Binance.US’ CEO has left the crypto exchange as the company undergoes changes.
The crypto exchange has also fired one-third of its workforce.
Binance.US Makes Management Changes
Binance.US, the United States arm of the Binance cryptocurrency exchange, has made changes to its management. The CEO Brian Shroder has left the crypto exchange, and the company has fired one-third of its workforce, according to a spokesperson.
This latest development comes as the cryptocurrency continues to face regulatory pressure from the SEC and other agencies in the United States. The US SEC sued Binance.US In June for allegedly violating securities laws.
In a statement regarding this latest development, Binance.US stated that;
"The actions we are taking today provide Binance.US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange. The SEC's aggressive attempts to cripple our industry and the resulting impacts on our business have real-world consequences for American jobs and innovation, and this is an unfortunate example of that."
Despite the regulatory pressure, Binance remains the world’s leading cryptocurrency exchange. The company processes more than $5 billion in daily transaction volume, with Coinbase a distant second ($1.1 billion).
Meanwhile, Binance.US has seen its transaction volume decline in recent months. At the moment, Binance.US processes $21 million, making it the 46th largest crypto exchange by trading volume.