The head of legal and the chief risk officer have reportedly departed from cryptocurrency exchange Binance.US, marking two more executive exits.
This comes after Binance.US CEO Brian Shroder’s recent departure, along with the company’s decision to cut one-third of its workforce.
Binance.US Executives’ Departures Heighten Speculation
On September 14, The Wall Street Journal reported, citing familiar sources, that Kirshna Juvvadi, who held the position of head of legal, and Sidney Majalya, the chief risk officer, are both departing from Binance.US.
Bloomberg analyst James Seyffart voiced his concerns in a post on X (formerly Twitter) shortly following the announcement:
“Well… this cannot be a good sign for whatever is going on with Binance.”
On September 13, the US exchange reportedly made the decision to cut approximately 100 jobs. This was the equivalent to roughly one-third of its workforce.
In June, the SEC filed a lawsuit against Binance.US and Changpeng ‘CZ’ Zhao. The US regulator alleged that a company controlled by Zhao inflated trading volumes on the exchange.
The SEC claims Binance.US boosted trading volumes by using multiple user accounts held by Sigma Chain. This is a Swiss trading company allegedly owned by Zhao.
This is a developing story.
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