Binance.US CEO Brian Shroder Steps Down Amidst Ongoing Shake-Up
Binance.US has been facing significant challenges since the SEC filed a lawsuit against the exchange and its international affiliate in June 2023. The company has already had to let go of around 50 staff members and transition to a crypto-only model. Now, the cracks are becoming even more apparent. Binance.US CEO Brian Shroder has resigned, and the exchange has announced plans to cut approximately 100 jobs, renewing concerns about the future of Binance.US.
The End for Binance.US?
Although Binance.US claims that the recent layoffs will allow the exchange to continue operating for another seven years, skeptics like Marc Cohodes are unconvinced. Cohodes, a famous short seller, suggested on Twitter that the end is near for the exchange. Another prominent crypto skeptic, known as “Not Tiger Global,” downgraded Binance.US’ seven-year lifeline prediction to just seven weeks. The exchange has experienced a decline in market share and trading volume following the SEC lawsuit. Binance.US’ U.S. market share dropped from 22% in April to less than 1%, and its global market share is currently at 0.01%. Monthly volume has also plummeted from $17.63 billion in March 2023 to $82.56 million in September 2023.
Why This Matters
Binance.US has faced significant challenges since the SEC lawsuit, and the departure of CEO Brian Shroder and recent layoffs raise further concerns about the company’s future.
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