Binance CEO Clears the Air Around the Departure of US CEO
- Binance CEO Changpeng Zhao asked the crypto sector to ignore the FUD surrounding his Binance.US.
- He said Brian Shroder is taking a break after achieving everything he “set out to do when he joined two years ago.”
- The executive also noted that the crypto market “is in a different place now than it was two years ago.”
- In these hard times, CZ believes that the right person to lead the exchange’s US arm is Norman Reed.
Changpeng Zhao, the CEO of the world’s largest crypto exchange, Binance, has cleared the air surrounding the departure of the president and CEO of the trading platform’s US business, Brian Shroder. Interestingly, the billionaire crypto entrepreneur pointed out that the US executive is “taking a deserved break” after his successful term at the firm.
Binance.US, a subsidiary of the international exchange, has seen the exit of multiple top executives following the regulatory actions taken by the authorities in the US, including the Securities and Exchange Commission (SEC) and the Commodity and Futures Trading Commission (CFTC). The users’ confidence in the exchange has gone down significantly over the past few weeks.
In a September 15 post via his official account on social media platform X (formerly known as Twitter), Zhao, also known as CZ in the crypto sector, asked his followers to “ignore FUD” around the recent departure of executives from Binance.US after adding that Shroder left the company after gaining everything he “set out to do when he joined two years ago.”
It is crucial to mention here that when Shroder onboarded the crypto exchange, the main goal was to secure an initial public offering (IPO) like rival exchange Coinbase, which currently leads the US market. However, it became a distant dream following the lawsuits from the SEC and the CFTC.
“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,” CZ said.
Acknowledging the strict landscape surrounding cryptocurrencies in the United States, the Binance CEO noted that the crypto market “is in a different place now than it was two years ago,” while adding that crypto firms are facing an “increasingly hostile regulatory environment.”
As per the co-founder of the leading exchange, the new CEO of Binance.US, Norman Reed, is the “right person” to lead the firm’s US business in these hard times.
According to previous reports from BitcoinWisdom, the SEC recently accused the US exchange of lack of transparency, adding that it failed to comply with its investigations.
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.
