Brian Shroder leaves Binance.
US, the American arm of the company, as the company prepares to cut its workforce by one-third.
Amidst a series of challenges, including the Securities and Exchange Commission’s lawsuit, Binance has been facing a mass exodus of executives and staff.
Many of them are leaving the company over concerns about the negative effects of the SEC’s lawsuit.
In June, the SEC sued Binance and its head CZ Zhao over 13 charges, accusing them of mishandling customer funds and securities law violations.
Now, the company is preparing to go business as a crypto-only exchange.
It plans to eliminate 100 positions.
Source: Shutterstock The move comes as the exchange has been having a number of challenges in recent months due to the US Securities and Trade Commission’s (SEC) lawsuit against it and its chief executive officer, Changpeng CZ Zhao.
The company representative noted that the actions taken by the company provide Binance