According to a spokesperson, Brian Shroder, the CEO of Binance.US, has departed from the cryptocurrency exchange, and the company has downsized its workforce by one-third. Binance.US has faced significant challenges this year, particularly in the United States.
In June, the Securities and Exchange Commission (SEC) filed a lawsuit against the company, accusing it of violating securities laws. This legal action followed earlier allegations made by another American regulatory body. In response to these difficulties, Binance.
US released a statement explaining that their current measures would provide them with a financial runway of over seven years. They also stated that they would continue to serve their customers as a crypto-only exchange.
The company expressed concern over the SEC’s aggressive actions, claiming that they have tangible consequences for American jobs and innovation. This recent development serves as an unfortunate illustration of the impact of regulatory pressure on the industry.