It means that the current CEO of the company could step.
This will be in order to show Binance as a company that works towards complying with various laws. The company plans to hire someone with a strong regulatory background. That same month, French authorities were reported to be investigating Binance for crimes including "aggravated money laundering. Binance’s CEO plans to step down from the main position and hire a new CEO. CFTC accused the exchange of breaking U.S derivatives rules in June, the SEC filed a lawsuit accusing the exchange of breaking U.S. Crypto exchange Binance.US, whose chief executive officer recently resigned, just appointed a new president. Binance CEO Changpeng Zhao said he's open to stepping down in favor of a compliance expert. In his post, “CZ” highlighted further positives including the “launching of new products, new hires, new markets,” court victories and “bank run handled and then record deposits, new fiat channels.”īinance currently faces a number of investigations from regulators around the world. Andrey Rudakov/Bloomberg via Getty Images. Securities and Exchange Commission alleged the stablecoin was an unregistered security in a Wells notice that it issued to the stablecoin’s issuer Paxos. Norman Reed, Chief Legal Officer of Binance US, will take the helm after the abrupt executive departure. The sunsetting of BUSD support comes on the heels of reports that the U.S. Visitors to the exchange are now greeted with a pop-up notification stating that it will stop supporting BUSD in 2024. On August 31, Binance announced that it was winding down support for BUSD, and delisting spot and margin trading pairs for the stablecoin. He also alluded to the phasing out of Binance’s BUSD stablecoin, referring to the “smooth sunsetting of old products.” This triggered significant FUD (Fear, Uncertainty, Doubt) regarding the future. Courtesy of Kraken (2) Jesse Powell, the CEO of Kraken, is stepping down from the top job at the cryptocurrency exchange he founded. All customer funds are #SAFU, and 100% reserved." Earlier this week, the CEO of Binance.US, Brian Shroder, announced that he would be stepping down from the position. This is an addition to previous allegations from the Commodity and Futures Trading Commission (CFTC).The Binance CEO also stated that the exchange has “no liquidity issues," adding that, "All withdrawals (and deposits) are properly managed. Don’t let this chance slip away – secure early bird discounted tickets now!īinance.US has been under pressure, especially in the U.S., where it is facing legal action from the Securities and Exchange Commission (SEC) over suspected violations of securities laws. Reuters reported on Monday that DOJ prosecutors are divided over whether to charge Binance, the world’s largest cryptocurrency exchange, with violating U.S. Be a part of the discussions where you won’t just be a passive spectator. Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga’s Future of Digital Assets event happening in NYC on Nov. step down as a Nadir Godrej, younger brother will take over as Chairman and Managing Royal Enfield CEO Vinod K The CEO of bike manufacturer his role at. The crypto exchange has reduced its personnel by a third in a significant downsizing move. In reality, Zhao controlled Binance.US, directing its management from abroad, according to regulatory filings from 2020, company messages and interviews with former team members. What Happened: Shroder, has vacated his position as the company proceeds with a large-scale workforce reduction, as confirmed by CoinDesk on Tuesday. Binance.US CEO Brian Shroder has resigned, and the company has laid off a third of its staff amidst mounting regulatory pressure.
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