Binance.US to Layoff Staff

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Last Updated on September 13, 2023 by Bitfinsider

The CEO of crypto exchange Binance.US has departed the company as it cuts off one-third of its workforce.

Brian Shroder, who joined the firm as president in September 2021, has left the American subsidiary of crypto derivatives trading juggernaut Binance. The departure of the former Uber executive comes at a difficult moment for Binance.US, which revealed internally on Tuesday that it will lay off one-third of its workforce, according to sources.

“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 representative told Bitfinsider after the announcement was made. “The SEC’s aggressive attempts to cripple our industry, as well as the resulting impacts on our business, have real-world consequences for American jobs and innovation, and this is an unfortunate example of that.”

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