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CZ Addresses FUD After Binance.US Boss Quits, Shares What Will Save Binance in This Bear Market

Sat, 09/16/2023 - 09:57
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Yuri Molchan
Head of Binance has published X post commenting on recent departure of another high-ranked executive
CZ Addresses FUD After Binance.US Boss Quits, Shares What Will Save Binance in This Bear Market
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Binance boss Changpeng Zhao (famous in the crypto community as CZ) has published a post commenting on the recent resignation of Brian Shroder, the head of the U.S. subsidiary of the exchange.

CZ addressed the FUD ("fear, uncertainty, doubt") that has risen recently regarding Binance after several high-ranking executives left CZ's employment. Shroder's resignation was the most recent one. Zhao tweeted that this executive (now former to Binance) is "taking a deserved break" after fulfilling the goals that he committed to reach when he took the job in Binance two years ago, in 2021.

According to CZ, thanks to Shroder, Binance.US under the aforementioned executive "raised capital, improved its product and service offerings, solidified internal processes and gained significant market share." All of this was a large contribution to building a more resilient platform, allowing its customers to benefit from using it. CZ expressed his gratitude to Brian Shroder for the fruitful results of his two-year work for Binance.

CZ commented on the current state of the crypto market, stating that it is quite different from what it was two years ago, largely due to the hostile regulatory environment that has been expanding quickly and becoming even more hostile.

Per CZ's tweet, Norman Reed, the Binance.US general counsel and chief legal officer, has been now appointed as an interim chief executive.

CZ commented on that step of Binance, saying that "Norman Reed — former SEC, New York Fed, Ripple, and DTCC executive — is the right person to lead BinanceUS in this market."

Shroder, according to an earlier U.Today report, stepped down from his position three days ago. Prior to that, Binance.US slashed down about one third of its employees — that is more than 100 positions. Aside from that, Binance.US and the global CEO CZ were accused by the SEC of mismanaging the funds of customers and giving data that misled both authorities and the platform's investors.

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The former Binance.US CEO was not the only top executive that has left the exchange recently — Krishna Juvvadi, the head of Legal, and Sidney Majalya, the chief risk officer, have also chosen to call it a day with Binance.US.

When CZ was asked about the most valuable lesson he got from the current bear market, he stated dedicatedly "keep building."

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at