Binance.US Cuts 1/3 of Workforce, CEO Leaves

Binance.US Cuts 1/3 of Workforce, CEO Leaves

As reported by Bloomberg, a Binance.US spokesperson confirmed that Brian Shroder, Binance.US's CEO, has left the platform, and CLO Norman Reed will replace him as an interim CEO. Meanwhile, in its second round of job cuts in 2023, Binance.US laid off over 100 positions, which was around one third of the workforce.

In June, Binance, Binance.US, and CZ were sued by the US Securities and Exchange Commission (SEC). Banking partners then cut relationships with Binance.US, and the platform started to transition to a crypto-only exchange. According to TokenInsight data, Binance.US's trading volume has been dropping sharply during this year. The trading volume over the last 90 days was only $969 million, while it was around $32.36 billion in the previous 90 days.

The Binance.US spokesperson 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 SEC's aggressive attempts to cripple our industry and the resulting impacts on our business have real world consequences for American jobs and innovation, and this is an unfortunate example of that."

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