Almost all Binance US careers have ended, since the CEO of Binance US, the exchange’s U.S. subsidiary, has quit the exchange as legal issues and personnel layoffs for the world’s largest crypto trading platform mount.
Essentially, Binance US CEO Brain Shroder has departed the platform and has been replaced by chief legal officer Norman Reed, raising concerns about how outstanding investigations into the exchange may be progressing.
As the instability continues, some crypto investors are concerned that Binance is mismanaging client assets, engaging in fraud, or otherwise setting itself up for a disaster akin to the fall of FTX.
Binance is being investigated in numerous countries for money laundering and mishandling consumer assets, according to Aaron Arnold of Altcoin Daily.
Binance, the world’s largest cryptocurrency exchange by trading volume, has been accused of money laundering and fraud for years. The Securities and Exchange Commission (SEC) of the United States is now investigating it. Binance.US just laid off almost one-third of its workers.
Now, Shroder’s departure has sparked concerns about Binance’s standing in the United States, where governmental scrutiny of crypto businesses is increasing, and the industry is infamous for criminal behaviour.
Those who follow the area carefully will notice, however, that Binance is constantly scrutinised by regulators and is quite open and public about its efforts to comply with countries worldwide. This is in stark contrast to FTX, whose demise was sudden and stunning.
Aaron Arnold continued, “We’ve been in space since 2018, and this is not the first time Binance has faced community backlash like this, even regulatory scrutiny, and to their credit, they have always come out on top.”There’s a reason they’re the world’s most popular Bitcoin exchange. However, Binance US careers remain uncertain.