Binance's US CEO quits, 100 jobs to go
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The news: Crypto giant Binance's US affiliate will cut 100 jobs and replace its CEO Brian Shroder as regulation in the crypto space intensifies. Shroder has left Binance.US and will be replaced by chief legal officer Norman Reed in the interim.
The numbers: The 100 job cuts represent about a third of Binance.US's workforce. The affiliate was created in 2019 for US users who are prohibited from using tech entrepreneur Changpeng 'CZ' Zhao's Binance Holdings, the world's largest cryptocurrency exchange by trading volume.
The context: Binance has been under fire from regulators in most of the jurisdictions in which it operates in recent years. In July, ASIC searched Binance Australia's offices in relation to its investigation into Binance's former derivatives business. In June, the US Securities and Exchange Commission accused Binance of mishandling customer funds, breaking securities regulations and misleading investors and regulators.
