Top Executive to Leave Binance.US
The troubles for Binance.US continue to increase following the departure of CEO Brain Shroder. The executive left his position last week amid regulatory scrutiny. Now, two more key executives have left their positions namely head of Legal Affairs Krishna Juvvadi and Chief Risk Officer Sidney Majalya.
As per a new article published in the Wall Street Journal, these two executives are going to take their leave from the firm. Juvvadi had been working in his position since last year while Majalya joined the firm in 2021.
Binance.US has yet to issue an official response regarding the matter. It is worth noting that Binance.US has already reduced their workforce by one-third. The crypto trading platform is also facing strict regulatory scrutiny from the regulators in USA.
SEC has sued the firm for violating securities laws with CFTC also bringing a barrage of charges against the virtual currency exchange platform. Another key personal to leave the firm is Global Product Lead namely Mayur Kamal earlier this month. He had been serving in his position for one and a half year.
In the same vein, Binance lost Chief Strategy Officer Patrick Hillman, SVP for compliance Steven Christie, and Senior Director of Investigation Matthew Price.
Adam Cochran has issued a new warning about possible collapse of Binance exchange. He recently talked about the rapidly declining position of the global exchange platform. The analyst earlier believed that the crypto sector would undergo a quick rebound in case of fall of the trading firm.
He based his opinion on the statement issued by unnamed insider source. However, his latest stance claims that the resulting crisis from Binance collapse can be severe on the crypto sector. He claimed that life behind bars would be a good outcome for Binance CEO CZ.
Cochran also issued warnings regarding FTX exchange before its eventual downfall. He claimed that he tipped journalists about the upcoming demise of the firm. The new tip from the analyst resound the sentiments of ‘we are going to be fine’.
Cochran posted on X that unless the other part of the statement comes true the industry may have to suffer from a crisis. He went as far as claiming that the industry may have to restart everything from ground zero once again. The statement reflects the strong correlation between Binance stability and the wider crypto sector.
Binance.US Holds SEC Responsible for Layoffs
Binance Exchange has reportedly let go of more than 100 employees. The most important departure is the resignation of CEO Brain Shroder. At the same time, one after another executives are leaving the firm like dominos collapsing.
A spokesperson from Binance has claimed that the aggressive regulatory stance of SEC has led to crippling of the crypto sector and has made a negative impact on the business brining real-world consequences for the entire crypto sector and leading to loss of jobs for citizens. At the same time, the firm also dubbed this event a hindrance to innovation.
Meanwhile, Binance.US is also taking a devastating hit on the business development side. The market share for the firm reduced from 22% to less than 1% since April as per Kaiko statistics. The monthly trading volume for Binance was noted to be around 72% that went from $10.5 billion in January to only $290 million in August as per data projections issued by The Block.