Binance US CEO Departs as Crypto Platform Cuts Third of Staff
- More than 100 positions are eliminated in second round of cuts
- Platform shifted to a crypto-only exchange after US crackdown
This article is for subscribers only.
Binance.US Chief Executive Officer Brian Shroder left the company and has been replaced on an interim basis by Chief Legal Officer Norman Reed, moves that coincided with another round of job cuts at the struggling crypto platform.
The company controlled by embattled digital entrepreneur Changpeng “CZ” Zhao is eliminating about one third of its workforce, or more than 100 positions, according to a spokesperson, as a regulatory crackdown erodes its business. The exchange, which is formally called BAM Trading Services Inc., was started in 2019 for US users, who are prohibited from using Binance Holdings.