The winds of change continue to sweep through Binance.US
as the cryptocurrency exchange witnesses the departure of two more high-ranking
executives. The Head of Legal, Krishna Juvvadi, and the Chief Risk Officer,
Sidney Majalya, have decided to part ways with the exchange.
This latest shake-up
comes in the wake of CEO Brian Shroder’s recent exit and coincides with
escalating regulatory scrutiny. Juvvadi, who joined the company in May of the
previous year, and Majalya, who assumed his role in December 2021, have chosen
to leave their positions, as reported by the Wall Street Journal, citing
insider sources.
While the reasons behind
these departures remain undisclosed, their timing is conspicuous. Brian
Shroder, the CEO of the American arm of the global cryptocurrency exchange
Binance, has stepped
down from his role. Taking
the helm as interim CEO is Norman Reed, the Chief Legal Officer, as confirmed
by a spokesperson from the company.
Furthermore, Binance,
the global crypto exchange platform, has experienced a steady exodus of top
executives in recent months. Over the weekend, the exchange
confirmed
the exit of Mayur
Kamat, the Global Product Lead, who had been with Binance since April 2022.
Conversely, Binance has promoted
Rachel Conlan to the
position of Chief Marketing Officer (CMO). Rachel Conlan, previously Vice
President of Global Marketing at Binance, will now spearhead the exchange’s
marketing initiatives.
Binance.US, a subsidiary
of the Binance Group, has been forced to make tough decisions in response to
escalating regulatory pressures that have cast a shadow over its operations.
The company has opted to reduce its workforce by more than a third, resulting
in over 100 job cuts.
Furthermore, Patrick
Hillmann, the Chief Strategy Officer since 2021, confirmed his departure in
July. Others reported to have left include Steven Christie, Senior Vice
President for Compliance, and Hon Ng, the General Counsel. Eleanor Hughes took
over as the exchange’s new General Counsel.
Binance’s Fiat
Ramp Challenges
Earlier this year,
Binance.US faced legal troubles when the US Securities and Exchange Commission
(SEC) filed allegations against Binance Holdings, Changpeng Zhao (also known as
CZ), and Binance.US. The SEC accused them of mishandling customer funds,
misleading investors and regulators, and violating securities regulations.
As Binance faces notable
changes in its key personnel, the Cyprus Securities and Exchange Commission
(CySEC) has officially deregistered Binance Cyprus Ltd from the Register of
Service Providers of Crypto Assets. This move was attributed to the company’s
lack of activity under the Cypriot crypto license for more than six months.
During his appearance at
the TOKEN2049 cryptocurrency event in Singapore, Binance CEO Changpeng Zhao
(CZ) highlighted
a pressing challenge in
cryptocurrency adoption: the limited availability of accessible fiat ramps. CZ
explained that these ramps, which facilitate the conversion of traditional fiat
currencies into cryptocurrencies
and vice versa, face hurdles due to tightening
regulations.
The winds of change continue to sweep through Binance.US
as the cryptocurrency exchange witnesses the departure of two more high-ranking
executives. The Head of Legal, Krishna Juvvadi, and the Chief Risk Officer,
Sidney Majalya, have decided to part ways with the exchange.
This latest shake-up
comes in the wake of CEO Brian Shroder’s recent exit and coincides with
escalating regulatory scrutiny. Juvvadi, who joined the company in May of the
previous year, and Majalya, who assumed his role in December 2021, have chosen
to leave their positions, as reported by the Wall Street Journal, citing
insider sources.
While the reasons behind
these departures remain undisclosed, their timing is conspicuous. Brian
Shroder, the CEO of the American arm of the global cryptocurrency exchange
Binance, has stepped
down from his role. Taking
the helm as interim CEO is Norman Reed, the Chief Legal Officer, as confirmed
by a spokesperson from the company.
Furthermore, Binance,
the global crypto exchange platform, has experienced a steady exodus of top
executives in recent months. Over the weekend, the exchange
confirmed
the exit of Mayur
Kamat, the Global Product Lead, who had been with Binance since April 2022.
Conversely, Binance has promoted
Rachel Conlan to the
position of Chief Marketing Officer (CMO). Rachel Conlan, previously Vice
President of Global Marketing at Binance, will now spearhead the exchange’s
marketing initiatives.
Binance.US, a subsidiary
of the Binance Group, has been forced to make tough decisions in response to
escalating regulatory pressures that have cast a shadow over its operations.
The company has opted to reduce its workforce by more than a third, resulting
in over 100 job cuts.
Furthermore, Patrick
Hillmann, the Chief Strategy Officer since 2021, confirmed his departure in
July. Others reported to have left include Steven Christie, Senior Vice
President for Compliance, and Hon Ng, the General Counsel. Eleanor Hughes took
over as the exchange’s new General Counsel.
Binance’s Fiat
Ramp Challenges
Earlier this year,
Binance.US faced legal troubles when the US Securities and Exchange Commission
(SEC) filed allegations against Binance Holdings, Changpeng Zhao (also known as
CZ), and Binance.US. The SEC accused them of mishandling customer funds,
misleading investors and regulators, and violating securities regulations.
As Binance faces notable
changes in its key personnel, the Cyprus Securities and Exchange Commission
(CySEC) has officially deregistered Binance Cyprus Ltd from the Register of
Service Providers of Crypto Assets. This move was attributed to the company’s
lack of activity under the Cypriot crypto license for more than six months.
During his appearance at
the TOKEN2049 cryptocurrency event in Singapore, Binance CEO Changpeng Zhao
(CZ) highlighted
a pressing challenge in
cryptocurrency adoption: the limited availability of accessible fiat ramps. CZ
explained that these ramps, which facilitate the conversion of traditional fiat
currencies into cryptocurrencies
and vice versa, face hurdles due to tightening
regulations.
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- Source: https://www.financemagnates.com//cryptocurrency/binanceus-sees-more-key-departures-chief-risk-officer-and-legal-head-exit/
