CEO of Binance Changpeng ‘CZ’ Zhao attributed the recent departure of the chief of the U.S. branch of the cryptocurrency exchange to the need for a break.
“Brian Shroder is taking a well-deserved break after accomplishing what he set out to do when he joined the team two years ago,” Zhao wrote on Friday on X. “Under his leadership, Binance.US raised capital, improved its product and service offerings, solidified internal processes, and gained significant market share, all of which helped to build a more resilient company for the benefit of its customers.”
The crypto market is in a different position than it was two years ago, with a regulatory environment that is swiftly changing and becoming more hostile. “Norman Reed, a former executive at the SEC, New York Fed, Ripple, and DTCC, is the ideal candidate to lead Binance.US in this market,” he added.