- Binance founder and CEO Changpeng Zhao attempted to shut down the crypto exchange's U.S. offshoot earlier this year.
- The decision to liquidate the company was put to a vote by the Binance.US board of directors, but it did not receive unanimous support.
- Binance.US CEO Brian Shroder opposed the decision, expressing concerns about the potential negative impact on customers.
- The attempted shutdown highlights the lengths Zhao was willing to go to protect the larger global exchange amid increasing regulatory scrutiny.
- Binance.US had received a $4.5 billion valuation from investors last year.
- Binance founder and CEO Changpeng Zhao attempted to shut down the crypto exchange's U.S. offshoot earlier this year.
- The decision to liquidate the company was put to a vote by the Binance.US board of directors, but it did not receive unanimous support.
- Binance.US CEO Brian Shroder opposed the decision, expressing concerns about the potential negative impact on customers.
- The attempted shutdown highlights the lengths Zhao was willing to go to protect the larger global exchange amid increasing regulatory scrutiny.
- Binance.US had received a $4.5 billion valuation from investors last year.
- Changpeng Zhao, CEO of Binance, is determined to sever all ties with the U.S.
- Zhao has reportedly pushed to shut down Binance.US, the American branch of the global exchange.
- This decision highlights Zhao's commitment to preserving the reputation of Binance, the world's largest exchange.
- Binance.US declined to comment on the matter.
Binance has lost business with Mastercard and Visa as traditional financial institutions become wary of working with the cryptocurrency exchange due to regulatory scrutiny and concerns over compliance within the crypto industry.
Binance CEO, Changpeng Zhao, remains confident in the face of regulatory challenges, stating that Binance is a stronger company now and is ahead of the game in terms of regulatory compliance, despite recent lawsuits and scrutiny from regulators.
Binance's head of product, Mayur Kamat, has announced his departure from the exchange, citing the need to pass on the product leadership role to the next generation and take some time off after two years of non-stop work, amid increasing scrutiny from regulators.
Cryptocurrency exchange Binance is experiencing the departure of two key executives in the Russian market, raising questions about the company's future in the region amidst regulatory challenges and potential sanctions.
Binance CEO dismisses concerns over executive departures, stating that they are moving into bigger roles outside of Binance and labeling reports as market FUD.
Binance has seen the departure of 10 key executives, Nasdaq has received approval to trade AI-based orders, former FTX CEO Sam Bankman-Fried's bail has been denied, and Grayscale has asked the SEC to discuss the conversion of its Bitcoin fund to an ETF; Bitcoin is at $25,871, Ether is at $1,635, and XRP is at $0.50.
Binance.US rejects claims made by the SEC, calling them unsubstantiated and maintaining that it has custody and control over its digital assets, in response to the SEC's request for depositions and further discovery.
Binance.US CEO Brian Shroder leaves as the crypto exchange downsizes its workforce due to regulatory pressures, including a lawsuit from the SEC.
Binance US is facing significant staff layoffs and resignations, including the CEO, risk officer, and head of legal, amidst increasing regulatory pressure from the SEC.
Trading activity on Binance.US has reached new lows in September, with exchange volume dropping significantly amidst executive departures and ongoing regulatory scrutiny.
A U.S. judge has declined to order Binance.US to make its executives more available for depositions or for the SEC to back down in its demands for more documents, instead urging the two parties to work together on discovery requests.
Binance CEO denies that Binance.US used custody software from its international counterpart in contradiction to previous statements made by the U.S. exchange, leading to confusion over the relationship between the two entities.
Binance and its CEO, Changpeng Zhao, have filed a motion to dismiss the lawsuit brought against them by the SEC, arguing that the agency exceeded its authority and failed to provide clear guidelines for the cryptocurrency sector.
The departure of Binance.US CEO Brian Shroder, along with layoffs and a significant outflow of funds, highlights the ongoing issues of influence and trust in the cryptocurrency industry. Trust and regulation are key factors that crypto platforms need to address to gain the same level of trust as traditional banks.
Binance, the world's largest cryptocurrency exchange, is facing major staffing struggles and regulatory issues, with some calling for CEO Changpeng Zhao to step down. The company has experienced turbulence in the past, but its current challenges may indicate a dire situation.
Former Alameda Research CEO blames Binance CEO CZ for the failure of cryptocurrency exchange FTX, citing a tweet announcing Binance's liquidation of FTX Token (FTT) holdings as the cause, while CZ claims that Alameda's offer to buy the FTT holdings was the true reason for the collapse.
