Binance CEO Changpeng “CZ” Zhao has spoken out about the departure of many high-ranking employees from the exchange’s US arm during the last week.
One-third of Binance.US’s staff was let go on September 13, and the company’s CEO, Brian Shroder, resigned as a result.
The Head of Legal for the US-based exchange, Krishna Juvvadi, and the Chief Risk Officer, Sidney Majalya, both resigned from their jobs on September 14.
Shroder and the other executives’ departures have sparked widespread concern about the future of Binance.US, which is embroiled in a legal dispute with the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Changpeng “CZ” Zhao, the global CEO of Binance, has issued a statement to allay consumer fears in light of recent events.
CZ advised Binance users on September 15 to ignore the present fear, uncertainty, and doubt (FUD) surrounding the exchange in an X post.
CZ discusses Shroder’s resignation, saying that the ex-executive “deserved a break” after accomplishing all of Binance.US’s goals in his two years as CEO.
Binance’s global head continued by highlighting these accomplishments and thanking Brian Shroder profusely.
C. Z. remarked: “CZ appreciates the difficulties that Binance.US is now facing, saying that the crypto industry is in a “very different place” currently compared to two years ago due to a progressively unfriendly regulatory environment.”
He reassures investors that new Binance.US CEO Norman Reed is an industry veteran with the knowledge and skills to steer the firm through the current challenging environment.
Reed, the firm’s previous CLO, has an outstanding record that includes positions at the Securities and Exchange Commission, the Federal Reserve Bank of New York, the Depository Trust & Clearing Corporation (DTCC), and the groundbreaking blockchain business Ripple Labs.