![]() ![]() Previously, CZ dismissed criticisms about Binance's financial stability, which have been mounting since the bankruptcy of the crypto exchange FTX. In a somewhat veiled reference to ongoing legal issues, CZ also mentioned the current regulatory environment for crypto companies, describing it as "increasingly hostile." As a countermeasure, he revealed that the newly-appointed CEO of Binance.US, Norman Reed, is well-suited to navigate the company through these turbulent waters. CZ praised Shroder for accomplishing what he "set out to do when he joined two years ago." Zhao believes that all of these developments made Binance.US a more robust entity. In a recent post on the social media platform X, CZ encouraged the public to "ignore FUD," affirming that Shroder departed the company on good terms.Īccording to CZ's statement, under Shroder's leadership, the US branch achieved significant milestones, including raising capital, expanding its product offerings, and gaining market share. The string of exits stirred online discussions, forcing many to wonder if the firm's legal troubles are more severe than initially thought. The legal allegations include the mishandling of customer funds and selling unregistered securities. The exit of Binance.US top executives has fueled speculation, especially given that Binance and its partner company face lawsuits from the US Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC). One day later, two more top executives - Krishna Juvvadi, head of legal, and Sidney Majalya, chief risk officer - resigned from the firm.
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