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In response to rumours, Binance CEO claims that a US executive is “taking a well-deserved break.”

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Despite Brian Shroder stepping down from his role as CEO of Binance’s U.S. division amidst legal actions by the SEC and CFTC, Binance CEO Changpeng Zhao (CZ) has asserted that this departure is a customary occurrence.

Changpeng Zhao, the CEO of Binance Holdings, has dispelled any conjecture surrounding the exit of Brian Shroder, the CEO of Binance.US. Zhao emphasized that Shroder is simply “taking a well-deserved break” following a successful tenure with the company.

Binance.US, a subsidiary of Binance Holdings, has recently witnessed several high-ranking executives resign amidst ongoing legal disputes with the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC).

In a statement made on September 15th through his Twitter account, CZ called upon individuals to “disregard fear, uncertainty, and doubt (FUD)” surrounding the recent executive reshuffling. He suggested that Shroder’s departure was amicable and that he had accomplished everything he set out to achieve when he joined the company two years ago.

CZ went on to say, “Under his guidance, Binance.US successfully raised capital, enhanced its product and service offerings, solidified internal processes, and secured a significant market share. All of these efforts have contributed to the establishment of a more resilient company, ultimately benefiting our valued customers. We are profoundly grateful for his contributions.”

Binance is currently entangled in legal battles with both the SEC and CFTC, facing allegations of multiple violations of their respective regulations, including the purported sale of unregistered securities and mishandling of customer funds. The SEC, as part of its lawsuit, has claimed that Binance’s U.S. and international branches unlawfully commingled funds.

Amidst this legal turmoil, Binance.US announced on September 13th that it would be reducing its workforce by a third, with Shroder vacating his position as CEO. On September 14th, two more top-level departures were disclosed, with Krishna Juvvadi, the head of legal, and Sidney Majalya, the chief risk officer, opting to leave the company. These departures have sparked speculations on Twitter that Binance might be facing more severe legal challenges than previously anticipated.

In an apparent allusion to the ongoing lawsuits, CZ also asserted in his Twitter post that the cryptocurrency market now operates in a substantially different landscape than it did two years ago. Cryptocurrency companies are grappling with an increasingly adversarial regulatory environment. In his perspective, the newly appointed CEO for Binance.US, Norman Reed, is the ideal leader for navigating this new era for the U.S. exchange.

Binance stands as the world’s largest cryptocurrency exchange by trading volume. However, it has encountered mounting criticism, particularly following the bankruptcy of the third-largest exchange, FTX, in November and the subsequent fraud charges against FTX executives. Critics argue that Binance has not been forthcoming enough about its business practices and has yet to substantiate its financial stability. CZ, nevertheless, dismisses these concerns, affirming that the company faces “no liquidity issues” and categorically refuting the allegations made against it.

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