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Binance.US CEO Has Left, Crypto Exchange Cuts 1/3 of Workforce
Company says its actions give it "seven years of financial runway."
Binance.US CEO Brian Shroder has left the crypto exchange and the company has eliminated one-third of its workforce, according to a spokesperson.
It's been a tough year for crypto exchanges in the U.S., with Binance.US feeling particular pressure. The Securities and Exchange Commission sued the company in June for allegedly violating securities laws, which built on accusations from another American regulator.
STORY CONTINUES BELOW
"The actions we are taking today provide Binance.US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange," the company said in a statement. "The SEC's aggressive attempts to cripple our industry and the resulting impacts on our business have real world consequences for American jobs and innovation, and this is an unfortunate example of that."
Nick Baker
Nick Baker was CoinDesk's deputy editor-in-chief. He won a Loeb Award for editing CoinDesk's coverage of FTX's Sam Bankman-Fried, including Ian Allison's scoop that caused SBF's empire to collapse. Before joining in 2022, he worked at Bloomberg News for 16 years as a reporter, editor and manager. Previously, he was a reporter at Dow Jones Newswires, wrote for The Wall Street Journal and earned a journalism degree from Ohio University. He owns more than $1,000 of BTC and SOL.
