BINANCE CEO STEPPING DOWN FULL

The SEC’s aggressive attempts to cripple our industry and the resulting impacts on our business have real-world consequences for American jobs and innovation, and this is an unfortunate example of that. Binance founder and CEO Changpeng Zhao is once again in the global spotlight, this time as the self-appointed white knight of crypto as the industry is embroiled in crisis. In a statement emailed to Fortune later on Wednesday, a company spokesperson said: “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. 21 to formally respond to the SEC’s allegations. dollars on its platform. Binance has until Sept.

BINANCE CEO STEPPING DOWN FULL

customers to illegally access its main platform.Īfter the SEC filed its complaint in June, Binance.US avoided a full asset freeze requested in court by the regulator but said that its banking partners had cut it off, causing it to halt customer trading with U.S. There have been a lot of negative news/rumors, bank runs, lawsuits, closing of fiat channels, product wind downs, employee turnover, exit markets, etc. The complaint also alleges Binance allowed some U.S. Shroder took over the role of CEO of Binance US in September 2021 after the departure of then-CEO Brian Brooks and the firms first CEO, Catherine Coley, earlier that year.

The regulator accused Binance and Binance.US of evading laws meant to protect American investors by sending billions of dollars of customer funds to a company controlled by Zhao. Now, the company is without a leader as it faces a lawsuit the SEC filed in June. He also led the company through some of its toughest regulatory challenges, including lawsuits from the U.S. Several crypto companies have filed for Chapter 11 bankruptcy in recent months like Genesis Global Trading (a subsidiary of the crypto conglomerate Digital Currency Group (DCG), FTX, BlockFi, Three Arrows Capital, Celsius Network and Voyager.Shroder ascended to the CEO position a month after Brooks’ departure and led the company through a $200 million funding round last year that valued Binance.US at $4.5 billion.

He cited additional concerns over Binance’s anti-money laundering, sanctions and compliance controls.īinance was also ordered by Belgium’s Financial Services and Markets Authority (FSMA) to immediately cease all offers of virtual currency services in the country.

In June, US regulators sued Binance and its CEO Changpeng Zhao for allegedly operating a “web of deception” and filed 13 charges in a federal court.īack in August, Binance has been dumped by global payments processor amid growing regulatory concerns.Ĭheckout CEO Guillaume Pousaz terminated the company’s relationship with its once-largest customer citing “reports of regulators actions and orders in relevant jurisdictions” and “inquiries from partners”. The spokesperson also added that Norman Reed, the company’s chief legal officer, assumed Shroder’s position on an interim basis. “The SEC’s aggressive attempts to cripple our industry and the resulting impacts on our business have real-world consequences for American jobs and innovation, and this is an unfortunate example of that,” the Binance.US spokesperson was quoted as saying. New Delhi: Leading blockchain and cryptocurrency platform Binance.US chief executive officer (CEO) Brian Shroder has stepped down from the company as it laid off one-third of its staff, or more than 100 employees, a media report said on Wednesday.Īccording to Forkast, this downsizing effort will provide Binance.US “more than seven years of financial runway”.

Binance ceo stepping down