(Reuters) – Binance.US Chief Executive Brian Shroder will leave the company and be replaced by general counsel Norman Reed on an interim basis, the crypto trading platform said.
The exchange will also cut more than 100 positions, said a spokesperson for Binance.US, the purportedly independent partner of Binance.
“The actions we are taking today provide Binance.US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange,” the spokesperson said.
Binance has been under heavy regulatory scrutiny in the United States.
The Securities and Exchange Commission (SEC) sued Binance and CEO Changpeng Zhao in June for allegedly operating a “web of deception,” listing 13 charges, including claims the company artificially inflated its trading volumes, diverted customer funds and failed to restrict U.S. customers from its platform.
(Reporting by Rishabh Jaiswal, Chandni Shah and Juby Babu in Bengaluru; Editing by Sandra Maler and Edwina Gibbs)
