The crypto trading platform Binance.US has seen a change in its leadership as Brian Shroder, the former CEO, has left the company.
He has been temporarily replaced by Norman Reed, the Chief Legal Officer, a spokesperson for the company confirmed.
This comes at a time when the company, which is owned by the controversial digital entrepreneur Changpeng “CZ” Zhao, is cutting down its workforce by more than a third, or over 100 jobs, due to the regulatory pressure that is hurting its business.
The exchange, also known as BAM Trading Services Inc., was launched in 2019 for US users, who are not allowed to use Binance Holdings.
This is the second time this year that the Miami-based firm has laid off employees as it faces various legal and operational hurdles.
In June, Binance Holdings, Zhao and Binance.US were sued by the US Securities and Exchange Commission for mishandling customer funds, deceiving investors and regulators, and violating securities laws. Zhao and the companies have rejected the claims.