Binance US Witnesses Departure of 2 More Execs: Report
- Two additional executives have left the Binance US crypto exchange, as per the Wall Street Journal.
- The chief risk officer, Sidney Majalya, and the chief legal officer, Krishna Juvvadi, are leaving the exchange.
- Earlier this week, the exchange announced that it had laid off 100 employees, including CEO Brian Shroder.
- The exchange has been under the crosshairs of the United States SEC and has been the target of legal action.
The United States arm of the world’s largest crypto exchange by trading volume, Binance US, is witnessing an outflow of employees following the strict actions taken by the US Securities and Exchange Commission (SEC) against the firm. Interestingly, as per reports, the chief risk officer and the chief legal officer have left the crypto trading platform, and the users of the platform are now worried about its future.
As per a report from the Wall Street Journal (WSJ), the head of legal at Binance US, Krishna Juvvadi, and the chief risk officer, Sidney Majalya, were leaving the crypto trading platform. Interestingly, Juvvadi was hired in May 2022 from Uber, and almost a year later, he is leaving the firm. On the other hand, Majalya joined the company in December 2021 after being Intel’s chief compliance officer. Prior to Intel, Majalya was at Uber as well.
Interestingly, as per the WSJ, Juvvadi “was one of the company’s contacts for communicating with the SEC [United States Securities and Exchange Commission].” It seems that all attempts to communicate with the securities regulator have resulted in unfavorable outcomes since the crypto trading platform is currently facing action from the SEC in the United States.
As per earlier reports, in June 2023, Binance US hired a former enforcement co-director at the SEC to support its legal team in its battle with the SEC. George Canellos left the SEC after four years of serving at the agency and holding different leadership roles, and now he is helping the exchange tackle regulatory actions.
It is crucial to note that Binance US also recently cut a third of its staff, which amounts to 100 positions. The current president and CEO, Brian Shroder, was also let go, and it seems that the crypto trading platform has landed in a bit of trouble.
A spokesperson told Cointelegraph that the SEC’s “aggressive attempts to cripple our industry and the resulting impacts on our business have real-world consequences for American jobs and innovation, and this is an unfortunate example of that.”
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
