Major fluctuations at Binance cryptocurrency exchange force US CEO to resign

Binance CEO in the US must resign

Binance, one of the world's largest cryptocurrency exchanges, is under the scrutiny of governments around the world. Recently, the CEO of Binance.US, Brian Shroder, has also resigned. The interim executive position has been handed over to the chief legal officer, Norman Reed.

The move comes as Binance CEO Changpeng Zhao is purging his staff. It is estimated that this layoff could result in the dismissal of one-third of Binance's employees.

Binance is facing many difficulties in the US (Photo TL)

This is believed to be a result of increasingly strict legal regulations that have limited Binance's business operations.

"To prepare for the next bull cycle, we need to focus on talent density within the organization to ensure a dynamic organizational structure," a Binance representative said in a statement.

Binance has received a lot of criticism in the US.

The operations of the Binance cryptocurrency exchange in the US have been criticized by some regulatory agencies. Specifically, the US Securities and Exchange Commission has accused Binance Holdings and Binance.US of mishandling customer deposits.

At the same time, this agency also said that Binance.US caused confusion for investors, regulators as well as violated basic securities principles. CEO Changpeng Zhao has denied these allegations.

In March, the U.S. Commodity Futures Trading Commission also charged Binance and CEO Chanpeng Zhao with attempting to evade federal law. According to Jacob Joseph, an analyst at CCData, Binance.US's global market share fell from 2.39% to just 0.6% in April, indicating a clear decline in the U.S. cryptocurrency exchange.

The difficulties encountered in the US market have forced Binance.US to put its ambitious plans on hold. The company had previously planned to hire 2,000 more employees, but that plan has also been postponed. Binance even had to plan to cut staff to reduce salary costs.

Source: https://www.congluan.vn/bien-dong-lon-tai-san-tien-ao-binance-khien-ceo-tai-my-phai-tu-chuc-post264600.html