Turmoil Continues at Binance.US as More Executives Depart Amidst Layoffs
In a wave of high-profile exits and staff reductions, Binance.US, the American arm of cryptocurrency giant Binance, finds itself grappling with a series of departures that have sent shockwaves throughout the industry. On September 14, The Wall Street Journal reported that two more executives, Head of Legal Krishna Juvvadi and Chief Risk Officer Sidney Majalya, have parted ways with the company.
Krishna Juvvadi, who was appointed in May 2022, brought a wealth of experience from his previous role as the global head of operations compliance at Uber. Meanwhile, Sidney Majalya, with an impressive compliance background at notable tech firms such as Oracle, Intel, and Uber, joined Binance.US in December 2021. Their departures further underscore the challenges facing the cryptocurrency exchange.
These latest exits come on the heels of reports that Binance.US CEO Brian Shroder has also vacated his position, and the company has undertaken significant layoffs, affecting approximately one-third of its workforce. The ongoing turmoil has raised concerns about the company’s stability and its ability to navigate the evolving regulatory landscape in the United States.
Despite these internal challenges, Binance.US remains operational. However, the company has been forced to make adjustments to its services in response to broader regulatory difficulties. Since August, Binance.US has suspended U.S. dollar support, operating solely as a crypto-only exchange for the time being. This move reflects the growing regulatory scrutiny facing cryptocurrency platforms in the United States.
It is important to note that the recent departures at Binance.US are not isolated incidents. The turmoil extends to its parent company, Binance, where a significant number of executives have resigned throughout 2023. Notable figures who have left the firm include General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior Vice President for Compliance Steven Christie, among others.