Main navigation

Binance US CEO Is Gone: Details

Wed, 09/13/2023 - 08:57
article image
Arman Shirinyan
CEO of one of biggest exchanges in US no longer with company
Binance US CEO Is Gone: Details
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Brian Shroder, the CEO of Binance US, has stepped down. The news comes amid a period of turbulence for the exchange, as it grapples with regulatory scrutiny and internal shake-ups. Norman Reed, the chief legal officer, will be steering the ship for now, but what does this mean for the future of Binance US?

Binance US has slashed its workforce by a staggering one-third, amounting to over 100 positions lost. This is not just a minor hiccup; it is a significant pivot that could have far-reaching implications. The exchange, known formally as BAM Trading Services Inc., was established in 2019 to serve U.S. users, who are barred from using Binance Holdings. Now, it finds itself at a crossroads, navigating regulatory waters that are anything but calm.

Brad Garlinghouse Says Ripple's Hiring Spree to Focus Outside U.S.

The departure of Shroder and the workforce cuts are part of a larger narrative. Binance, led by the ever-controversial Changpeng "CZ" Zhao, is under the microscope. Regulatory bodies are circling, and the exchange is feeling the heat. But there is another layer to this story: liquidity — or the perceived lack thereof. Critics argue that Binance is skating on thin ice, without enough liquidity to back its operations.

What's the takeaway here? Binance US is in a state of flux, and the departure of its CEO is a symptom, not the cause. The exchange is wrestling with existential questions — ones that could define its future in an increasingly regulated crypto landscape.

In the end, the CEO's exit and the staff reductions are more than just corporate moves; they are signals, indicators of deeper challenges that the exchange faces. As Norman Reed takes the helm, at least temporarily, all eyes will be on how Binance US navigates these choppy waters.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.