CZ says Binance.US needed new leadership amid ‘hostile’ regulatory environment


16 Sep 2023 6:00 PM

Binance CEO Changpeng ‘CZ’ Zhao took to social media to quell negative rumors related to the departure of Binance.US CEO Brian Shroder and said that the current regulatory challenges required new leadership for the exchange. The Binance International CEO said the regulatory landscape in the U.S. is “rapidly evolving and increasingly hostile” toward the crypto […]...

  • Binance CEO Changpeng 'CZ' Zhao addressed rumors about the departure of Binance.US CEO Brian Shroder and emphasized the need for new leadership in the face of evolving and hostile regulatory challenges in the U.S. crypto industry.
  • Shroder played a crucial role in growing Binance.US' market share and improving the company's resilience.
  • Norman Reed will replace Shroder, bringing extensive experience from previous roles at the SEC, New York Fed, Ripple, and DTCC.
  • Several top Binance.US executives have recently left, providing the company with financial stability.
  • The SEC has accused Binance.US of non-cooperation, claiming that the company has failed to produce key documents and witnesses.
  • Binance.US has redirected SEC inquiries about customer asset custody to an offshore custodian, raising questions about the role of Binance Entities in managing assets.
  • The SEC is seeking a court order to obtain the necessary documents and has requested a 14-day extension for the discovery period.

The sentiment of the article is mostly negative, focusing on the regulatory challenges faced by Binance.US and the accusations made by the SEC.

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You May Ask

Why did Binance CEO Changpeng 'CZ' Zhao address the departure of Binance.US CEO Brian Shroder?What are the regulatory challenges faced by Binance.US in the U.S. crypto industry?Who will replace Brian Shroder as the CEO of Binance.US, and what experience does he bring?What accusations has the SEC made against Binance.US, and what actions are they taking to obtain necessary documents?How have the recent departures of top Binance.US executives affected the company's operations and financial stability?

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