Brian Shroder, Chief Executive Officer at Binance US, has left the crypto trading platform, and a company representative has confirmed that Norman Reed, the Chief Legal Officer, will temporarily assume the role in his place.
Brian Shroder, who became the president of Binance’s American division in September 2021, has left the company. This departure comes at a challenging moment for Binance.US, as it recently informed its employees that it plans to cut one-third of its workforce.
The CEO’s departure comes at a challenging time for the company led by Changpeng “CZ” Zhao. They are reducing their workforce by over a third, which means more than 100 employees will lose their jobs.
This downsizing is happening because increased government regulations are causing problems for their business.
The company, officially known as BAM Trading Services Inc., was established in 2019 to provide to users in the United States since they can’t use Binance Holdings. This is the second time this year that they are cutting jobs in Miami. They are facing many legal and operational issues.
Following the SEC’s action, Binance.US customers faced difficulties depositing or withdrawing US dollars because many banking partners stopped working with the platform. To address this, the company had to find an alternative way for Binance.US users to convert their dollars into cryptocurrency.