Binance.US, the US division of cryptocurrency firm Binance, is facing an exodus of executives amid increased regulatory scrutiny. According to sources familiar with the matter, Krishna Juvvadi, the head of legal, and Sidney Majalya, the chief risk officer, are leaving the company. Binance.US has yet to issue a detailed response to the departures.
This news comes after Binance announced earlier this week that its CEO, Brian Shroder, would be leaving, and the company may cut more than 100 jobs, around a third of its workforce. The US Securities and Exchange Commission (SEC) filed a civil complaint against Binance and its CEO, Changpeng Zhao, in June 2023, accusing them of establishing Binance.US as part of a scheme to circumvent securities laws protecting US consumers.
Binance has also experienced several other high-level departures. Mayur Kamat, the firm’s global head of product, recently resigned, and Patrick Hillmann, the chief strategy officer, left earlier this year.
According to a recent report on WSJ.com, more executives are leaving Binance. Gleb Kostarev, the regional head, and Vladimir Smerkis, the Russia chief, have departed, following the exits of the firm’s general counsel, chief strategy officer, and head of investigations.
Binance remains the largest cryptocurrency exchange worldwide, with Coinbase in a distant second place. Its founder and CEO, Changpeng Zhao, hinted at the management changes in a recent tweet, stating that some employees would be moving to different roles within the company while others were leaving for new opportunities elsewhere.
Follow crowdfundingmagazine on Instagram: @crowdfundingmagazine_it