<div class="sg-post-des">
  Despite Brian Shroder resigning as CEO of the exchange’s US wing amid SEC and CFTC lawsuits, Binance CEO Changpeng Zhao claimed that the departure was normal. 
</div>
<div class="cointelegraph">
 <p>Binance Holdings CEO Changpeng Zhao (CZ) has shot down speculation surrounding the departure of Binance.US CEO Brian Shroder, noting that he i “<a rel="dofollow" title="taking" href="https://thebittimes.com/tag/taking.html">taking</a> a <a rel="dofollow" title="deserved" href="https://thebittimes.com/tag/deserved.html">deserved</a> <a rel="dofollow" title="break" href="https://thebittimes.com/tag/break.html">break</a>" after a successful two year stint at the company.&nbsp; </p>
 <p>Binance.US is a subsidiary of Binance Holdings, and the U.S. based exchange has seen a handful of other top executives recently step down from the firm amid lawsuits from the Securities and Exchange Commission and Commodities Futures Trading Commission.&nbsp; </p>
 <p>In a Sept. 15 statement via X (Twitter), CZ urged people to "ignore FUD" around the recent shuffling of execs, as he suggested that Shroder was leaving the firm amicably after accomplishing everything he "set out to do when he joined two years ago."</p>
 <p>"Under his leadership, Binance.US raised capital, improved its product and service offerings, solidified internal processes, and gained significant market share, all of which helped to build a more resilient company for the benefit of customers. We are grateful for his contributions," CZ said. </p>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">There has been some speculation regarding recent management changes at @BinanceUS. Brian Shroder is <a rel="dofollow" title="taking" href="https://thebittimes.com/tag/taking.html">taking</a> a <a rel="dofollow" title="deserved" href="https://thebittimes.com/tag/deserved.html">deserved</a> <a rel="dofollow" title="break" href="https://thebittimes.com/tag/break.html">break</a> after accomplishing what he set out to do when he joined two years ago. Under his leadership, https://t.co/hSHrrlF7o7 raised capital, improved its product…</p>— CZ Binance (@cz_binance) September 15, 2023
 </blockquote> 
 <p>Binance is facing lawsuits from both the SEC and CFTC over several alleged violations of SEC and CFTC laws, including the alleged sale of unregistered securities and mishandling of customer funds. As part of its lawsuit, the SEC claimed that the US and international branches of Binance have illegally commingled funds between each other.</p>
 <p>In the midst of this lawsuit, Binance.US announced on September 13 that it was laying off a third of its staff and that Shroder was leaving his position as CEO. On September 14, an additional two <a rel="dofollow" title="executive" href="https://thebittimes.com/tag/executive.html">executive</a> departures were reported as both head of legal Krishna Juvvadi and chief risk officer Sidney Majalya decided to quit the company. The departures fueled speculation on Twitter that Binance may be facing worse legal troubles than previously understood.</p>
 <p><strong>Related: </strong><strong>Binance.US not cooperating with investigation, US SEC says in filing</strong></p>
 <p>Seemingly referencing the lawsuits in his X post, CZ also asserted that the crypto market “is in a different place now than it was two years ago,” as crypto firms face an “increasingly hostile regulatory environment.” In his view, the new CEO for Binance.US, Norman Reed, is the “right person” to lead the US exchange in this new era.</p>
 <p>Binance is the largest crypto exchange by volume in the world. It has come under increasing criticism since the third-largest exchange, FTX, went bankrupt in November and FTX executives were charged with fraud. Critics say that Binance has not been transparent enough about its business practices and has not proven that it is solvent. However, CZ has brushed off these concerns, stating that the firm has “no liquidity issues” and that claims against it are unfounded.</p>
 <template data-name="subscription_form" data-type="law_decoded"></template>
</div>
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/binance-ceo-responds-to-rumors-says-us-executive-is-taking-a-deserved-break-tbt62938.html">https://thebittimes.com/binance-ceo-responds-to-rumors-says-us-executive-is-taking-a-deserved-break-tbt62938.html</a></p>

Binance CEO responds to rumors, says US executive is 'taking a deserved break'

TheBitTimes

Other articles published on Sep 15, 2023

FTX Receives Court Approval to Liquidate $3.4B Crypto Holdings

German Banking Giant Deutsche Bank Enters Crypto Custody Services

Is Cardano Dead? When Traders Can Expect ADA Price Rally?

Two More Binance.US Executives Leave Crypto Exchange Following CEO's Departure

Will Chainlink (LINK) and Hedera (HBAR) Continue Bullish Trajectory? Traders Look at Everlodge (E...

Virtual Currency Chief at NYSDFS Leaves to Pursue a Career in Private Sector

Join our free newsletter for daily crypto updates!