• Home
  • Binance
  • The Historical Connection Between XRP and Newly Appointed Binance CEO Norman Reed: Unveiling the Details
The Historical Connection Between XRP and Newly Appointed Binance CEO Norman Reed: Unveiling the Details

The Historical Connection Between XRP and Newly Appointed Binance CEO Norman Reed: Unveiling the Details

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.


Subscribe to our Social Media for Exclusive Crypto News and Insights 24/7!

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.

Read Disclaimer
This content is aimed at sharing knowledge, it's not a direct proposal to transact, nor a prompt to engage in offers. Lolacoin.org doesn't provide expert advice regarding finance, tax, or legal matters. Caveat emptor applies when you utilize any products, services, or materials described in this post. In every interpretation of the law, either directly or by virtue of any negligence, neither our team nor the poster bears responsibility for any detriment or loss resulting. Dive into the details on Critical Disclaimers and Risk Disclosures.

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.

Share it

The Historical Connection Between XRP and Newly Appointed Binance CEO Norman Reed: Unveiling the Details