Changpeng Zhao, CEO of Binance, asserted that Brian Shroder’s resignation as CEO of the exchange’s U.S. division amid SEC and CFTC litigation was typical.
Changpeng “CZ” Zhao, the CEO of Binance, has refuted rumors that the company may be leaving. US CEO Brian Shroder announced his departure from the firm, saying he is “taking a well-deserved break” following a successful run.
Binance. As a result of litigation from the U.S. Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC), the US, a subsidiary of Binance Holdings, recently saw several other key executives leave the company.
CZ advised users to “ignore FUD” surrounding the recent executive shuffle in a message released on September 15 through X (previously Twitter), as he claimed that Shroder was departing the company amicably after completing what he “set out to do when he joined two years ago.”
Under his direction, Binance.US generated money, strengthened internal procedures, expanded its product and service offerings, and earned a sizeable market share, all of which contributed to the development of a more robust business for the benefit of its clients. His efforts are much appreciated,” CZ stated.
The SEC and CFTC are suing Binance for a number of alleged SEC and CFTC law breaches, including the unlawful sale of unregistered securities and improper management of client cash. The SEC said that Binance’s U.S. and overseas operations improperly mixed money as part of its case against them.
In response to the complaint, Binance.US declared on September 13 that a third of its workforce would be let go and that Shroder would step down as CEO. Two further executive departures were announced on September 14, as Chief Risk Officer Sidney Majalya and Head of Legal Krishna Juvvadi both made the decision to leave the organization. The departures fanned rumors on X that Binance could be dealing with more serious legal issues than previously thought.
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