Following the recent departure of Brian Shroder as Binance US CEO on September 13, 2023, Norman Reed, the company’s chief legal officer, assumed the interim role.
However, new reports indicate that Reed has been proposed as the permanent replacement for the CEO position. Notably, Reed has a significant history with Ripple XRP, dating back to 2015.
Prior to his role at Binance, Reed served as an official at the US Securities and Exchange Commission (SEC) and the Federal Reserve Bank of New York. He also held a key legal position as the General Counsel of Ripple, according to attorney John Deaton, who represents XRP token holders in the SEC lawsuit.
Reed’s signature can be found on the 2015 FinCEN DOJ settlement with Ripple, which classified XRP as a “convertible virtual currency.” Furthermore, Reed’s appointment with Ripple was confirmed by Today’s General Counsel, a content platform for legal practitioners, on February 25, 2015.
The departure of approximately 100 employees from Binance US coincides with an apparent escalation of efforts by the SEC in the ongoing lawsuit. The lawsuit, filed in early June 2023, accuses Binance, its co-founder Changpeng Zhao, and Binance.
US of mishandling customer funds, misleading investors and regulators, and violating securities regulations. Recently, the SEC filed a memorandum in court supporting its motion to compel the exchange to provide documents related to US customer assets.