binance-strengthens-marketing-operations-with-new-cmo">Binance CEO Changpeng Zhao dismissed speculation around the recent departure of Binance.US CEO Brian Shroder and other executives. He claimed the moves were normal and not related to ongoing lawsuits from U.S. regulators.
Shroder’s resignation came the same week Binance.US laid off a third of its staff. Two other executives also quit this week, fueling Twitter rumors about Binance’s legal standing.
But CZ called it normal shuffling. He praised Shroder’s work over the past two years, saying he accomplished his goals and is simply taking “a deserved break.”
Regulators paint a different picture. The SEC and CFTC filed lawsuits alleging Binance violated securities laws and mishandled customer funds. The SEC claims Binance’s U.S. and global arms illegally commingled assets.
CZ admitted the oinbase-make-crypto-moves">crypto environment has become “increasingly hostile” regulation-wise. He expressed confidence that new Binance.US CEO Norman Reed can lead the U.S. business forward.
Critics increasingly question Binance’s practices and solvency after the FTX collapse revealed fraud. But CZ maintains Binance is solvent and compliant, labeling claims otherwise as unfounded.
The executive departures and lawsuits, however, signal stormy seas ahead for the world’s largest crypto exchange by volume. Binance faces an uphill battle improving transparency and satisfying regulators.
