Last week, Binance’s global head of product Mayur Kamat resigned from the company, according to Reuters. Department of Justice is also reported to be closely monitoring Binance with the possibility of pursuing fraud charges against the trading platform. The Commodity Futures Trading Commission (CFTC) filed a civil suit against the exchange and founder Changpeng Zhao in March for operating an “intentionally opaque” business to take advantage of “regulatory arbitrage.” Should I step down as head of Twitter I will abide by the results of this poll. Norman Reed, the company’s chief legal officer, assumed Shroder’s position on an interim basis, the Binance.US spokesperson confirmed with Forkast.īinance, the parent company, also faces regulatory scrutiny from the U.S. In June, the company was sued by the Securities and Exchange Commission (SEC) for allegedly violating securities regulations. The crypto exchange has been dealing with growing regulatory pressures in the U.S. “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 spokesperson added. This downsizing effort will provide Binance.US “more than seven years of financial runway,” the company spokesperson told Forkast in an email statement. Brian Brooks, Binance US former CEO, tried to put distance between both companies to help disassociate the regulatory concerns from the American-based firm but ultimately failed to do so. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.Ĭopyright (c) 2023 Dow Jones & Company, Inc.See related article: Mastercard and Binance end crypto card partnership, services shut down in Latin America, Middle East Fast facts This content was created by MarketWatch, which is operated by Dow Jones & Co. In July, several Binance executives left the company amid the regulatory crakdown, including its chief strategy officer, compliance officer and legal counsel. "We allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure and calculated evasion of the law," SEC Chairman Gary Gensler said at the time.īinance and Zhao have denied the allegations. Binance has seen a number of top executives depart the company in recent months, with execs including general counsel Hon Ng, chief strategy officer Patrick Hillmann and SVP for compliance Steven Christie stepping down in July. Commodity Futures Trading Commission sued Binance - the world's largest crypto exchange - for allegedly flouting commodity trading laws, and in June, the Securities and Exchange Commission sued Binance and its founder, Changpeng Zhao, alleging multiple securities violations. Shroder's departure comes along with a new round of job cuts, according to the reports, with about one-third of staff - more than 100 workers - being laid off Tuesday. The Wall Street Journal, Bloomberg News and Reuters reported Tuesday night that Shroder, who took over in 2021, has been replaced on an interim basis by the company's chief legal officer, Norman Reed.ī did not immediately reply to a request for confirmation or comment. Additionally, Binance.US is cutting 100 positions from its workforce. arm of embattled crypto exchange Binance, has reportedly left the company. Binance.US CEO Brian Shroder has stepped down from his position after roughly two years at the company. Brian Shroder, the chief executive of the U.S.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |