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 United States CEO Steps Down, Norman Reed Proposed as Permanent Replacement

After the  recent departure of Brian Shroder as Binance United States CEO, Norman Reed, the company’s 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 $ XRP Ripple (XRP) dating back to 2015.

Norman Reed’s Background and Ripple Connection

Prior to his role at Binance United States, Reed served as an official at the United 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 XRP Ripple (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 Ripple (XRP) as a “convertible virtual currency.” This appointment was confirmed by Today’s General Counsel on February 25, 2015.

Probable Impact on the SEC Lawsuit

The timing of approximately 100 employees leaving Binance United 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. United 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 United States customer assets.

Popular Cryptocurrencies Ripple and Dogecoin Now Accepted by Honda for Payments via FCF Pay

Hot Take: Norman Reed’s Appointment Raises Questions About Ripple’s Influence

The appointment of Norman Reed as Binance United States CEO raises questions about the  capacity influence of Ripple on the exchange. With Reed’s history as General Counsel at Ripple and his engagement in classifying XRP Ripple (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.

Is XRP’s Price of $0.50 Sustainable Despite Profit-Taking Surge?
Author – Contributor at | Website

Gapster Innes emerges as a visionary adeptly blending the roles of crypto analyst, dedicated researcher, and editorial maestro into an intricate tapestry of insight. Amidst the dynamic world of digital currencies, Gapster’s insights resonate like finely tuned harmonies, captivating curious minds from various corners. His talent for unraveling intricate threads of crypto intricacies melds seamlessly with his editorial finesse, transforming complexity into an eloquent symphony of comprehension.

Insights from Whale’s $200k FRAX Share Dump: What Are Big Investors Aware of?
Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

Follow us

Latest Crypto News

Share via
Share via
Send this to a friend