The Head of Legal and Chief Risk Officer Depart from Binance.US
Two more executives have left cryptocurrency exchange Binance.US, as the company continues to face challenges. The head of legal, Kirshna Juvvadi, and the chief risk officer, Sidney Majalya, are reportedly departing from the company. This follows the recent departure of CEO Brian Shroder and the decision to cut one-third of the workforce.
Binance.US Executives’ Departures Heighten Speculation
The departures of senior staff coincide with ongoing legal battles against Binance.US by the United States Securities and Exchange Commission (SEC). In June, several employees in the legal, risk, and compliance departments were laid off. Analysts have expressed concerns about the situation at Binance.US, with one stating that it cannot be a good sign for the company.
Ongoing Challenges at Binance
Binance.US recently made the decision to cut approximately 100 jobs, representing around one-third of its workforce. In addition, the SEC has filed a lawsuit against Binance.US and its CEO Changpeng ‘CZ’ Zhao, alleging inflated trading volumes on the exchange. Despite these challenges, CZ has stated that Binance is not experiencing liquidity problems and that all customer funds are safe and secured.
Hot Take: Binance.US Faces Turmoil Amidst Regulatory Battles
Binance.US is facing significant turmoil as it deals with regulatory battles and executive departures. The ongoing legal challenges from the SEC have raised concerns about the company’s future. With layoffs and staff turnover, there are doubts about Binance.US’s stability. However, CZ has reassured users that liquidity is not an issue and customer funds are secure. It remains to be seen how Binance.US will navigate these challenges and regain trust in the crypto community.
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