Binance.US, the cryptocurrency exchange, witnesses the departure of two more high-ranking executives. The Head of Legal, Krishna Juvvadi, and the Chief Risk Officer, Sidney Majalya, have decided to part ways with the exchange.
This latest shake-up comes in the wake of the CEO, Brian Shroder's recent exit and coincides with escalating regulatory scrutiny. Juvvadi, who joined the company in May of the previous year, and Majalya, who assumed his role in December 2021, have chosen to leave their positions, as reported by the Wall Street Journal, citing insider sources.
Regulatory Storms Cause Executive Exit
While the reasons behind these departures remain undisclosed, their timing is conspicuous. Brian Shroder, the CEO of the American arm of Binance, has stepped down from his role. Taking the helm as the interim CEO is Norman Reed, the Chief Legal Officer, as confirmed by a spokesperson from the company.
Binance.US has been forced to make tough decisions in response to escalating regulatory pressures that have cast a shadow over its operations. The company has opted to reduce its workforce by more than a third, resulting in over 100 job cuts.
Furthermore, Binance has experienced a steady exodus of top executives in recent months. Over the weekend, the exchange confirmed the exit of Mayur Kamat, the SVP and Global Head of Product, who had been with Binance since April 2022.
Furthermore, Patrick Hillmann, the Chief Strategy Officer since 2021, confirmed his departure in July. Others reported to have left include Steven Christie, Senior Vice President for Compliance, and Hon Ng, the General Counsel. However, Eleanor Hughes took over the responsibilities as the new General Counsel in July.
Recently, Binance promoted Rachel Conlan to the position of Chief Marketing Officer (CMO). Conlan, who previously served as the Vice President of Global Marketing at the company, will now spearhead Binance's marketing initiatives.
Binance's Fiat Ramp Challenges
Earlier this year, Binance faced legal troubles when the US Securities and Exchange Commission (SEC) filed allegations against Binance Holdings, Changpeng Zhao (also known as CZ), and Binance.US. The SEC accused them of mishandling customer funds, misleading investors and regulators, and violating securities regulations.
As Binance faces notable changes in its key personnel, the Cyprus Securities and Exchange Commission (CySEC) has officially deregistered Binance Cyprus Ltd from the Register of Service Providers of Crypto Assets. This move was attributed to the company's lack of activity under the Cypriot crypto license for more than six months.
Meanwhile, during his appearance at the TOKEN2049 cryptocurrency event in Singapore, CZ highlighted a pressing challenge in cryptocurrency adoption: the limited availability of accessible fiat ramps. CZ explained that these ramps, which facilitate the conversion of traditional fiat currencies into cryptocurrencies and vice versa, face hurdles due to tightening regulations.This article was written by Jared Kirui at www.financemagnates.com.
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