March 27, 2024
Binance.US Experiences Senior Management Departures Amidst Turmoil
Latest Cryptocurrency News

Binance.US Experiences Senior Management Departures Amidst Turmoil

Two more senior managers are departing from Binance.US, one day after CEO Brian Shroder’s departure and the firing of a third of its workers, according to The Wall Street Journal. Binance.US is the domestic subsidiary of the global cryptocurrency exchange. Sidney Majalya, the chief risk officer, and Krishna Juvvadi, the head of law, were reported to be departing.

Juvvadi joined the company in May 2022 after leaving Uber, where he served as global head of compliance. After serving as Intel’s top compliance officer, Majalya started working for the firm in December 2021. He also worked for Uber before Intel.

Juvvadi, The WSJ stated, “was one of the company’s contacts for communicating with the SEC [United States Securities and Exchange Commission].” Binance.US is facing legal action from the SEC.

On August 28, the organization asked for the court to accept secret documents in the case, which a former SEC officer took to mean that the Department of Justice might be conducting an investigation. According to Bloomberg in May, a Justice Department investigation against Binance was said to be ongoing.

In June, the SEC filed a lawsuit against Binance.US, Binance, and CEO Changpeng Zhao, alleging they conducted unregistered securities operations and other wrongdoings. This resulted in issues with Binance.US’ banking partners and delays in deposits and withdrawals of U.S. dollars that weren’t fixed until the company teamed with cryptocurrency payments platform MoonPay in August.

Binance.US has protested the SEC’s legal strategies, asking for an order of protection against the organization in August and describing SEC requests as “unreasonable” and “unduly burdensome” in a compel and respond motion on September 12.

In March, the Commodity Futures Trading Commission sued Binance, alleging that the company had broken regulations governing trading and derivatives. This year, layoffs and executive exits have both occurred at Binance.

Image: Wallpapers.com

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