Binance, the cryptocurrency exchange that came under regulators’ radar after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against it in early June, has been experiencing significant setbacks lately. According to the Wall Street Journal, two executives have resigned following the departure of Brian Shroder, the former CEO of Binance US. The report states that the two individuals who stepped down were the Chief Legal Officer and the Chief Risk Officer of Binance US.
Departures Accelerate at Binance
Since the SEC’s lawsuit in early June, Binance, currently the world’s largest cryptocurrency exchange in terms of trading volume, has been experiencing substantial losses. Additionally, Binance’s various license applications in several European countries have been denied in recent months.
As Binance came under the regulators’ scrutiny and faced financial regulators in recent months, its market share has also witnessed declines. Moreover, as the exchange continues to lose ground, widespread layoffs have commenced.
Earlier this week, Brian Shroder, the former CEO of Binance US, announced his resignation. It was also reported that more than 100 employees were laid off. This figure is said to account for one-third of the total workforce.
Two More Executives Resign
Following the announcement of the former CEO’s departure from Binance US, another resignation was reported. According to the Wall Street Journal, two high-level executives have also resigned from Binance US.
The report claims that Krishna Juvvadi, the Chief Legal Officer, and Sidney Majalya, the Chief Risk Officer of Binance US, have left their positions. Thus, two executives have resigned from their roles following the former CEO’s departure earlier this week.
