Binance Unitedย States CEO Steps Down, Norman Reed Proposed as Permanent Replacement
Afterย theย recent departure of Brian Shroder as Binance Unitedย States CEO, Norman Reed, the companyโs chief legal officer, has taken over the role temporarily. Nonetheless, new reports suggest that Reed is being considered as the permanent replacement for the position. Interestingly, Reed has a longstanding connection with Ripple $ XRPย Rippleย (XRP) dating back to 2015.
Norman Reedโs Background and Ripple Connection
Prior to his role at Binance Unitedย States, Reed served as an official at the Unitedย States Securities and Exchange Commission (SEC) and the Federal Reserve Bank of New York. He likewise held a key legal position at Ripple. According to attorney John Deaton, who represents XRPย Rippleย (XRP) token holders in the SEC lawsuit, Reed was previously the General Counsel of Ripple. Deaton revealed that Reedโs signature can be found on the 2015 FinCEN DOJ settlement with Ripple, which classified XRPย Rippleย (XRP) as a โconvertible virtual currency.โ This appointment was confirmed by Todayโs General Counsel on February 25, 2015.
Probable Impact on the SEC Lawsuit
The timing of approximately 100 employees leaving Binance Unitedย States 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. Unitedย States 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 Unitedย States customer assets.
Hot Take: Norman Reedโs Appointment Raises Questions About Rippleโs Influence
The appointment of Norman Reed as Binance Unitedย States CEO raises questions about theย capacity influence of Ripple on the exchange. With Reedโs history as General Counsel at Ripple and his engagementย in classifying XRPย Rippleย (XRP) as a โconvertible virtual currency,โ 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 Reedโs appointment will impact both Binance and Ripple moving forward.
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