Certain executives working at the US division of Binance are reportedly leaving at a time when the crypto firm is struggling with heightened regulatory scrutiny, the WSJ reported this past Thursday, citing sources familiar with the issue.
Krishna Juvvadi, head of legal, and Sidney Majalya, chief risk officer, are reportedly leaving Binance.US, the report stated. Binance.US has not yet provided a detailed response to this update.
As first reported by Reuters, the firm stated this past Tuesday that its Chief Executive, Brian Shroder, will be leaving, and it may decide to slash over 100 roles — approximately a third of its workforce.
It’s worth noting that the US Securities and Exchange Commission (SEC) in June 2023 had filed a civil complaint against the leading cryptocurrency exchange, Binance, and its founder/CEO, Changpeng Zhao, alleging that the accused established Binance.US as part of a “web of deception” in order to bypass securities laws intended to protect U.S. consumers.
Binance has also seen a significant number of recent executive exits. Its global head of product, the firm’s Mayur Kamat, resigned recently and its chief strategy officer, Patrick Hillmann, left the firm earlier this year.
As covered earlier this month, a report on WSJ.com claims that more executives at Binance are departing the firm. Binance remains the largest crypto exchange in the world by a significant amount of activity, with Coinbase a distant second.
The report says that Regional head Gleb Kostarev and Russia chief Vladimir Smerkis have departed the firm. This follows the departure of the company’s general counsel, chief strategy officer, as well as its head of investigations.
Recently, an X (or Tweet) by Binance founder and CEO Changpeng Zhao, or CZ, alluded to the changes on the executive bench. Zhao said some people were moving to different roles while others were leaving to work somewhere else.