Binance.US CEO Leaves Company

Brian Schroeder has resigned as CEO of Binance.US crypto exchange, according to Bloomberg. Norman Reed, the legal chief, is now temporarily filling the position.

The departure of the CEO coincided with the company’s massive layoff of around 100 employees, or about a third of staff.

Before joining Binance.US in 2021, Schroeder had held the post of head of business development at Ant Group, and also head of strategy and business development for the Asia Pacific at Uber.

This is the second reduction in personnel of 2023. The company’s spokesperson mentioned the lawsuit from the SEC and its “aggressive efforts in harming the industry” as affecting job and innovation prospects.

On June 5, SEC filed 13 charges, including the sale of unregistered securities, against Binance and its CEO Changpeng Zhao.

The immediate consequence of SEC’s actions was the suspension of dollar deposits on the platform, causing users to sell in a rush. Cryptocurrency pairs with the US dollar devalued to the low of $2200 (7.3%).