Since then, the platform has established itself as one of the most reliable players in the crypto space. It was founded by Changpeng Zhao (known by his initials CZ) in China in 2017. Several top executives of Binance.US and about one-third of its staff, including CEO Brian Shroder, head of legal Krishna Juvvadi, and chief risk officer Sidney Majalya, left the company over the past week. Binance is currently the world’s largest cryptocurrency exchange by trading volume.
Meanwhile, Binance.US had sought court protection from the regulator’s request for information which it had described as “troubling and inappropriate.” According to the firm, the SEC’s requests are a “fishing expedition” that is “overbroad and unreasonable.” Binance.US top executives leave. Additionally, the SEC requests a 14-day extension for the discovery period, pending approval of its latest court filing. “Defendants still cannot credibly explain the continued role of the Binance Entities in the custody and control of BAM’s crypto assets and Customer Crypto Assets or provide credible evidence that BAM personnel maintain sole possession, custody, and control of BAM company and Customer Assets in the United States.”Ĭonsequently, the SEC is seeking a court order to compel the embattled exchange to produce the requested documents and to reject its opposition to the original consent order. According to the financial watchdog, the crypto exchange had initially refused to provide the required information about its connection with Ceffu before making a turnaround and asking the regulator to ask Ceffu for details on how it created BAM’s wallets. The SEC further claimed that the firm refused to produce essential witnesses for deposition, adding that it “responded to requests for relevant communications with blanket objections and has refused to produce documents kept in the ordinary course of its business.”Īdditionally, the SEC claimed that Binance.US redirected its inquiry into the custody of customer assets to an offshore custodian named Ceffu. In the filing, the financial regulator stated that the exchange’s holding company, BAM Holdings, had produced 220 documents of mainly unintelligible screenshots without dates or signatures. SEC says Binance.US failed to provide the requested information 2 days ago &0183 &32 Septemat 4:42 PM PDT Binance. Securities and Exchange Commission (SEC) has accused Binance.US of failing to cooperate, according to a Sept. Binance: This exchange has grown to become the largest crypto exchange since. Also, the resignations from key legal and compliance units, which are the front lines in dealing with regulators, further intensify the pressure on the embattled exchange.The U.S. I talk about methods for picking the best exchange later. This intensified scrutiny has led to ongoing regulatory investigations in the severance of crucial banking relationships on a global scale. Since June, when the U.S SEC filed a civil complaint against the largest crypto exchange, Binance has found itself under pressure. These high-profile departures raise concerns about Binance’s ability to navigate the increasingly complex regulatory landscape. On the global front, Binance has witnessed the departure of several senior figures, including General Counsel Hon Ng, Chief Strategy Officer Patrick Hillmann, and SVP for Compliance Steven Christie.įurther, Matthew Price, a former IRS agent brought on board by Binance in 2021 to oversee global investigations and intelligence, has also recently left the company. This follows the departure of Binance.US CEO Brian Shroder, as well as a significant reduction in the workforce, reflecting the challenges faced by the US arm of the exchange. The latest exits come from Binance.US, where Head of Legal Krishna Juvvadi and Chief Risk Officer Sidney Majalya have announced their resignations.
Binance crypto series#
Over the past two months, the exchange has seen a series of key departures, throwing its management and strategic stability into question. In the midst of mounting regulatory challenges, Binance, the world’s largest cryptocurrency exchange, is grappling with a wave of high-level executive resignations. The most recent departures include Head of Legal and Chief Risk Officer at Binance.US.Binance is facing a turbulent period marked by a series of high-level executive resignations.
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