Binance.US CEO Brian Shroder has departed from the cryptocurrency exchange, and the company has reduced its workforce by one-third, as confirmed by a spokesperson.
The cryptocurrency exchange sector in the United States has faced significant challenges this year, with Binance.US experiencing notable pressure. In June, the Securities and Exchange Commission (SEC) filed a lawsuit against the company, alleging violations of securities laws. These legal actions followed earlier accusations made by another American regulatory authority.
In a company statement, it was stated, “The actions we are taking today 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. 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.”
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