Binance US, a subordinate of Binance Holdings, has seen other top executives resign from the company amid ongoing lawsuits from the Securities and Exchange Commission and the Commodities Futures Trading Commission.
In a Twitter statement on September 15, CZ requested that people ignore FUD around the recent rearrangement of executives, as he said that Brian Shroder left the company after achieving everything.
Binance CEO CZ said, “Under his leadership, Binance.US raised capital, improved its product and service offerings, solidified internal processes, and gained significant market share, all of which helped to build a more resilient company for the benefit of customers. We are grateful for his contributions.”
Binance is currently dealing with legal problems as the SEC and CFTC have filed lawsuits against them.
These lawsuits claim that Binance has violated U.S. securities and trading laws by selling unregistered securities and mishandling customer funds.
During these legal troubles, Binance’s U.S. branch made some announcements on September 13. They stated they were letting go of one-third of their employees, and their CEO, Brian Shroder, was resigning from his role.
On September 14, two more high-ranking executives, Krishna Juvvadi (head of legal) and Sidney Majalya (chief risk officer), decided to leave the company.
These departures led to discussions on Twitter, with people speculating that Binance might be facing even more serious legal issues than previously thought.