Binance CEO Changpeng Zhao (CZ) commented on September 15 about Brian Shroder’s recent departure from command of the exchange’s American subsidiary and addressed the FUD, which grew with the dismissal of several company executives.
Commenting on the most recent dismissal, CZ explained that Shroder, who led Binance.US for two years, is taking a “deserved break” after managing to achieve what he set out to do when he joined the company. Binance’s CEO highlighted the exchange’s evolution under Shroder’s management.
“There has been some speculation about recent management changes at @BinanceUS. Brian Shroder is taking a well-deserved break after accomplishing what he set out to do when he joined two years ago. Under his leadership, Binance.US raised capital, improved its product and service offerings, solidified internal processes, and gained significant market share, which helped build a more resilient company for the benefit of customers. We are grateful for their contributions.”
CZ highlighted that the market is not the same as two years ago and announced that Norman Reed is the best name to lead the exchange amid the whirlwind of recent events involving the company within the industry, such as lawsuits and investigations by US regulators .
“The crypto market is now in a different situation than it was two years ago, with a rapidly evolving and increasingly hostile regulatory environment. Norman Reed – former executive at the SEC, New York Fed, Ripple and DTCC – is the right person to lead @BinanceUS in this market. Ignore the FUD. Keep building.”
There has been some speculation regarding recent management changes at @BinanceUS. Brian Shroder is taking a deserved break after accomplishing what he set out to do when he joined two years ago. Under his leadership, https://t.co/hSHrrlF7o7 raised capital, improved its product…
— CZ 🔶 Binance (@cz_binance) September 15, 2023
It should be noted that Shroder’s departure is not an isolated event. Recently, Binance.US laid off around a third of its staff, equivalent to more than 100 positions. The regulatory tightening appears to have been the last straw for the company, with Binance.US, whose official name is BAM Trading Services Inc., feeling the need to take drastic measures.
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