to Russia.

Krishna Juvvadi and Sidney Majalya are the latest additions to a list of executives who have left Binance this year. This group includes individuals like Patrick Hillmann, the Chief Strategy Officer, Steven Christie, Senior Vice President for Compliance, Hon Ng, Binance’s General Counsel, Leon Foong, who oversaw the Asia-Pacific region, and Mayur Kamat, the Product Lead.

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These departures were followed by the resignations of Binance’s managers for Eastern Europe and Russia, Gleb Kostarev and Vladimir Smerkis, which were announced earlier in September. Despite these executive exits, Binance CEO Changpeng Zhao has previously downplayed their significance, and there were reports over the summer suggesting that the exchange had laid off approximately 1,000 employees.

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