Binance.US, the American branch of the global cryptocurrency exchange, is going through a big shake-up. More than 100 jobs are being cut, and the CEO, Brian Shroder, is stepping down temporarily.
The company’s chief legal officer, Norman Reed, is taking over for now.
This Miami-based company is letting go of about a third of its employees due to ongoing legal and regulatory challenges.
Earlier this year, the U.S. Securities and Exchange Commission (SEC) accused Binance Holdings and its CEO, Changpeng “CZ” Zhao, of not handling customer funds properly and breaking securities rules.
The U.S. Commodity Futures Trading Commission also charged the company with “wilful evasion of federal law.” All this legal trouble has caused problems for Binance.US, including losing connections with several banking partners.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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