The CEO of Binance U.S., Brian Shroder, has resigned amid a cut of 100 jobs. Binance U.S. is one of the largest cryptocurrency exchanges and offers some of the most advanced services for retail traders in the United States. It is worth taking into consideration that the company is also being sued by regulators in the country (U.S. SEC).
Binance U.S. CEO Resigns Amid 100 Jobs Cut
The CEO of Binance U.S. Brian Shroder will leave the company as it cuts 100 jobs. Close to a third of the headcount will now leave the firm as the cryptocurrency bear market continues. Let’s not forget that Bitcoin (BTC), the largest cryptocurrency in the market, has fallen from $69,000 to below $15,000 a year ago. Nowadays, Bitcoin is being traded at close to $26,000.
As reported by Reuters, the actions that the company has taken provide seven more years of financial runway for Binance U.S. On that matter, a Binance U.S. spokesperson mentioned:
“The actions we are taking today provide Binance U.S. 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.”
There has been no specific reason for the departure of the CEO of this crypto exchange. Nevertheless, it is worth mentioning that Binance around the world has been affected by multiple actions taken by different regulatory entities, including the U.S. Securities and Exchange Commission (SEC).
The founder of the platform, Changpeng Zhao, has also been accused of creating Binance U.S. as a way to evade securities laws in the United States. Binance Coin (BNB) the digital asset of the Binance ecosystem has experienced no change in the last 24 hours and it is now being traded at close to $212.