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#Binance ceo stepping down registration
#Binance ceo stepping down license
#Binance ceo stepping down series

This move comes alongside a major restructuring effort that will result in the elimination of over 100 jobs, accounting for roughly one-third of the company's workforce. affiliate of the leading crypto exchange Binance, has announced the departure of its CEO, Brian Shroder. SEC filed a civil complaint against Binance and its founder, accusing them of attempting to circumvent securities laws.īinance.US, the U.S. Norman Reed, the company's general counsel since December 2021, will serve as the interim CEO.Over 100 jobs, about one-third of the company's workforce, will be eliminated as part of the restructuring.

Binance.US CEO Brian Shroder is stepping down amid regulatory challenges and a major restructuring effort.

We encourage you to do your own research before investing.Ĭoincu News Read the article at CoinCu News Last week, the world’s largest cryptocurrency exchange was also locked in a dispute with the Securities Commission of Ontario, Canada, even though it announced its exit from this tight market.ĭISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. In addition, the US Department of Justice is investigating whether its platform was illegally used to allow Russians to evade US sanctions and transfer money. Furthermore, the CFTC states that “approximately 300′ banker accounts’ all owned directly or indirectly by Zhao.” Among the allegations was that Binance was trading on its platform.

#Binance ceo stepping down registration

The agency said Binance and CZ knowingly ignored registration and compliance requirements under US federal law, despite exploiting significant US commercial relationships to earn a substantial revenue.

#Binance ceo stepping down series

On March 27, the CFTC filed a series of complaints against Binance and Changpeng Zhao in a lawsuit accusing him of insider trading and evading KYC (know your customer) controls.

#Binance ceo stepping down license

Even Dubai, Zhao’s adopted home and widely regarded as a freelance crypto hub, has tightened scrutiny of license applicants, including Binance. At least four US federal agencies are investigating or bringing enforcement action against it, and regulators in Canada and Australia are reviewing its business. His resume shows a master’s degree in applied finance from the University of Western Australia.īinance still processes more transactions than all the other top centralized crypto exchanges combined, but its position has always been challenging. After that, he worked for six years at Abu Dhabi Global Markets. Previously, the US Commodity Futures Trading Commission sued Binance and Changpeng Zhao for allegedly violating derivatives regulations in late March and accusing them of “artificial” compliance.Īccording to the report, Richard Teng’s senior position at the central bank of Singapore and the Abu Dhabi International Free Trade Zone makes him an ideal candidate to help guide Binance through regulatory difficulties.Īccording to Richard Teng’s LinkedIn profile, he worked for the Monetary Authority of Singapore for 13 years until 2007. The issue of succession has become more pressing as US regulators have increased scrutiny of Binance in recent months. Binance did not respond to a request for succession comment. Should Changpeng Zhao step down, Richard Teng would be a popular candidate to take the position of chief executive, according to people familiar with the matter.