According to a company spokesperson, Binance.US CEO Brian Shroder has left the company and has been replaced by Chief Legal Officer Norman Reed on an interim basis.
The departures come after the company laid off nearly a third of its workforce, or more than 100 positions, as a regulatory crackdown made things harder for them.
Its official name is BAM Trading Services Inc. The exchange launched in 2019 for US users who were prohibited from using Binance Holdings.
Binance US spokesperson said the reason for the separations was:
“The steps we are taking today provide Binance.US with more than seven years of ongoing financial security and enable us to continue serving our customers while operating solely as a crypto exchange.
“The SEC's aggressive attempts to disrupt our industry and the resulting impact on our business have real consequences for American business and innovation, and this is an unfortunate example of that.”
*This is not investment advice.
