Benzinga - Binance.US CEO Brian Shroder has resigned, and the company has laid off a third of its staff amidst mounting regulatory pressure.
What Happened: Shroder, has vacated his position as the company proceeds with a large-scale workforce reduction, as confirmed by CoinDesk on Tuesday. The crypto exchange has reduced its personnel by a third in a significant downsizing move.
Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga’s Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won’t just be a passive spectator. Don’t let this chance slip away – secure early bird discounted tickets now!
Binance.US has been under pressure, especially in the U.S., where it is facing legal action from the Securities and Exchange Commission (SEC) over suspected violations of securities laws. This is an addition to previous allegations from the Commodity and Futures Trading Commission (CFTC).
See Also: Venture Capitalist Who Predicted 2022 Crypto Market Bottom Expects 2,500% Rally For Solana
In a statement, Binance.US said, “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 company highlighted the “real world consequences for American jobs and innovation” due to the SEC’s stringent attempts to govern the industry.
Why It Matters: Cointelegraph confirmed that Binance.US has cut around 100 positions and that Shroder has left the firm. This move is aimed at providing the crypto exchange with a financial cushion for more than seven years, as it transitions to a crypto-only exchange.
Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $26,068.85, up 1.18% in the last 24 hours, according to Benzinga Pro.
Photo by Primakov on Shutterstock
Read Next: More than 11.2 million US households own an RV, but they use it only for 20 days per year on average. One startup widely described as ‘Airbnb for RVs' is giving them an option to rent it out for $50k/year or more. You have the chance to invest in it while it's in its infancy. Click here to see how.
Engineered by
Benzinga Neuro, Edited by
Mehab Qureshi
The GPT-4-based Benzinga Neuro content generation system exploits the
extensive Benzinga Ecosystem, including native data, APIs, and more to
create comprehensive and timely stories for you.
Learn more.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.