Binance US CEO Steps Down, Norman Reed Proposed as Permanent Replacement
Following the recent departure of Brian Shroder as Binance US CEO, Norman Reed, the company’s chief legal officer, has taken over the role temporarily. However, new reports suggest that Reed is being considered as the permanent replacement for the position. Interestingly, Reed has a longstanding connection with Ripple $XRP dating back to 2015.
Norman Reed’s Background and Ripple Connection
Prior to his role at Binance US, Reed served as an official at the US Securities and Exchange Commission (SEC) and the Federal Reserve Bank of New York. He also held a key legal position at Ripple. According to attorney John Deaton, who represents XRP token holders in the SEC lawsuit, Reed was previously the General Counsel of Ripple. Deaton revealed that Reed’s signature can be found on the 2015 FinCEN DOJ settlement with Ripple, which classified XRP as a “convertible virtual currency.” This appointment was confirmed by Today’s General Counsel on February 25, 2015.
Potential Impact on the SEC Lawsuit
The timing of approximately 100 employees leaving Binance US coincides with increased efforts by the SEC in their lawsuit against the company. The lawsuit, filed in early June 2023, accuses Binance, co-founder Changpeng Zhao, and Binance.US of mishandling customer funds, misleading investors and regulators, and violating securities regulations. Recently, CoinGape reported that the SEC has filed a memorandum in court supporting its motion to compel Binance to submit documents related to US customer assets.
Hot Take: Norman Reed’s Appointment Raises Questions About Ripple’s Influence
The appointment of Norman Reed as Binance US CEO raises questions about the potential influence of Ripple on the exchange. With Reed’s history as General Counsel at Ripple and his involvement in classifying XRP as a “convertible virtual currency,” it suggests a close relationship between the two entities. This connection may have implications for the ongoing SEC lawsuit against Binance, as it adds another layer of complexity to the legal proceedings. It remains to be seen how Reed’s appointment will impact both Binance and Ripple moving forward.
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