Following Brian Shroder’s resignation as CEO of the US office of cryptocurrency exchange Binance, Norman Reed has been appointed to fill in for him in an interim capacity.
Binance.US CEO Brian Shroder has reportedly departed the firm, and Chief Legal Officer Norman Reed has been appointed to take up his responsibilities in an interim capacity, as stated by a spokeswoman for the company.
The departures came after the firm eliminated more than one hundred employees, which is about a third of its personnel, as a result of a regulatory crackdown that made things more difficult for them.
BAM Trading Services Inc. is the formal name for this company. The exchange became live in 2019 for customers located in the United States who were unable to utilize Binance Holdings.
According to a representative for Binance in the United States, the following factors led to the separations:
“The steps we’re taking today will keep Binance.US financially stable for more than seven years and allow us to keep serving our customers while running only as a cryptocurrency exchange.
This is an awful example of how the SEC’s aggressive efforts to disrupt our sector, as well as the effect those tactics will have on our firm, will have real-world repercussions for American industry and innovation.”
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