Binance.US cuts staff, CEO departs: sources
Quick Take
- Binance.US president and CEO, Brian Shroder, exits the company amid uncertainty and declining business.
- The firm also announced in an internal communication today that it has cut one third of its staff.
- Binance, the parent company, has also experienced high-profile executive departures and layoffs in 2023, adding to the challenges it faces.
The head of crypto exchange Binance.US has left the firm as it lays off one third of its staff, according to people familiar with the firm's operations.
Brian Shroder, who joined the company in September 2021 as president, is no longer with the American offshoot of crypto derivatives trading behemoth Binance. The former Uber executive leaves at a time of uncertainty for Binance.US, which announced internally Tuesday that it would lay off one third of its employees, sources added.
“The actions we are taking today provide Binance.US with more than seven years of financial runway and enable us to continue to serve our customers while we operate as a crypto-only exchange," a spokesperson told The Block following publication. "The SEC’s aggressive attempts to cripple our industry and the resulting impacts on our business have real world consequences for American jobs and innovation, and this is an unfortunate example of that.”
The firm previously cut staff this summer and has scaled back its operations in the wake of the Securities and Exchange Commission's lawsuit against the company. Binance.US has seen its business shrink and the firm's customers are no longer able to use US dollars to purchase crypto on the platform. The firm's monthly volumes have collapsed, declining from $10.58 billion in January to $70 million this month, according to The Block's data dashboard.
Binance, which was founded by former high-speed trading technologist Changpeng Zhao, has also laid off staff and has made headlines this year for high-profile executive exits. On Sept. 6, the Wall Street Journal reported that the largest crypto exchange parted ways with several executives overseeing its business in Russia. In July, the firm made headlines after chief strategy officer Patrick Hillman said he was leaving the firm. Hillman was among Binance's most public-facing employees.
He left alongside Steven Christie, a compliance officer, who joined the firm in May 2022.
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